FAR Study Group July August 2013 - Page 58

Viewing 15 replies - 856 through 870 (of 1,267 total)
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  • #437101
    kpkearney50
    Member

    @Peter,

    I would not spend too much time studying for the SIMS. I have taken and passed three sections using only Becker materials and I only went through the SIMS to get a feel for how questions might be asked. I spent the majority of my time focusing on going through the lectures twice (live and online), then completing the homework problems in conjunction with each lecture. Also, another study tip that has helped me is to work the AICPA Newly Released Questions to help understand how questions may be asked, and to also narrow down my studies. Here is a link that you can follow to get the last three years of released questions:

    https://beckerkb.custhelp.com/app/answers/list

    Hope this helps! Let me know if you have any other questions as I will likely be checking back on this over the next few days before I take my FAR Exam!

    #437102
    NYCaccountant
    Participant

    @Dante The 9,000 loss is the expense (Income Statement), The Recourse Liability is the amount owed in case

    the factor does not get paid for the 9k of receivables.

    Entry:

    Loss on Factor Dr. 9,000 This is the expense account. Probably got the name of the account wrong.

    Recourse Liability Cr. 9,000 This is the liability set up to absorb the future loss if it happens.

    Say the factor does not get paid for the 9k in receivables as estimated:

    Entry:

    Recourse Liability Dr. 9,000

    Cash Cr. 9,000

    We would essentially pay the factor back for the receivables that were never paid.

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

    #437103
    so1913
    Participant

    So relieved! I am able to extend my Becker software which expired on 8/8 through my FAR exam date 8/28. What a kick of motivation, ready to put in some work today 🙂

    AUD - 90 Pass
    REG - 70,61,81 Pass DONE DONE DOOOOONNEEE!!!!!!!!
    BEC - 79 - Pass
    FAR - 70,82 - Pass

    #437104
    Anonymous
    Inactive

    @Elisabeth yes thanks for the help!

    #437105
    kip_snoodles
    Member

    I have gone through the materials twice, and I have taken the first Becker practice test. Is it just me, or does it seem like there really is not very many Journal Entry related questions in the software? Of course knowing the concepts behind some Journal Entries can help with some multiple choice questions, but overall there has been very few JE related questions, and the ones I have seen are very basic. Is this indicative of the exam?

    Thanks!

    #437106
    NYCaccountant
    Participant

    Is it feasiblle to leave 2 hours of exam time for the SIMS? I feel like I should really take my time with these because

    based on my practice tests I make simple mistakes. Forget to foot numbers, forget to add new calcs to old balances.

    I feel like I know what I'm doing, but forgeting to do the basic things. Maybe I'm moving to fast? How much time should I devote to each SIM on the exam?

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

    #437107
    zakahracw
    Participant

    Feeling like I should move my FAR exam from next Monday to next Wednesday or Friday. I just lost 3 days of study because I was sick. I still have to review 5-9 MCQ's and all SIMs. Any advice?

    ~Z

    "Live your Best Life"

    #437108
    so1913
    Participant

    Urgh, I'm about to start F9 lecture…one more to go after this which I will do tomorrow night. Still have to go back through and write notes and do MCQ's which I will start on Wed…only 4 weeks until test day. It seems a little unrealistic, but I'm hoping its still possible to be prepared for exam day.

    Would you suggest I go through and review each chapter taking notes, then start MCQ review, or go through and review each chapter taking notes followed by corresponding MCQ before moving on to the next chapter.

    AUD - 90 Pass
    REG - 70,61,81 Pass DONE DONE DOOOOONNEEE!!!!!!!!
    BEC - 79 - Pass
    FAR - 70,82 - Pass

    #437109
    zakahracw
    Participant

    @dsteel YES, F2 was the absolute worst for me and many. Just get through it and practice that section over time. I wish I had practiced since then.

    ~Z

    "Live your Best Life"

    #437110
    kpkearney50
    Member

    @zakahracw, I would stick with your original plan to take the test on Monday. I have taken three parts to the exam so far and have never spent more than an hour or so on the SIMS. I only use the SIMS provided to do the AL questions, and get a feel for how a simulation on the actual exam would look. I think that if you focus your time on completing the MC questions and really focus on knowing why each correct answer is actually right, and why the incorrect answers are wrong, you will be in good shape. The most I have given myself to do a final review of all the materials is one day as I feel it is not as necessary if you put in the time when you go through it your first time.

    @so1913, what review source are you using? I am using Becker and I have found that watching the online lecture, then reading through the highlighted / important areas before completing the MC questions helps me to score better and retain more of the information when I come back for a final review.

    #437111
    Anonymous
    Inactive

    @dsteele139 F2 was a beast with the first set of MC. I think it was somewhere around 90 questions or so. Try doing it in intervals of 30 and use T-accounts. That was helpful for me at least..

    For those using Becker, how important is the Codification in the F2 appendix? And is there a lecture for it? I know its used for the research portion of the sims but is there another use for it?

    #437112
    so1913
    Participant

    @kpkearney50 I'm using Becker as well, thank you for sharing that!

    AUD - 90 Pass
    REG - 70,61,81 Pass DONE DONE DOOOOONNEEE!!!!!!!!
    BEC - 79 - Pass
    FAR - 70,82 - Pass

    #437113
    PC
    Member

    Thanks @kpkearney50!

    In another thread I asked, someone said know the journal entries? My exam is at 4:30 so should I spend my entire day of the exam cramming all the journal entries?

    #437114
    kpkearney50
    Member

    @Peter,

    I have heard that as well. I am taking my exam tomorrow and I will probably look over the journal entries one more time, but I think it is better to understand concepts and the underlying rational behind the problems as that will help you to plug in a journal entry.

    #437115
    Anonymous
    Inactive

    @Peter The importance of journal entries depends on how you learn and how you solve problems. If you are stumped on a problem, would picturing or writing down the journal entry help you? For me personally, journal entries aren't a helpful tool. I can figure out a journal entry if I have to, but I don't solve it by picturing the journal entry – just doesn't “click” for me that way. So, I didn't intentionally memorize or practice any journal entries, and I really don't feel like it hurt me on my exam. However, for many here, their best way to approach a problem is to picture or write down the journal entry, and once they do that, the rest of it makes sense. So for those people, practicing the journal entries on test-day would be awesome!

    My own test-day routine is to go over some MCQs and listen to NINJA Audio on my way to the test (or listen to the radio, depending on how I'm feeling that day…I have a long drive, so I can either cram or relax quite effectively!). The goal of the MCQs on test-day is just to build my confidence without exhausting my mind…so I might do 2 sets of 10, either random ones, or questions that I had gotten wrong in the past. Then, seeing that I truly do know something, I head out the door. But…I've also never had an exam that late in the day, so with more hours ahead of you, you'll want to do things differently than me! Just don't cram to the point of exhausting your mind. You need 100% mental power on the exam, so reducing your mental power to 50% isn't worth learning an extra nugget or two of information!

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