[jeff]

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

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

[Anthony]

I would definitely say you should know ARO, not saying that you will get one, but there is a chance you can get an sim on ARO. Especially know the J/e for it. Another that you might want to look at is software amortization. Know the methods and how to solve for the amortization.

[Jj]

Quasi reorg… aww he'll naww I have to revisit that

[CPAIN2K17]

@anthony would you say this is a good example for what we'd need to know for ARO?

https://aroaccountingsoftware.com/aro-example.html

I personally hadn't studied AROs that much and want to make sure I'm studying the right thing.

[Anthony]

That would be a good example. The journal entries would make a pretty good sim to throw at people taking the exam. Especially when you first the capitalize the ARO.

[Jj]

Thanks for that link

[mtaylo24]

My last few Gleim sessions. The 50 was all sales leaseback and only 12 questions. Very last was IFRS only. All of the other 20 question sessions were completely random.

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)

[Mrsterrell]

@Beantown I will say it will be definitely worth the effort to study it.

[Jj]

I just revisited them. Forget everything prior. Thanks.

@mtaylo how are the gliem mcq compared to ninja

[mtaylo24]

Gleim is a mixed bag. Probably 4 easy or straight forward questions for every 1 “wtf, who thinks of this sh!*” question. Has a lot of hard ones, but a lot of easy ones too. It is literally the largest testbank in the CPA game with 2500+ for FAR. Reg was like 2600. I don't think they have ever removed a question unless it related to an accounting update 😂 They probably include most of the Ninja questions.

Ninja seems to filter out all of the straight forward questions and focus on nothing but trick questions, maybe it's because ive been focusing on all of my missed questions 😂. Thats what you will want in test day though.

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]

I consider interest during construction as difficult ,
CPAIN2K17 ,do you have link like ARO .
How difficult is Inventory ,only thing in Inventory I feel tough is Dollar Value LIFO which so far no body has seen in exam.
Mrsterrell do you feel Inventory as easy chapter ? LOL .
Thanks MrsTerrell and Anthony for boosting me confidence level and morale.

[Jj]

If you try to do the review mcq for Becker they're way too straight forward. As I mentioned before my ninja expired at the most inopportune time lol so I've just been hitting the book over and over. Hopefully this doesn't bite me in the a$$

[mtaylo24]

Given:

Useful life
Carf rate
Market rate
Undiscountated estimated cash flows
Aro settlement amt
Pv figures

Based on this info enter the shaded cells.

1. Beginning ARO
2. Period depreciation of the ARC
3. Year 2 accretion expense
4. ARO balance at end of Year 3
5. Settlement gain (loss)

For 4 you have to make the amortization table

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)

[Anonymous]

yea mine expired literally 11 day before my exam, I had to buy it again. -.-

[Jj]

I tried to buy it, but there was an issue where my account was charged and I didn't get the email with the ninja link. They credited my account but stil didn't get the ninja. At this point my test is in 2 days, no point.

[Jj]

What's the carf rate? You use the market rate to discount right

[Author]

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