[jeff]

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

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

[Alwaysunny]

Hi all! Anyone know any tricks on getting a good handle on leases? The more I study/review the more turned around I get.

Thanks!

[SallyCPA]

For people who are in review mode, how many sims are you doing per day?

[mtaylo24]

@SallyCPA We have 5 per chapter, so i did 25 yesterday and 20 today. Some of our sims are from a different planet and I have no clue what they are asking for, so I am strategically planning to forego those ones and just read the solution for the sake of time.

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)

[mtaylo24]

This governmental section in Ninja is completely different than the one we have in Gleim! I'm getting kilt!

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)

[Holly]

@mtaylo24 you're going to have to let hrsexton go lol! BEC ugh I don't know. I hope to pass. I think it's this new format that's got me nervous. I'm ready to take it only because I am so tired of studying this stuff right now. I don't know where to concentrate so I feel like I'm just spinning my wheels.

BEC - 79
REG - 85
AUD - 5/27/16

[yari_cookie]

So I'm feeling concerned…. started to study for the Cash Flow and I suck at it…. is that normal at first? should I just keep going and then review it? I feel like i'm getting stuck and frustrated…

HELP!

[Pawn Maker]

I can't speak for everyone but Cash Flows took me a while. One of the tips my professor in CPAExcel taught has really helped when it comes to determining cash flows from Operating, Investing or Financing. You take the normal accounting equation and strip out cash so you can solve for cash. Cash = Liabilities + Equity – Assets

Thus if accounts receivable increases you subtract it from cash from operating activities because you take the positive number and plug it into the asset. This really helped me with prepaids and deferrals because I would loose track of where they were in the basic account equation.

[Wannafree]

@Yari_cookies ,first know the three things Operation ,Investing and Financing.
Go backward ,first know know financing then investing then residual is operating which is very big.(Going backwards you will have to remember less stuff as Financing is least and Investing is little more.
Now understand the accruals which don't require cash and do math.
Say depreciation is 100 ,you don't pay anybody for dep so cash should be NP ( as per IS on accruals basis ) + dep = cash.
for me main crux is segregation of items.
For govt accounting cash flow is little different regarding classification.
Please let me know where you feel confused and I may try to give metaphor .

[mtaylo24]

Alright. I just finished all 1712 Ninja questions without any repeats and I'm only averaging 60%. Hopefully there is enough time for a turnaround…I would like to at least be in the 70's by the time I sit…

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)

[Pawn Maker]

mtaylo – I am still sitting at 60% as well. This exam seems much harder for me than the others as it seems like no matter how much I remember there is always some little rule that trips me up. Do you feel more prepared than last time you took it?

[SallyCPA]

It seems like the new FAR exam is testing a lot of analytical thinking, especially in the sims with the DRS (client letters and memos). I think if you can internalize the information quickly, it will help out a lot. The problem with FAR is that there is so much material that can be tested on. However, my belief is that there is going to be one of the biggest curves in the history of the CPA exam in this quarter. At the end of the day, PEOPLE still have to pass…what do you guys think?

[CPAIN2K17]

@mtaylo24 governmental section in Ninja is killing me too. Trending score is like 45% while everything else is in the 70s and 80s LOL

[LCros]

yari_cookie:

If you are having a hard time with statement of cash flows, try Roger on YouTube…He does great with Statement of Cash Flows. I was able to thoroughly understand from his videos.

[mtaylo24]

@PawnMaker, I feel a little more prepared and do feel like I can pass the old version. I'm not sure about the new one, someone said they had 5 DRS sims in another thread LOL! That's just ridiculous!

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)

[Pawn Maker]

Mtaylo – Yeah I saw that post too…that is just crazy. The increase in simulations is something I really dislike about the new format as luck of the draw plays such a key role when you only get a handful of questions. Sally – I really hope there is more leniency during this quarter but if I were to guess I would bet that the passing rate will be about 40%. They say that the new exam isn't harder but I just don't believe them.

[Author]

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