[jeff]

FAR Study Group Links and Resources:

1. NINJA Monthly – $67 FAR Course
2. Free FAR Notes
3. FAR Course Comparison
4. How to Pass FAR (with NINJA)
5. How to Pass FAR (in 20 Days)
6. How to Pass FAR (after Failing)

See Also:

• FAR Study Group
• AUD Study Group
• REG Study Group
• BEC Study Group

[Tncincy]

@Kaithepug, I am suggesting reading the book or lectures if not too many. When I was using Wiley I didn't like the over abundance of material so I got the focus notes and the flash cards and used the test bank. It shortened the study a lot even though I didn't pass. Don't get me wrong, wiley is a good course, but just too detailed for me. You can get the flash cards and focus notes from the company or amazon. Study hard.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

No work today, the weather is great and I am going out on my deck and study. I am getting through the material and starting to write my notes. This evening study I hope to start mcq's. (I am so afraid to tackle the mcq's).

It begins with a 75
Been here too long as a cheerleader....ready to pass

[kaithepug]

@Tncincy – thank you so much! I skipped the lecture and usually go straight to the text. Good luck tackling those mcq’s 💪

[kaithepug]

I’ll be working out of town 4 days this week and then heading to Toronto to visit my sister on the weekend! I will still be studying while on the road 😫

[kaithepug]

So I figured out where to find the focus notes on Wiley!

[Sara]

Hey Guys. I need advice. I am taking FAR for the first time in 14 days. Have only done 3 chapters in Roger. If I now put in 10-12 hours a day, do you think I can pass? I am a crammer by nature, which is why I left it for the last minute. I'm studying full time now, so is it possible. Should I just do MCQ?

[Hannah]

@sara – I am using Roger too. There is a lot of content for this test, and I can't imagine getting through it all in 14 days. I can't cram, but I have also never taken a test so I don't know if cramming will work for the CPA. I have heard over and over that practice questions are key to studying and the TBS. Good luck!

[Tncincy]

@Sara, use the how to pass in 20 days (ninja). You don't have 20 days but you're gonna have to do mcqs until your literal eyes bleed.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

Starting study today. No work today or the week end so I am doing a marathon. Going over notes and swallowing the dread of mcq's. I was suppose to jump in a few days a go, but got side tracked. This week end is going to be a good study week end. Hope study is going well for everyone. Oh, my goal is 100 mcq's per day. Total 300 or more the week end.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Parker]

Taking FAR tomorrow! Hoping this is the end of the road for me. Is anyone in here waiting for the score release August 6th?

[Mercenary]

Thursday is the big day for me. Not sure how ready I am as sometimes Ill get 10 or 20 MCQs in a row right and other times only like 6 or 7 out of 10. But on my Gleim practice test I got an 82 so hopefully I am ready. First time doing an exam.

[Parker]

@mercenary That sounds a lot like me so you should be good to go. Its a rollercoaster but thats pretty much how my MCQ go as well

[Captain Awesome]

Can someone help me understand residual value? My impression is that it's another name for salvage value and some of the online guidance I found suggests the same, but the following question is throwing me for a loop:

On January 1, year 1, Eber Co. leased equipment under a four-year finance lease. The present value of minimum lease payments is $348,680. The equipment had a five-year economic life and a $20,000 guaranteed residual value. The equipment reverted to the lessor at the end of the lease. What amount should Eber report as depreciation expense at December 31, year 1?

A.
$87,170
B.
$82,170
C.
$69,736
D.
$65,736

You answered: B. The correct answer is: A
Explanation:

The correct answer is (A).

The present value of minimum lease payments is $348,680. Depreciation expense on December 31st, year 1 will be $348,680 / 4 = $87,170. There is no title transfer or bargain purchase option in this finance lease. The asset will be depreciated over the shorter of either the lease term or useful life, which in this case is the 4-year lease term compared to the 5-year useful life.

Why would I not deduct the residual value in determining depreciable base, i.e. $328,680?

[kaithepug]

@CaptainAwesome – Because the depreciable base includes the residual value (guaranteed) already , so you don't need to subtract it.

[Hannah]

Hi all, got a question on this:
A company is preparing its year-end cash flow statement using the indirect method. During the year, the following transactions occurred:
Dividends paid $300
Proceeds from the issuance of common stock 250
Borrowings under a line of credit 200
Proceeds from the issuance of convertible bonds 100
Proceeds from the sale of a building 150
What is the company's increase in cash flows provided by financing activities for the year?

A.$0 [2%]
B.$150 [5%]
C.$250 [88%]
D.$550 [5%]
Explanation:
Proceeds from the issuance of common stock, borrowings under a line of credit, and proceeds from the issuance of convertible bonds are cash inflows from financing activities.
So if the convertible bonds are part of this calculation, then why is the answer not 350??

[Author]

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