[jeff]

Welcome to the Q2 2017 CPA Exam Study Group for FAR. 🙂

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

[Anonymous]

Hey all! I just took BEC on Tuesday and my score won't release until August, so I'm moving on to FAR. This is my first time attempting any of the exams. I was hoping to study like crazy for 6 weeks and take FAR on 5/31. I work with financials at my job, but it's for a private company. Am I crazy to think I'll be even remotely ready in 6 weeks? Honest feedback is welcome!

My other option is to take AUD before FAR, since it is less material.

[Anonymous]

Disregard my last question, I'm going to take AUD next. After looking at Becker, FAR has too much material to go through in 6 weeks.

[mtaylo24]

@krstnam What is skills practice lol?

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)

[Wannafree]

April is almost at end and not many are appearing for FAR,it seems many are scheduling for May end.

[Iceman6]

Yeah, booked mine for May 30th, with tax season and the long window, wanted to give myself as much time as possible to study. Probably a week behind schedule but have the next 6 weeks to really pick up steam

[thedude]

At June 30, Almond Co.'s cash balance was $10,012 before adjustments, while its ending bank statement balance was $10,772. Check number 101 was issued June 2 in the amount of $95, but was erroneously recorded in Almond's general ledger balance as $59. The check was correctly listed in the bank statement at $95. The bank statement also included a credit memo for interest earned in the amount of $35, and a debit memo for monthly service charges in the amount of $50. What was Almond's adjusted cash balance at June 30?

Explanation

Balance per books, June 30 $10,012
Add:
Interest revenue 35
——–
Deduct:
Service charges (50)
Correction of check (36)
——–
Adjusted cash balance $ 9,961

Could someone explain why the $36 is being subtracted versus added to show the $95?

Aud: 42 (ouch)

All others TBD

[HoldMyBeerCPA]

Hey thedude, the $36 is being subtracted because the bank statement shows that the deposit was for $95. Check number 101 was correctly recorded as $95. If it was correctly recorded by the bank, then we must match what the bank shows on their statement for this check. Since we only recorded check number 101 as a $59 check, we need to subtract an additional $36 from our cash balance in order to match what the bank shows as the correct amount of check number 101.

[krstnam]

@mtaylo24 – Basically, it's how to do a SIM with a lecture explaining each step. The old Becker had something similar but it was just an MCQ. This one is more interactive.

I've heard people saying they don't care for the new skills practice, but I think they've helped me a lot 🙂

[justa75pls]

I'm freaking out. I just finished F6 in Becker and thought I was doing well until I took a progress test…I'm forgetting everything from previous chapters!!! With 4 more chapters to go (NFP, Govt, Pensions) should I restudy the previous chapters now or move on to NFP/Govt/Pensions and restudy afterwards? HELP!!!!!

[Wannafree]

@justa75Pleas , NOW.my own experience ,you will take much less time to review previous chapters and it will solidify then only move to next set of chapters.

[Mscfisher]

@justa75pls i suggest doing a few practice tests son you dont forget. I'm going through f6 myself. Every morning i read through flashcards from previous chapters. Repetition repetition repetition

[Wannafree]

@Repetition repetition repetition ,yep that is the key.

[justa75pls]

Thanks, @mscfisher, @wannafree! Just feeling down and lacking confidence.

[mtaylo24]

How's everybody holding up? I've done 180 today, but no sims. The questions have been going much faster since Ive assigned them to groups and limited my sessions to 20, but unfortunately there isn't much room for error…

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)

[HoldMyBeerCPA]

I've done 35 MCQs today and 1 sim on you guessed it…receivables. It wasn't too bad, scored an 83% on it. If the receivables SIMS are like the one I had today, I'll have a chance.

I've been focusing on better understanding government and NFP accounting this week (today will be my last day of review on it), then I'll review consolidations and re-write my notes over the weekend. This exam has pretty much consumed me over the past week. It better be worth it.

[Author]

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