[jeff]

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

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

[Wannafree]

seems all gone for exam.No post.

[Anonymous]

I'm going over sims today and tomorrow and I am thinking about taking bunch of practice exams the last 2 days before my exam.

Anybody have advice on which sims to focus on? I have not done well on the few DRS's I've tried (Just on one that I can think of).

Any final week study suggestions?

Thanks

[SallyCPA]

@bobby definitely in the same boat as you. I take FAR this Saturday and am just finishing up going through Becker's chapters 9+10 (re-doing MCQ and some simss) along with NINJA MCQ. What do you guys usually do the last few days leading up to the test?

[mtaylo24]

I'm trying to clear out my “questions not answered correctly” column in Ninja. Almost through reading the text (again), started on Sunday and I'm on ch 17 of 20, and I'm working the focus (T/F) questions after each unit. I'm done trying with sims, I'm just reviewing my results from previous sessions. I'm also still doing 20 question quizzes in the Gleim TB. JEs are integrated in the text big time, but I do need to have a high-level JE review before I sit on Tuesday.

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)

[SallyCPA]

@mtaylo are you cramming big time the day before the test? Still haven't decided if I should or just let it all sink in and do a high level overview..

[mtaylo24]

@SallyCPA Yup…i will be up all night cranking ninja until i go to the test center, then cranking gleim mcqs on my 📱 Until I get my locker. I test at 8am like last window, so I can jusify the all-nighter. I tried the whole take it easy the night before thing whenever I sat for BEC back in October and winded up getting a 73…

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)

[Yo831CA]

The last thing i want to see this Saturday is the Gov Wide FS. Anybody feels the same? i haven't seen any sims for it anywhere…

[Wannafree]

Now I have studied Becker's to the point of puking.Last time when I was puking at REG,BEC and AUD ,I passed the exam so I am checking dictionary for meaning of superstition .LOL

[Wannafree]

@Yo831CA , going by Becker's change format I have a feeling you should revisit NFP , particularly JE for reclassifying.I expect 6 marks from NFP.
Mainly few things like ,
1.donation has to be recognized at FV .
2.If membership is due and benefits is $X how to recognize JE.
3.How to record RUN and reclassify it JE.
4.Say some temporary restricted donation spent in year 2 , tricky , first reclassify to Unrestricted revenue (from temp restricted ) and then book expense.
5.Functional statement for VHO
6.NFP FASB ,no confusion due to govt backed NFP.
If income or interest from donation only to be used then principal is Permanent restricted.
Restriction can be based on time or usage.

If you know the above mentioned facts you got 6 marks.
Hey every marks counts after 70.

[Yo831CA]

Much appreciated @wannaFree , i will visit those 6 points but i need ONLY 75 🙂

Good luck to you all!!

[Anonymous]

I covered quite a few sims this morning. I think it's a great idea to finish the questions incorrectly answered @mtaylo24 for MCQ's and sims. @sallycpa Good luck Saturday. I will cram from here on out and take a few practice tests the before the exam.

[SallyCPA]

@bobby and @mtaylo good luck to you both!

From what I've been hearing there is virtually no gov or NFP sims so I'm not going to worry about reconciling gov f/s that much…what are your time goals? I always have a hard time figuring out the clock times and I'm thinking that should allocate more time to the third sim

[Wannafree]

Just wondering how to prepare for SIM would be different than MCQ ?
You will have to know the whole concept to answer a MCQ isn't it ? Dollar value LIFO will have same formula in MCQs and SIMs ,isn't it ?
You will have to know JE to calculate the plug figure whether it is MCQs or SIMs.
As many people shared their exam experiences and confirmed SIMs are unpredictable e.g. If you get 5 DRS ,you will have to take the Hat in your hand ,tail between legs and bow your head and ask for 75.
So I am going through concept of each chapters and revisiting my notes.
C u SIMs in exam.

[mtaylo24]

@WannaFree Exactly! I don't care what people say about Gleim sims, I've always had different sims. All you can really do is be good with the AL, and MCQs will also prepare you for them. It's good to know the format, but I wouldn't rely on the practice sims to prepare you the actual sims. I do use the practice sims to fill in conceptual gaps for things skipped in the MCQs, but I don't think that they will my actual sims any easier.

I also think people should stop dreading the sims and just think of them as extra points. I know for a fact that I would not have passed REG if it weren't for the sims, because my MCQs were just redonk vs whenever I got a 74, MCQs almost saved my arse. You never know!

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]

Thanks Mtaylo24 at least I have a company.BTW I am predicting a sure pass for you based on your preparedness.
@SallyCPA ,Yo831 all the best , you all too will pass this time.

[Author]

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