FAR Study Group April May 2017 - Page 31

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  • #1533222
    Anonymous
    Inactive

    @mtaylo24 Thank you for all your journal entry posts! They've been super helpful!

    Going to get through the last chapter of FAR this Easter weekend and after that, reviewreviewreview.

    #1533256
    Ne’O
    Participant

    Major karma points to Matylo24
    Journal entries copied to document form and printed out.
    I'm glad I joined this FAR list a quarter early. I think I'll go to the list of the exam I passed last quarter and pay it forward a bit with whatever info I can.

    Dance on!

    Newbie CPA Candidate

    #1533421
    Anonymous
    Inactive

    @mtaylo24 rocks. I'm going through the q1 post to find all the J/E he posted.

    #1533562
    Wannafree
    Participant

    Thank you @Anthony,I did read your post.As you appeared in last format ,did you feel too difficult or about same ? You mentioned hard topics ,so could you solve those ? I know you had 3 hours but can you imagine if some one has 2 hours for SIM ? I also couldn't solve Research question last time , so is it similar difficulty this time because you spent 20 minutes?

    #1533583
    Anthony
    Participant

    @WannaFree I would say maybe a little bit more tougher, but it's really hard to gauge whether or not it's really that much more difficult than my first time at it. One thing I remember is that on my second testlet of MCQ, some questions were little more complex or had more curve balls thrown at me. They weren't hard, but when you are fighting the clock it makes it tough.

    For the hard topics. Yes, I could solve them, but whether or not I solved them correctly is a different matter. 2 hours for sims is do-able, but really depends on the person. Some might need more because they are slow at sims, while some could wiz by them.

    I would say the research question was roughly the same in difficulty. The biggest problem on why I wasted so much time on the research question was because I was an idiot looking at the wrong spot. I thought it was under so and so and I tried using search within under that section and nothing I was looking for popped up, but in reality it was in a completely different place. So when I did a general search with like 2 key words, boom found it.

    #1533601
    Wannafree
    Participant

    Thank you @Anthony ,this time I am making summary note for GAAP codifications (outlines ).Last time I failed due to that.As last time you got 74 so I feel you will pass as u also solved research question.
    Did u use Becker's ?

    #1533618
    krstnam
    Participant

    Question on Available for Sale Securities
    Year one purchased A4S securities for 270K
    Year 2, they were worth 245K
    Year 3 – they were sold for $255K
    1. The JE to record the loss on security during year two would be
    DR: Unrealized Loss 25K
    CR: Valuation Acct 25K

    2. JE for the sale
    DR: Cash 255K
    DR: Val Acct 25K
    DR: Realized loss on A4S Sec 15K
    CR: Unrealized Loss on A4S sec 25K
    CR: A4S Sec 270K

    I just want to make sure I'm understanding this correct.

    In step 2, is the Debit and Credit for $25K just the reversal from the original entry? And is the $15K realized loss just a plug number?

    2nd Question, if it was sold for say 280K would this be the JE?

    DR: Cash 280K
    DR: Val Acct 25K
    CR: Realized gain on A4S Sec 10K
    CR: Unrealized Loss on A4S sec 25K
    CR: A4S Sec 270K

    Thank you

    #1533640
    Anthony
    Participant

    @WannaFree For my retake I did nothing except Gleim mcq and Gleim sims. In my last 3-4 days before the exam I swapped from Gleim mcq to Ninja and pounded it for about 600 questions with only new and unseen questions, while hitting sims hard.

    Funny thing is that when I ordered a CPA candidate copy of the codification, I actually found the research question from my first attempt that I couldn't find.



    @krstnam
    You need to remove unrealized OCI loss/gain when you sell the security..so you reverse the unrealized OCI loss/gain you built up. The realize gain/loss is just a plug.

    #1533754
    krstnam
    Participant

    @Anthony thank you 🙂

    Makes sense.

    #1533900
    aatoural
    Participant

    Happy Easter everyone!!

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    #1533912
    AFSD
    Participant

    HI-
    I have the exam on 5/22, five weeks to go. I roughly have gone through 50% of the Wiley FAR course. I feel that the retention has been below average even in basic concepts.

    Would it be a good idea just to focus on doing MCQs and TBS for the next five weeks. Of course reading explanation and researching hard topics.

    Thanks.

    #1533934
    HoldMyBeerCPA
    Participant

    @AFSD, if you're starting to let the concepts you studied earlier slip, I would go back and skim through your notes (if you've made some) and do maybe 20 MCQs tips for each section. That way you can get a nice refresher while not losing a lot of time by going back to the beginning and re-learning. Also, I would suggest powering through the material if you can within the next two weeks to leave yourself three weeks of final reviews, MCQs and SIMS. How long do you think it will take you to get through the rest of the material?

    #1533939
    SallyCPA
    Participant

    I should be done with FAR 10 by the end of this week and then have about a month to review (test is May 27th) using Becker and NINJA MCQ. Does anyone have an recommendations for reviewing? Should I go back through each Becker chapter and rewrite notes (feel like that would take forever)? I feel like the approach to reviewing for FAR is so much different than the other tests…

    #1534042
    mtaylo24
    Participant

    I feel like I'm slumping hard with my studies. Maybe its the weather ¯\_(ツ)_/¯

    AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
    REG - 55 (2/16) 69 (5/16) Retake(8/16)
    BEC - 71(5/16) Retake (9/16)
    FAR - (8/16)

    #1534143
    Trucker90
    Participant

    Hello all, hope your study sessions are going well.

    I am just starting to learn the material, I am planning to take Far in mid August.

    I am trying to figure out a clear, concise summary of FASB due process for standard setting and IASB's equivalent.

    I read over the material and tried doing some MC problems, but I can't seem to get a good grip on it. I never know where ‘research' should go, because… doesn't every step of standard setting and updating procedure require ‘research'??

    Can anyone help me out with this please? Thank you XD

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