[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

[Pacman71]

@CoachEmUp

I apologize for not updating in a more timely manner, it has been an eventful weekend.
The only discrepancy that I noticed (I have no idea why it is bothering me to no end) is that the “Not-For-Profit Accounting and Reporting” section, essentially the first section in the State and Local Government material, is not in the online study guide, and there are no lessons on it. My online material goes straight from “Sale Leasebacks and Disclosures” in the Leases section, into “Introduction to Governmental Organizations” in the State and Local Government Concepts section.

Hopefully that clarified my initial (poorly explained) question!

[CoachEmUp]

@Pacman71 you have to update your online Wiley version. They haven now put the Non-profit stuff at the end of their select transactions (part 3) when they updated their FAR stuff a couple of weeks ago. You should've received an email on that, but I updated and it shows up as Lesson #226-231 for me.

[Pacman71]

@CoachEmUp

How silly of me. I just updated it and you are correct! Thank you for the help my friend! Considering you and I are in the same boat (same test date and it looks like same scheduling) how do you feel about your progress thus far? Thank you for your method of studying, I greatly appreciate it, and found I was able to cover more material that way!

[apriljones7]

Hello, my name is April. I plan on taking Far in October. I currently using Gleim and its not going so well. Im trying to understand their set up and having use Becker in the past, I wish I just did Becker again but couldn't afford the cost. So I trying to get a better understanding of the format. Gleam has a person coach but that haven't help much. Anyone else has experience with Gleim. I trying to use my old Becker notes to study as well. FAR is tough for me. It a lot of concepts to study and grasp.

Any insights would help.

[Zurpit]

Hey!

I am not sure why Becker says there is 4 in the 2nd testlet, there is always 3. So it is going to be 2-3-3 for the last 3 testlets with the 2nd testlet having the research question.

So the research question is usually the easiest (depending your research skills) points you'll get in the testlet. In fact, if you miss it, people might give you a hard time in a joking way lol. In fact, the accounting subreddit had a thread yesterday called “Missed the REG Research Question, AMA.” Anyways, it will give you a very short paragraph/fact pattern and it asks you to cite from the FASB code where you can find the information that will help resolve the problem in the fact pattern. The screen looks a little like this: https://3.bp.blogspot.com/-e46nrJrtnC0/TWVKMLKYxCI/AAAAAAAAAV8/YNNMORrmPn4/s1600/feb.jpg

Hope that helps!

[DeterminedCPAer]

Dont laugh but I have never gotten the research SIM correct in REG or AUD. I just can't seem to search for the correct keyword.

They give you a 15 break that doesn't count towards your 4 hours, correct? It's between MCQ and SIMs, so between testlet 2 and 3?

[DeterminedCPAer]

Another question, how detailed are the MCQ questions? Light math or is a full blown detailed problem with like 3 different steps that you get in Becker MCQs? Those problems usually take 2 to 4 minutes so I am thinking they can't give you so many of those or else you wouldnt have time to finish the whole exam.

[DeterminedCPAer]

I'm having a hard time starting my review. Any ideas on how I should review?

I wanted to skim through pages I specifically marked as important info to know similar to Becker's pass keys. Then I was going to start cranking out MCQs. Only reason I want to skim pages is because I've definitely forgotten the details of material.

However I don't know how long skimming the pages will take and how that will take away from MCQs.

Any advice is appreciated.

[Vinti]

Hi all,
Finally I started studying today and having exam on aug 31. Anyone using wiley and having the same or around this test date ? I am looking for study buddy. And those who took exam, please suggest how close are the Ninja MCQs to original exam?
Any help would be appreciated.

[Wannafree]

@Vinti , I am appearing around same time between 25-31st August.I am using Gliem and Becker's.
Ninja book and note is very good.Ninja MCQ is really good for practice ,more tough than real exam .FAR SIM are entirely new ball game.

[BBHYX]

Can anyone explain what is going on here? The question is a NFP question but it is taking about funds, which I associate with government. Why is that? I'm reading the answer and it's not making sense so I hope someone can “dumb” it down for me or tell me what rule is being applied.

A not-for-profit hospital issued long-term tax-exempt bonds for the hospital’s benefit. The hospital is responsible for the liability. Which fund may the hospital use to account for this liability?

A.Enterprise

B. Specific purpose

C. General

D. General long-term debt account group

Answer: C
Unless specifically designated for a defined purpose, hospital debt is used for the general benefit of the entity and is secured with a pledge of collateral (such as a building or major equipment) that would have the item classified as a general fund obligation rather than a specific-purpose obligation. Debt for an enterprise fund can only be classified in such a fund if the debt incurred for that enterprise activity is secured solely by the revenues of that fund.

[Vinti]

@wannafree
Thanks! I think already appeared for FAR, right? Then again you are preparing for it. Have you tried cpa excel? How is the gleim?

[Vinti]

I mean wiley cpaexcel

[mccarta7]

@xyz107 fund accounting can be used for NFPs but is not required.

[hopingtogetFAR]

For those of you that have taken FAR before, how did you review the last two weeks before your exam day. I know Becker recommends the two practice exam, so I plan to complete those and based on the results review the chapters I did poorly on. Do y'all have any other advice?

[Author]

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