[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

[mafalo1989]

Seriously considering just giving up on it all after that. I maybe got a 10-20% on the exam because of the AICPA's bullshit blueprint screwing me over.

[DeterminedCPAer]

@alexisle88

Man I was really hoping you would say the opposite. How detail or math extensive was the calculations?

I'm using Becker and I don't remember much math in this area. I feel the most math they had was to add different numbers together. For example, add all the revenue fromprimary functions and of a non for profit, or add all of the revenue from a specific governmental fund they ask.

[DeterminedCPAer]

@accountingbeans

dont feel bad, i feel the same way. But reviewing by doing those initial 33 questions and seeing you didnt get such a bad score as you thought you would is encouraging. It shows that some stuff did seep into your brain. But I really like knowing what i got wrong and why. I will say this right now, eliminating JEs are the top 3 hardest things for me and I hope i dont get any MCQs or SIMs because ill most likely get it wrong.

I tried to tell myself the goal is to take:
intercompany profit x % didnt sell = profit to eliminate from inventory
intercompany profit x % sold = profit to eliminate in COGS

its great I know this but i dont know how to apply it.

[DeterminedCPAer]

@hopingtogetFAR, are you taking yours on Aug 5 or Aug 7?

Are you using Becker? How far are you into your study and when will you start review? Feel free to throw questions out here that you're unsure of. Collectively we can all learn and help each other on difficult questions.

[DeterminedCPAer]

@xyz107 can you say what areas you got tested on really little details or tiny chapters in Becker? For example, was it revenue recognition, currency, pensions etc… Where in the AICPA blue print would it fall into?

[BBHYX]

@DeterminedCPAer I'm not sure I can say which areas without completely giving it away and breaking the rules :/ As for the question about NFP/GOV, MOST of the MCQs are straight forward (which one uses accrual method, is this donation permanently restricted, unrestricted, or temp restricted, etc). A few harder ones but overall I think they were not too hard. I did not get a government sim so I'm not sure how hard those get.

[DeterminedCPAer]

@xyz107,

I understand. I may assume its in CHap 1 or 2 because the other chapters cover pretty much each page in length. But who knows, I could be doing the same thing others are by overlooking it because it was so small. 🙂 LOL

Thanks for the info on NFP/Gov.

[Anthony]

@mafalo1989 LOL tone down the difficulty? In fact, the AICPA wants to tone it up by the new recent changes to test “higher order” skills. Sims are suppose to be hard because it is a true test of knowledge. You can't really bullshit through it like MCQ. Remembering and understanding is one thing, but to actually apply what you learn is the hard part. That why it's now 50% of your exam 🙂

[hopingtogetFAR]

@DeterminedCPAer I'm taking it the 5th of August. I'm hoping to start review the 24th of July. I'm a chapter behind studying due to a death in the family, so I'm hoping I can power through 4 chapter next week. I might have to start review the 26th, but I wanted to full weeks to study. Also, for intercompany eliminations that you mentioned in an earlier post, are you referring to inventory?

[DeterminedCPAer]

@hopingtogetFAR

Im really sorry for your loss.

Maybe Find out which chapters you may feel comfortable with and spend less time if you need to? You can always go back to it as part of your review.

I'm 3 days behind my review schedule because I'm coming down with a cold. And tomorrow I wanted to take a day off for my towns annual festival.

Do as much as you can. This exam just has to much information to memorize or remember all of it.

[hopingtogetFAR]

@DeterminedCPAer Thank you. We can do it!

[hopingtogetFAR]

Hi everyone!

So I take FAR August 5 (Monday). Becker recommends mock exams the 24th and 31st of August, so one mock exam two weeks before the exam and the second 1 week before the exam. Should I follow this or can I push back the mock exam two or three days so I can review before taking the mock exams?

[jwalk]

Hey everyone, taking first mock exam this afternoon…hopefully it goes well. Anyone willing to share how they did on mock exams? I am actually kind of nervous. I take FAR 8/2 so I have plenty of time (built in a few extra days for rest, and have an event).

@hopingtogetFAR – I was thinking maybe taking the mock exam earlier would be more helpful than waiting and reviewing material you may not actually need a lot of time on. My thinking is to save more time to review after the mock exam (when I will know where my MAJOR weaknesses are) so I can allocate more time to those, and know I am improving on something I need, rather than feeling lost in the review. Just what I think will work best for me in this review period. I am feeling overwhelmed with the review

FAR: 8/2/17

AUD: 9/8/17 (hopefully

BEC: tbd

REG: tbd

[CoachEmUp]

Can anyone give me an example of a noncurrent liability that even when it becomes current (ie it is due within 12 months or an operating cycle) it still stays on the balance sheet as noncurrent? I know there is one that exists and I can't think of it after going through my review. I do know deferred tax assets and liabilities are always noncurrent. Anything else?

[Wannafree]

@CoachEmUp , current debts to be replaced by new long term debts ( intent and capability to refinance ) are classified as non current debt .

[Author]

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