[jeff]

Welcome to the Q3 2017 CPA Exam Study Group for FAR. 🙂

Introduce yourselves and let your fellow NINJAs know when you plan to take your FAR exam.

The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/

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

[Zurpit]

Just took FAR after studying for like 1.5-2 months. I got an 83 and a 77 on the Becker practice exams so I felt good….. but I got manhandled by the SIMS. They were significantly longer/harder than the sims I got on any practice exam so…. for you Becker Far takers, try to find some more challenging ones to practice with if you have the time.

[Accountingbeans]

@zurpit Congrats on being done with FAR until score release! Must be a great feeling. Those are great practice test scores, I'm sure you did well. Pretty disheartening to hear that about the SIMs though, I'm already scared of Becker SIMs. How did you feel the Becker MCQs compared to the actual test? Thanks

Newbie
BEC- August 31

[jmiller13]

Just took FAR after studying for like 1.5-2 months. I got an 83 and a 77 on the Becker practice exams so I felt good….. but I got manhandled by the SIMS. They were significantly longer/harder than the sims I got on any practice exam so…. for you Becker Far takers, try to find some more challenging ones to practice with if you have the time.

@Zurpit I felt the exact same way about the SIMS. I had Wiley and Ninja SIMS and I felt that they were no where near what I saw on all of my SIMS. The SIMS I had on the exam were way more in depth and much longer with a lot of extra material that you had to read and go through. This was a retake for me and the SIMS were a lot different than when I tested in March.

[CoachEmUp]

@Pacman Can you be more specific in terms of the discrepancies you're talking about? My process is to watch the video, read/skim through the rest of the lesson in the book, and then take the practice questions. I didn't notice any issues with the Governmental sections you're referring to so if you can give me an example that will help.

@zurpit @taxfreak congrats on being done (and hopefully!) passing. Must be a great feeling… can't wait for 3 more weeks of grinding for me.

[IwannabeaCPA2017]

Do any of y'all feel guilty for postponing the exam? I just had to push it back by 3 weeks cuz I was falling behind and have many weddings coming up. Part of me hate myself for doing because of having too much time may cause more issues. On the other hand, I dont wanna risk failing when I know Im not prepared. Thoughts?

[BBHYX]

Hey guys, can anyone explain why prior error corrections are part of comprehensive income?

One of the elements of a financial statement is comprehensive income. Comprehensive income excludes changes in equity resulting from which of the following?
A.Loss from discontinued operations.
B.Prior period error correction.
C.Dividends paid to stockholders.
D.Unrealized loss on investments in noncurrent marketable equity securities.

I can clearly understand why dividends are not included, but having a hard time with prior period error correction. Wouldn't that just mean a restatement of F/S with a change in the earliest year's beg R/E? How does that end up in comprehensive income (=NI+OCI)?

[Wannafree]

@xyz107 , you may like to read the following thread.Same question with good explanation.
https://www.another71.com/cpa-exam-forum/topic/comprehensive-income-question/

[Zurpit]

@AccountingBeans: The MCQ's were pretty analogous to what I saw on Becker. The first testlet was easy, and I'm quite confident that I got 30/33. That was pretty much confirmed when I saw the second testlet which was like the first one on steriods. Still, I think I did alright on them… at least got 22-25 of those.

@Jmiller: Yeahhh it was quite disheartening. I had to pretty much skip a whole big one because I had no idea how to do it :X.. hopefully the other 7 that I did make up for it. I definitely got the research question, so at least I can feel good about that. The sims honestly felt like they were double the size of a becker sim. Pretty annoying.

@CoachemUp: Thank you! Hopefuly i'll never have to hear Tim Gearty say the words “baebae” again.

@IwannabeaCPA: Don't feel bad. Only take the exam when you're ready. Let the practice exam scores show that… but to be honest, with FAR and REG… you may never feel ready because of the difficulty of the subject/amount of detail. You can do it though!

[BBHYX]

@wannafree thanks!

@zurpit thanks for the feedback! also, i've had similar experiences with becker sim discrepancy for AUD. Had one on the exam that was set up very similar to a becker one, only the becker one was about 1/3 the size of the actual one. Becker really underestimated what the AICPA expects from us in those sims for the new exam! Glad to hear the MCQ are on par at least

[panic]

@zurpit , hey! awesome to have it over with, hope you did well! You said you got the research one for sure. Do you mind me asking what that means? this will be my first exam, and what's the difference in a “research sim” and the regular other sims? Will it tell you this is a research one?

Also, in my becker book, it says there will be 2 TBS, 4 TSB, and then 3 TBS. but on aicpa exam website, it said there will be 2 TBS, 3 TBS, and 3 TBS. So i am confused.. will there be 8 or 9. and i havent looked at the sims. I was trying to get through all the material and MCQ. then go back and practice lots of sims, but now i feel like i should be stressing sims more!

[sara]

To those who have taken the test, you say that the sims on the exam were much harder/longer than the Becker materials. Does the same go for the NINJA MCQ/Sims? I'm pretty much only using NINJA MCQ/Sims as practice problems. Is there anything else I can do to help prepare for the Sims?

Good Luck to those testing!

[Andria – Another71]

AUD Test Your Might — Be sure to answer in the Facebook thread to be eligible to win a NINJA freebie!

[DeterminedCPAer]

Hi everyone. I had to sign up as I'm on my last exam with FAR but I am so nervous about taking it. My exam is August 7. I'm using Becker and just finished all the lectures and note taking/highlighting. I have done all of the MCQs once as I was watching lecture and highlighting. And I redo the questions until I get 100% correct.

I need some confidence boost and any advice on what areas everyone here thought the exam covered more or less compared to the AICPA blueprint? For example, I thought read some people say they felt non for profit was tested more than what they anticipated.

There is just so much material. I have already forgotten details of what I've learned at the beginning. However, I am still familiar with the overall theme of what was being covered. I.e know how LIFO or FIFO inventory works but forgetting the details of the inventory method.

[DeterminedCPAer]

I got this question wrong initially too. I thought it'd be 200K x .70 = $140K but you recognize the full 300K in year one. I believe, from memory, there is an exception when it comes to agriculture or commodities where you recognize the revenue of what was produced. I think the key is “Recent legislation assures that the market price will not fall below $.70 per pound during the next two years.” If this language wasn't in the question, I believe you would have to only recognize $140K (200K x .70) because you don't know what the selling price would be for year 2.

[DeterminedCPAer]

@2017cpa, its true that 2010 is one full year of ownership. However, the depreciation starts May 1 2009 to April 30, 2010. So the 8/36 SYD has to be used for 8 months in 2009 plus 4 months in 2010 to get the full year SYD depreciation. Then you would have 7/36 starting in May 1 2010 to April 2011. However, the 2010 deprecation expense would be 4 months at 8/36 and 8 months at 7/36.

[Author]

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