FAR Study Group July August 2013 - Page 55

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  • #437056
    LT-P
    Member

    The amount of J/E's for FAR is inhumane!! I'm dedicating the next few hours to writing out every J/E until my hand hurts .. how's everyone else approaching them??

    - passed all 4 exams on my first try using Becker!

    Ethics: TBD

    #437057
    thehip41
    Participant

    @Tanaya

    I just learn them as I go through each chapter.

    Specifically, I read the chapter with no notes or anything first. Then I go back and read the chapter and take tons of notes. Rewriting probably 50% of the chapter into legal pads in my own words. Part of that is focusing on the examples in the text and writing the J/E as I go. It really helps me to see how the JE work together to figure out a problem.

    FAR - 83
    AUD - 73 92
    BEC - 83
    REG - 88

    Licensed CPA in the state of Michigan

    #437058
    Anonymous
    Inactive

    Hello all. I am a week into studying for FAR using Yaeger and Wiley and am feeling slightly overwhelmed. This is my first test and I just wanted to share my strategy and see what people thought. I am watching the videos while taking minimal notes. I then go back and do the majority of the MCQ's and SIMS. I then go through the Wiley book and make flashcards. My goal is to finish the modules 2-3 weeks before the exam and then do the test bank. I am not going overboard with learning all the inofrmation 100% the first time through. I want to get through everytrhing, then go back over and drill the info in…any thoughts?

    #437059
    Mike1987
    Member

    @adam8199. That sounds like a solid plan. I personally use Becker, but it is almost impossible to memorize all the details. I initially started studying that way as I did for REG, but I think for FAR your approach would work better.

    #437060
    qatar_cpa
    Member

    @adam8199 same situation here. am using yaeger as well. i don't know weather this approach will work, am in M14 Deferred Tax

    FAR = 31 /August
    REG = 30 /OCT
    BEC = 28/NOV
    Auditing = 01 Jan

    Yaeger 2013 Home Study
    Guam State
    follow me @abdirahmansh

    #437061
    Anonymous
    Inactive

    Can anyone help me in identifying things that would be classified as a cash flow hedge versus a FV hedge? I keep thinking I have it figured out and then I keep getting them confused.

    #437062
    Anonymous
    Inactive

    @CPA Dilemma – First off, if you're scheduled for 8/9, believe it or not you've still got a lot of time! Try to focus on that. 🙂 Second, to keep things straight, I do 2 things: do MCQs till I do them in my sleep (…literally…it's sad…), and I do those in a manner that I see the answer as soon as I do it. I use Wiley Test Bank which has a “pratice session” option so that you see the answer as soon as you do the question – not sure what it's called in your material. The second thing I do is to listen to Jeff's NINJA Audio, since it seems to create a good “outline” for my brain. The same could be done with anything else that outlines the material…and in all honesty, I didn't get all the way through the FAR audio before my test. But, mostly, it's doing a ridiculous number of MCQs that eventually helps me remember how to do things.

    @Tanaya – I don't specifically try to learn the J/Es. I can't really explain what I do. 😐 I've never written down J/Es, or tried to memorize them, etc., yet I can usually come up with them. I think I try to focus on the logical name and credit/debit…so, the expense part of pensions is logically “Pension Cost Expense”. You won't have to type in an account name, just select from a list, so for myself, I find learning the logic to work better than trying to learn all the different J/Es. But, my mind works more that way in general – if I can figure out a concept or the mechanics behind a concept, I can do it all day. But if I have to memorize it, I might as well quit before I get started – I still have to sing songs to remember any dates from history… “In 1492, Columbus sailed the ocean blue” – without that, I'd probably goess 1600's! So, I don't memorize, but I've been that way since grade school.

    @adam8199 Sounds good to me! 🙂 I don't use Yaeger, just Wiley, but in general it sounds like a thorough way to learn! FAR has the most material of any CPA exam (at least IMHO), so it's natural to feel overwhelmed. Just keep plugging away!

    #437063
    Anonymous
    Inactive

    Hey guys, I hope all of your studies are going well! I have a question on a partnership MCQ from my HW that I was hoping someone can help clarify.

    On January 2, Smith purchased the net assets of Jones' Cleaning, a sole proprietorship, for $350,000 and commenced operations of Spiffy Cleaning, a sole proprietorship. The assets had a carring amount of $375,000 and a market value of $360,000. In Spiffy's cash-basis financial for the year ended December 31, Spiffy reported revenues in excess of expenses of $60,000. Smith's drawings during the year were $20,000. In Spiffy's financial statements, what amount should be reported as Capital-Smith?

    a. $400,000

    b. $390,000

    c. $415,000

    d. $410,000

    The correct answer is (b)$390,000. This answer includes the purchase price ($350,000) plus earnings ($60,000) less drawings during the year ($20,000).

    While I understand the simple math, I don't understand why the $350,000 purchase priced is used instead of the $360,000 market value. In other words, I don't understand why (a) is incorrect. My study materials put a strong emphasis on contributions other than cash being reported at fair value, not cost. Does anyone understand this? Thank you in advance 🙂

    #437064
    Anonymous
    Inactive

    @DannyB_Live – I think it's because it's not a partnership, so it's just like if a corporation were to purchase an item. The owner/sole proprietorship got a good deal when he bought the assets, but they're reported at cost. Whereas in a partnership, there's several owners, so with Owner 1 contributes something to Partnership A, the ownership is transferring from one entity to another. The fact that Owner 1 spent $5000 for it 50 years ago doesn't matter, because on the date that Partnership A takes possession of the item, it has to be valued at cost (if able to be obtained), or FMV. There's no clear “cost” for Owner 1 to have a 50% interest in Partnership A, so you go with the next best way to estimate the value, which is the FMV.

    However, when Smith purchased these goods for Spiffy, the cost to Smith was clear, and they never switched hands to another entity. A sole proprietorship is, for most practical purposes, the same as the person themselves. So, the purchase cost is still used.

    Does that help?

    #437065
    Anonymous
    Inactive

    @Elisabeth, thank you for the great explanation! My brain kind of shut off once I finished NFP, and now I feel like I've been hit by a bus with all this random junk (for lack of a better word) in Becker F10. Does anyone else just want to rip this chapter out of the book?

    #437066
    Anonymous
    Inactive

    I'd rather rip out NFP and Govt if I had the choice…those things make my head spin.

    #437067

    I took FAR mid-February (early tax season) and scored pretty low with a 63. I started studying again at the end of May and just finished all ten chapters of the FAR Becker online review course (again). I plan to take the exam in 14 days (6 during which I will be working 8 hours a day). How would you recommend I study from this point forward so that I can pass!

    FAR - 63, 66, 59, 76
    BEC - 76
    REG - 77
    AUD - 63, 66, 82

    DONE 🙂

    #437068
    Anonymous
    Inactive

    @octobergirlie – I'm an Oct girl too. 🙂 And…I would do MCQs and SIMs till you're sick of them, and then do some more. Not practice tests where all you get is a final score – practice sessions (or whatever Becker calls them) that let you see what the right answer was as soon as you answer the question. And…if you're a note-taker, you'd probably want to re-read and/or re-write those, but I'm not a notetaker, so that's going based on what I've heard from others. 😉 For me, it's MCQs and SIMs till there's none left to do! (Or more likely, no more time in which to do them…)

    #437069
    NYCaccountant
    Participant

    How comparable are Wiley Test Bank/book questions to the actual exam? The questions within the book are

    difficult, while I believe the questions within the test bank are moderate to difficult.

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    #437070
    Anonymous
    Inactive

    I've heard people say that the test is smack-dab in the middle – the book is harder than the test, the test bank easier. I hardly used the book, but I would say that the test was somewhat harder than the test bank. Not ridiculously harder, but somewhat harder.

    However, I would also say that the exam had less “tricky” questions. They might be hard, but they didn't seem as much like the goal was to trick the test-taker. Might've just been my specific testlets, though.

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