FAR Study Group July August 2017 - Page 26

Viewing 15 replies - 376 through 390 (of 1,059 total)
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  • #1584122
    DeterminedCPAer
    Participant

    @francker, from what I have read, the reason they made the modules was so users could have smaller sections to study off of and could pinpoint the exact area where they may need more help in instead of re-reading large sections.

    I agree partially because I thought that too in certain areas.

    #1584155
    Sweetie1
    Participant

    @DeterminedCPAer- My DRS were both conceptual and mathematical.

    To be very honest.. unlike others have said, I didn't think any of the sims were extremely difficult or off the wall.
    It was all stuff I had seen before (though it was A LOT to read/ go through, and time consuming). I just wished I would have focused more in depth on some topics.

    I will agree with other comments that I have seen…In the areas I missed, it was because I wasn't completely prepared / didn't know the concepts well enough.

    I really feel like I am border-line of passing. I feel I either just passed, or just failed.
    If I failed, I know it was because I wasn't prepared enough for the sims, but not because anything was so out in left field that I didn't know why they asked me.

    #1584160
    DeterminedCPAer
    Participant

    @sweetie1 what topics do you wish you could have spent more time on or in depth?

    Were any MCQs or SIMs testing you on very specific details or basic or at the higher level? Many use the anology that the CPA exam is wide as an ocean but only one inch deep. Basically, wide area of topics but tested on the high level topic without going into the minutia or details of it.

    I wish you the best. I'm sure you did well and you will pass.

    #1584170
    Sweetie1
    Participant

    I don't know that I could say which topics without giving up what was on the exam, but I guess my point is… you really do need to understand the concepts.

    I would agree with that analogy, but at the same time, I would say, they do a good job of testing that you actually know the basic concept.

    My perception would be that the multiple choice tests the basics/understanding of the concept, but the sims test whether you can actually apply it. Make sure you know how to apply the concepts.
    Could you do the journal entries, or calculate the information (without have multiple choice answers to guess from), or in sims like the DRS (where you are changing a letter/ email to someone)… could you explain to someone else the reason you are doing something?

    #1584205
    frankrsa
    Participant

    What do you guys think the most important section is? I've heard a lot of people preach leases… but not so many on consolidations or pensions……

    Thoughts?

    #1584269
    WorkingMyAssetsOff
    Participant

    I have three weeks until the exam and am using Ninja MCQ. I was wondering how many SIMS should I be doing throughout this time. I have been focusing mostly on the MCQ, but I don't know how much time I should be committing to SIMS.

    Also @frankrsa, what is CAN CPAS RIDE or SIT?

    #1584454
    2017cpa
    Participant

    Debt retirement/ early bond extinguishment is the worst!! I'm studying with wiley and Pam just went over an example using the effective interest method and it I understood most of it but some stuff I didn't understand. I rewatched the example and still couldn't figure it out. This makes me so frustrated especially since she pointed out that this is highly tested. What do you do when your confused on an example? I would like to complain more about bonds but I need to go study more on bonds and then move on to stocks ugh.

    #1584461
    frankrsa
    Participant

    @WorkingMyAssetsOff

    It's a mnemonic that Becker uses to help you remember the consolidation process from governmental funds to government wide financial statements. Even the instructor said that is was excessive, and that it would be insane for the examiners to test on the entire process….

    #1584467
    Wannafree
    Participant

    Tough questions on Bond ,EPS and lease
    Hi All
    I am trying to make a list of tough questions from various chapters and trying to solve it.
    May I request to please contribute just one question ( welcome for more ) from Bond,Lease or EPS which you think is toughest for you in that chapter? I have done Becker's and Ninja multiple times and now want some tough questions.Your contributions are welcome.

    #1584485
    frankrsa
    Participant

    @2017cpa

    Just read over the example, and do questions on bonds. Eventually you will figure out what you're missing.. just requires repetition :/

    #1584494
    2017cpa
    Participant

    @frankrsa you're right that's what I need to do there's no other way… thanks

    #1584496
    CoachEmUp
    Participant

    @2017cpa I hear ya… we all have certain topics that are harder than others. I would use the Wiley book to help you. It should start to click after you go over it a few times. The entry for bond retirement isn't too bad, just don't forget the pesky bond issue costs is a credit!

    All the best!

    #1584511
    CoachEmUp
    Participant

    @wannafree here's one for you and the group:

    On October 1, year 1, Fleur Retailers signed a 4-month, 16% note payable to finance the purchase of holiday merchandise. At that date, there was no direct method of pricing the merchandise, and the note’s market rate of interest was 11%. Fleur recorded the purchase at the note’s face amount. All of the merchandise was sold by December 1, year 1. Fleur’s year 1 financial statements reported interest payable and interest expense on the note for 3 months at 16%. All amounts due on the note were paid February 1, year 2. As a result of Fleur’s accounting treatment of the note, interest, and merchandise, which of the following items was reported correctly?

    12/31/Y1 Retained Earnings
    Yes or No?

    12/31/Y1 Interest Payable
    Yes or No?

    #1584512
    DeterminedCPAer
    Participant

    My thought. RE no and Interest payable yes.

    The note should have been booked as a premium since the coupon of 16% was more than market. This would have reduced interest expense as premium amortized would reduce the expense. (Premium booked as a CR to note payable, when amort, you debit premium on note payable, credit interest expense)

    The interest payable is correct because you have to pay the cash coupon at 16%.

    Does anyone agree or disagree?

    #1584514
    2017cpa
    Participant

    @coachemup I just got through the test and I got most of them wrong but the explanations helped me understand how to get the right answer. I think I just get overwhelmed sometimes. You're right about those bond issue costs too Thanks!

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