[jeff]

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

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

[mtaylo24]

Shouldn't it be the Fire district rather than Park Fund for the Major fund test?

Edit:

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]

Based on my various mock test and my concept on topics I have made a breakup of expected marks where I feel I will most likely solve ( based on my performance in mock test ) I have given a conservative score to myself and it is coming 61.You all most welcome to speculate the topic where you feel 1-2 MCQ or SIM may be asked.I am trying to peg it to 75.
Your help is appreciated.

I hope NFP is there in exam and that will help me to get 6 marks (any question ).
Sales Lease back 4 marks (2 MCQ high weight ).
Govt 3 MCQ 6 marks
PPE Impairment IFRS ,GAP ,Sum of Year dep or change of estimate depreciation ,ARO, Monetary and non Monetary (betting 6-7 marks including SIM).
Inventory ,Dollar value LIFO or Retail (any question I am fine ,in MCQ 2 marks ).
Conceptual framework-any question – 4 marks.
Leases : 2 in MCQ and one SIM (9 )
Pension : 2 MCQ ( 4) (any question )
Financial statements ,distinction between capital and revenue items ( 4 marks MCQ and may solve SIM 60% 5 ) ,
Consolidation : MCQ ( 4 marks )
IFRS( 50% chance I will be )
Foreign currency , Derivative,Tax ( 6 marks,any question )
Research questions : memorized 35 codes and with little luck n AL search skill ( 7 marks ).
(61 marks bottom line ).

Again Scholars future CPA I hope you all will contribute me pass the CPA exam.
I am appearing on 30th just after memorial day weekend and told me my wife to just suffer this one last weekend.

[FAR_out]

Hi everybody,
Just got back from the exam, which was A-B-S-O-L-U-T-E-L-Y brutal. Did well on all the other sections before, and never had this kind of experience. I don't know if it is the new format, or what, but I feel horrible that all this time spent studying may have come in short this time.
Good luck to you of you FAR warriors! do your SIMS! practice time management! study the ENTIRE book!

[mtaylo24]

Aww snap there's two parks 🤦‍♂️ (special rev and cap projects) 😂

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)

[Soon2beCPA]

Nothing like doing a set of practice questions the night before your exam and scoring 60% 😐

I'm going to need to do a lot of praying tomorrow…

Good luck to everyone taking the test this weekend!

BEC - 11/2015 - 82
FAR - 10/1/2016
AUD - 6/4/2016 - 80
REG - 12/10/2016

[Jj]

@far_out blink twice if you got a pension/bond/or lease sim

[Anonymous]

@Soon2beCPA jajaja that made me laugh. (the praying part**) Good luck to you too! I'm taking it on Tuesdayyy :0

[Yo831CA]

2016 AICPA Released Questions –

A company's cash-basis net income for the year ended December 31 was $75,000. The following information is from the company's accounting records:
Jan1 Dec31
account receivable 15000 20000
prepaid expense 7000 4000
accrued liabilities 2500 2000
What is the accrual-basis net income?
$72,500
$75,000
$77,500
$83,500

I'm getting $72,500 by applying Wiley Method of chg in Cash = Chg in LB+ Chg in OE – Chg in Other assets but the AICPA says it is $77,500. Help!!

[Jj]

It would be 72500 if they gave you the accrued net income, but they give you the cash based NI, so you're doing the opposite (add back the increase in AR, subtract the increase in prepaid, add the accrued liability)

[Jj]

Thanks for posting that, I wouldn't have noticed and got it wrong on exam day

[Yo831CA]

You're absolutely right @beantown23 , didn't notice that..

I'm sitting tomorrow for the 2nd time and used to go over the AICPA' released questions at the exam night. It helped me a lot on the first time. Good luck to you and everyone here.

[LCros]

Mtaylo24, please explain to me the last problem you mentioned yesterday. How do you solve it? I never have understood. Thanks.

[mtaylo24]

The futures contract or the governmental?

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)

[Jj]

The 10% test is on total assets or total profit right? What's the 5% test on? The gov fund balance ?

[mtaylo24]

Assets/Liabilities/Revenues/Expenditures…10% of major funds or 5% combined funds.

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)

[Author]

Replies