[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

[grassdancejetta]

Question on pensions-

doing a problem where the journal entry is:

dr comp expense (service costs for the year)
cr net periodic pension cost
cr. pension liability

what is the difference between pension expense and net periodic pension cost? becker says nppc increases the pbo for the period, so it is a liability account?

[Suhsang]

Hey guys, I have a quick question.

Do we have to know the full names of all the bodies for the exam? For example, do we have to know that FAF = Financial Accounting Foundation, or is it enough to just know the abbreviated names? Of course in addition to their responsibilities, functions, etc.

Thanks!

[Rach]

Hi all – retaking FAR in mid-April after failing with a 66 back in December. I've been studying for about 6-7 weeks now while working, feeling about the same as I did when I took it in December. Using Ninja and Becker, and anything online to help with the tough concepts. My BEC credit expired in February during busy season, so really looking to catch a break here with FAR so I can take BEC again and move on with my life. There are SO many topics and I can get most of them while working through questions, it's just difficult to remember every little thing. Good luck to everyone else studying and taking this quarter!

[Alex]

test

[SIDIEULEVEUT]

Hey guys,

Taking FAR in 2 weeks. Finished all modules on Monday (minus SIMS for F8, F9, and F10). Currently speed reviewing (with outlines, notes, 2x speed skills practice, 10 MCQs) for each chapter before taking my first Mock exam on Monday. After the first mock exam and based on my weakness areas, ill start the final review with Becker focusing on my weakest areas and take the 2nd and then 3rd mock exam. For some reason, I'm SO scared about taking the mock exam and realizing that Im not ready. I feel like if I do bad on the mock exam, my confidence level is going to crash. Any tips on staying motivated through the last 2 weeks and not panic? I'm using Becker. What score on the mock exams tells me that I'm ready vs not ready? I've heard most mock exams are harder than the real exam. Thanks!

[nicholasloprinzi25]

During my final review (2-3 weeks leading up to the exam) I stayed away from the mocks. I took one & my confidence was killed. In my opinion they’re extremely hard & kind of pointless. I passed the other three parts by doing 150 MCQ, 2-3 SIMs & writing notes each day for the last 2-3 weeks. This seems to have helped me the most, especially the NINJA MCQs.

[Tony]

Hello All,

I am starting my 2nd month of studying with Roger CPA for the FAR exam. While I still have tons of practice MCQs and TBS, I've noticed that some MCQs have taken me past the 1:20 mark that's recommended (mostly due to the calculations that need to be done). Maybe I am overthinking it since I am only about 30% into the course outline, but I feel that those MCQs with calculations are hard to do within 1:20.

I was wondering if anyone has any tips on how they dealt with that at the exam or how they plan to deal with it when they take the exam?

I will keep practicing the MCQs over and over again so I can get faster but it's hard to remember all the formulas that need to be employed to answer the MCQs.

I was told by a coworker, who passed all 4 parts at first try, that MOST of her MCQs in the FAR exam did not contain calculations that needed to be done. Not sure if others had the same experience.

[SIDIEULEVEUT]

Hey there,

I'm currently studying for FAR as well. Taking it at the end next week (omg it's scary to even say that). Like you, I felt like it was taking me longer than the 1:20 time limit per question. I was so scared but I just took my first mock exam today with Becker. I got a 76 and finished within 3 hours which I was super surprised about. The first testlet took me some time but once I got a hang of it, I was going through the questions quicker. While some questions took me longer to figure out, some questions took me 10 seconds. So don't panic or look at the time too often. If you feel like you are spending too much time on one question, move on and come back to it later. I will work on my weak areas and take the second and third mock exam before the real one. Hopefully I do better and faster.

Best of luck! We got this 🙂

[Katherine]

Hi everyone! I'm Katherine, I'm scheduled to take FAR on 5/20/19. So glad to be coming out of another busy audit cycle, so I can get some extra study time in. This will be my first time sitting for a part. Good luck in your studies all!

[Motivated2019]

Hey Guys, A quick question about this:
At December 31, 20X1, Bren Co. had the following deferred income tax items:
A deferred income tax liability of $15,000 related to a noncurrent asset
A deferred income tax asset of $3,000 related to a noncurrent liability
A deferred income tax asset of $8,000 related to a current liability
Which of the following should Bren report in the noncurrent section of its December 31, 20X1, balance sheet?

I though the answer would be A noncurrent asset of $11,000 and a noncurrent liability of $15,000. But Surgent has the answer as “A noncurrent liability of $4,000”. Does anyone know if the deferred assets and liabilities can be reported as net on Balance sheet? If so, why?

[SIDIEULEVEUT]

Hey
1) DTA and DTL are always noncurrent on the balance sheet
2) You combine all DTA and DTL on the balance sheet
so for example DTA = 1000 and DTL = 3000, so you get a DTL = 2000 you'll record a noncurrent liability of 2000
if DTA = 5000 and DTL = 4000, so you get a DTA = 1000 you'll record a noncurrent asset of 1000
3) so in this problem you have DTL = 15000 DTA = 3000 and DTA = 8000 so total DTL = 15000 and total DTA = 11000 so you have DTL of 4000 so you have a noncurrent liability of 4000.

Hope this helps!

[Rach]

Test is tomorrow – feeling meh. Trending is like 65%ish on Ninja but I actually feel more prepared than what my scores are telling me.

Curious about something – does everyone go into the test feeling fully prepared, like you know every single concept? I KNOW that I don't know everything and I know my weak areas that I just honestly can't get down and it doesn't seem worth it to spend time to figure out. I just want to know if people have skipped over some topics and still came out with a passing score? Obviously not the best strategy and it all depends on what kind of questions you get. For my other tests that I've all barely passed, I felt like I knew mostly everything and still barely skated through. I honestly just can't do this anymore and need to be done with this. Pretty sure my friends and family have forgotten that I exist.

Hoping that FAR is different and I can know the basic concepts and that will be enough this time around…

[OnlyBelieve]

I'm studying for FAR and was wondering if there is anybody/study group studying for this part in the Denver, Colorado area?

AUD - DONE
BEC - DONE
REG - 04/04
FAR - 05/30

[Yaw]

I'm studying for FAR and was wondering if there is anybody/study group studying for this part in the Denver, Colorado area?

[Motivated2019]

@SIDIEULEVEUT, thank you for clarifying that. I somehow thought that DTA and DTL would need to be reported separately, but it makes sense.

@WILLPASSEVENTUALLY, I've never felt fully prepared, and also never can estimate my score after the test. Given that there is so much details on each area, I don't think it's possible to feel confident about all the topics. Hoping that you will do well!!

[Author]

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