[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

[DeterminedCPAer]

@jwalk 4 weeks might be hard for AUD. I'd maybe say BEC if you need to talk it.

[Accountingbeans]

@jwalk I'm using Becker but don't have the flashcards. I'll check out that app. Is it free? Best way to navigate it? Thanks

Newbie
BEC- August 31

[jwalk]

@DeterminedCPAer yeah I just wanted to get two done in this testing period. It would just suck to have 4 weeks left in a window and not take at least one test. I will have to really think about what to do.

@Accountingbeans Yes! the app is free. So basically you sign up, create an account and you can search for decks. You go through them like flash cards and rank them from fail-easy and it tracks your responses (fail-easy) and gives you cards you fail more. Just repetitive learning. I need to do mine tonight. Also, you can make flashcards. Super easy to make and what I really like about the app is that you can take a picture and place it on the flash card super easily. So for ex. for % of completion, the formula means nothing to me if I can't see an example, so on that flash card, I put a pic of an example so everytime I see the formulas I can see an example to help solidify.

[Anonymous]

Taking FAR on Tues. How long is everyone giving themselves for the TBS? I think I gave myself about 2 hrs for REG and BEC.

Seems like 90 min on the 2 MC testlets should give plenty of time for the TBS, but I don't want to cut short those, either.

[DeterminedCPAer]

@jwalk

I see your point. Do you have experience in audit through work?

If you can get through all the material, I'm sure it's worth a shot. I wonder how much of passing is luck versus knowledge. What I mean by that is there will be many questions that you know and don't. How much does luck get involved in selecting the correct answer for the questions you don't know compared to other takers? Likewise, there will be a lot of material that you know but won't appear on the exam. What's the likelihood of being lucky by getting more questions where you know the material versus what you don't, compared to other takers.

[DeterminedCPAer]

@emsmith06

The consensus is about 90 minutes for the MCQs. Many have said they aren't as hard/complicated as Becker questions. Heard from a few that they had a lot NFP and Gov questions.

Overall everyone says to give yourself as much time as possible for SIMs.

I just wish all the sims were in 1 big testlet so you could skip as many as you need to get the ones you know or “easier” ones done. I for one SUCK as the research SIM so I did that one last for AUD and FAR. Now I may have to skip it as I know I won't find the correct answer.

[jwalk]

@DeterminedCPAer no audit experience. Actually just graduated in April so I really have very limited experience. That's good to know. Maybe I'll read through the AUD study group thread and see what people are saying. I may just do BEC because I hear from a lot of people that is the “easiest” – although I'd say none of the parts should be considered “easy” ha. I do have absolutely nothing else to do BUT study until October so I guess I just need to play my cards right so that I can have the best shot at passing.

[DeterminedCPAer]

@jwalk

Just don't do REG next. A few people have said the tax rules and accounting rules have gotten them confused.

[cpApex Predator]

@DeterminedCPAer, I was thinking about the same thing with the luck of the draw. When practicing the MCQs and I don't know an answer I try and do a logic test to see if any of the answers can be eliminated off the top. Surprisingly, a lot of times it can be narrowed down to two and often the right one can be surmised without even knowing how to solve. Hopefully that will help come exam time!

[Vinti]

Hey all, here is one question, whenever we record journal entry, is there any sequence of recording,
Example- when I was doing becker skill practice, i did answer right but it was not in order as said by answer in becker.
I did-
Dr cash 5000
Dr equipment 400000
And answer says-
Dr equipment 400000
Dr cash 5000
big amounts on top?
Is there any sequence in numbering or in question? What is it? And becker marked my answer wrong instead of right.

[DeterminedCPAer]

@vinti

I think someone mentioned this type of issue before too. I believe the consensus was that The actual exam has logic that identifies the account name you selected and the amount that it should be. So it won't matter the order.

However for orders like in current assets on balance sheet, the order will matter.

[Vinti]

Okay

[Pacman71]

Alright Team,

I apologize for my lack of participation, I have been in hardcore study-mode for awhile now, considering my exam is on the 25th @ 8:00AM MST.

I do have one question pertaining to the Research Question in the TBS Testlet(s). What does the actual Authoritative Literature research tab look like, and how interactive is it? I have intermittently tried to get it to work on the AICPA website sample exam, and it will not work. When I open it, it defaults to the AUD/Attestation tab, with the AUD literature needed to complete the AUD Testlet, but when I click on the “FAR” tab for the codification, it does not load. I have tried to load it in Google Chrome and in Firefox, but it will not cooperate.

I use Wiley for my main materials, and NINJA for supplementary materials, so I am curious if the format/interaction on test day will be more similar to what Wiley offers, or what FASB offers from their website on their “basic view” of the codification.

TL;DR AICPA website is not working, and I do not know what to expect for the format on the Research SIM questions, and want to know if Wiley or the “Basic View” on the FASB website is a more appropriate measure of “what to expect” for test day.

Thank you all in advance for taking the time to read this, and I appreciate any feedback that anyone may give. And yes, I will definitely be informing you all of what did or did not work for my preparation for the exam after I take the exam, while adhering to Forum and AICPA etiquette/requirement list for test material disclosure.

[yari_cookie]

Hi Guys! can anyone help me with a recourse to understand how to calculate Notes Payable… how its reported on the BS and how and when to use the different kind of rates of Present Value… I tried to understand it using Wiley but somehow its not working for me! Thanks in advance

[hopingtogetFAR]

Started my two week review yesterday. I briefly went through half the book yesterday and highlighted/took notes. I wonder if I should briefly review the last half today and then take the mock exam or just take the first mock exam. I'm worried I will feel discouraged and get a bad score because of the governmental section. What should I do? Review today and do the first mock exam tomorrow, or just take the first mock exam today? I feel so scattered.

[Author]

Replies