[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

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[stan]

I will strongly suggest that you prepare yourself with updated material. Anything that is outdated please stay away. It won't do you any good. And true be told you will not use it on the work place. I just passed FAR and I can tell you focus on what will be tested. Follow the blueprint and take AICPA sample tests. I believe becker update their material and they are good at removing what is not tested from their course.

[Tncincy]

Oh I am dreading those mcq's. Maybe I read more. I'm just anxious. I need to pass!!!

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

[AndreA]

What would be the journal entry in this case for Company A?
Assume No Commercial Substance, exchange of old truck Company A for a new truck Company B (no cash payment has been made)

Company A
FV?
CV 100,000
Depreciation 40,000

Company B
FV 50,000
CV 70,000

Dr: Equipment (new) 50,000
Dr: Accum. depr. 40,000
Dr: Loss 10,000?
Cr: Equipment (old) 100,000

Is that correct?

[AndreA]

Just took FAR

I hope the hard stuff was pre-test.

Good luck everyone!

[Tncincy]

@AndreA, thanks for the heads up. What course are you using?

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

[Tncincy]

Has anyone used the Ninja MCQ Audio? Trying to find things to keep my attention when I have to switch from notes and mcq's. I would like to use the plus videos, but I am not sure about content. I used them for Reg, but not too sure for Far.

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

[fsanacor]

I just finished the Becker book (lectures, mcqs, sims), going to be reviewing from now until my Sept 9th test with 3 practice exams mixed in. This is my last test and I am beyond stressed over this one. Way more then the other 3. The amount of material is overwhelming and I can't seem to master any one part. Any tips on which parts I should concentrate on a little more? I'm not going to have enough time to nitpick at every section from now until then. I read these blogs and some people say they have been testing Becker 3 & 4 a lot (assets and investments) and others say that more Becker 1, 8-10 (conceptual framework/financial reporting, nfp and governmental), so I'm at a major crossroads. I'm being trying to do as many mcq's a day until I can't physically focus anymore, but I'm not sure that it is the proper way of handling this exam. It's a much different animal then the other 3. Any tips would be greatly appreciated.

[Hannah]

Can someone explain to me how these two questions are different? Because one takes out outstanding checks and one doesnt…
Philipp Co.’s monthly bank statement shows a balance of $54,200. Reconciliation of the statement with company books reveals the following information:
Bank Service Charge $10
Insufficient Funds Check $650
Outstanding Checks $1,500
Deposits in transit $350
Check deposited by Philipp and cleared by the bank for $125, but improperly recorded by Philipp as $152.
What is the net cash balance per books after the reconciliation?
A.$52,363 [4%]
B.$53,023 [5%]
C.$53,050 [88%]
D.$53,077 [3%]

Alton Co. had a cash balance of $32,300 recorded in its general ledger at the end of the month, prior to receiving its bank statement. Reconciliation of the bank statement reveals the following information:
Bank service charge – $15
Check deposited and returned for insufficient funds check – $120
Deposit recorded in the general ledger as $258 but should be $285
Checks outstanding – $1,800
After reconciling its bank statement, what amount should Alton report as its cash account balance?
A. $30,338 [4%]
B. $30,392 [11%]
C. $32,138 [4%]
D. $32,192 [81%]

[AndreA]

I think, 1 question asking you to do a bank reconciliation and 2 question asking you to do a book reconciliation.
Can someone explain to me how these two questions are different? Because one takes out outstanding checks and one doesnt…
Philipp Co.’s monthly bank statement shows a balance of $54,200. Reconciliation of the statement with company books reveals the following information:
Bank Service Charge $10
Insufficient Funds Check $650
Outstanding Checks $1,500
Deposits in transit $350
Check deposited by Philipp and cleared by the bank for $125, but improperly recorded by Philipp as $152.
What is the net cash balance per books after the reconciliation?
A.$52,363 [4%]
B.$53,023 [5%]
C.$53,050 [88%]
D.$53,077 [3%]

Alton Co. had a cash balance of $32,300 recorded in its general ledger at the end of the month, prior to receiving its bank statement. Reconciliation of the bank statement reveals the following information:
Bank service charge – $15
Check deposited and returned for insufficient funds check – $120
Deposit recorded in the general ledger as $258 but should be $285
Checks outstanding – $1,800
After reconciling its bank statement, what amount should Alton report as its cash account balance?

[Josh]

Hello everyone! I intend to pass FAR. It's been a little while, but I intend to take that and by the end of the year (2019). I took some time to do continuing education for existing licenses/certificates and passed a securities exam. I have until September of 2020 before my Becker expires. I got that, Gleim and a few other resources. I'm not quite ‘traditional' and have some different ways of studying, but I commit to study 2+ hours a day preferably 30-40 hours a week to increase my chances for success. I wish all you Ninjas the best and success on this exam and in life.

[alex260605]

Is anyone else who is studying for FAR currently feeling incredibly overwhelmed by the volume of material? I'm getting nervous about the exam and how I'm going to retain all of the information

[Tony]

@Alex260605 I felt the exact same way before taking the test this past Wednesday and I agree that it is hard to retain all of the information. Idk if I passed and I'm 50/50 about it (will find out around the 19th of Sept). Therefore, I cannot give a solid advice in comparison to others here who have passed. But in my experience, I wished I had practiced my speed for answering the MCQs. They took me longer that anticipated which caused me to be under tremendous pressure with the TBS.

[April94]

I felt very overwhelmed when I first started studying for FAR. I’m using Rogers and there were 31 chapters of info to get through! I only passed on the third try. The difference was when I stopped watching the videos and started reading through the entire book, taking notes, and practicing a ton of practice questions. I bought Wiley test bank for FAR and found most of the questions to be much more difficult than Rogers. Good luck on FAR! It is definitely a beast but if you study your butt off, you will pass!

[Captain Awesome]

@April94, I found Roger's test bank to be too weak as well. My first two tries for FAR I felt like I had studied for the wrong test. Only after switching to Ninja did I start to do well on MCQ's and finally passed FAR. Some on here say every software is using the same test bank but I completely disagree. Roger's questions were to basic and similar, lacking a lot of the “tricks” found in the real exam.

[Tracey]

Hi all, this is my first time to use this forum. I live in Vietnam and plan to take US CPA. Nice to know you all and hope to receive advices from all you guys

[Author]

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