[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

[Accountingbeans]

@hopingtogetFAR I personally don't take the mock exams until the last week when I feel decently comfortable with the material. In my mind, there's only 2 Becker mock exams and they're a good gauge on how you'll do on test day. So I like to take the first one maybe 5 days away from the test and the second maybe 2 days away, that way I know where I stand after having done the bulk of my review. If I were you, I'd at least finish your preliminary review through the book before taking the first one. Otherwise you won't really know how well you know the second half because you didn't give yourself a shot to at least do a quick review of it.

Newbie
BEC- August 31

[cpApex Predator]

@Yaricookie, with notes payable and bonds payable try to remember that to calculate the carrying value you use the present value of 1 using the effective interest rate. Then you multiply the face value by the stated rate to get your periodic payment. This amount you use to calculate the present value of an annuity using the effective interest rate. This gives you either the discounted amount or the amount marked up with a premium. Remember that the payable in cash is the face value times the stated value. The effective rate times the carrying amount gives you the total that is charged to expense. The difference between the total expense and the payable is the amortization of the premium or the discount. The discount is a normal debit balance so to reduce the discount you credit it and the opposite entry is to debit expense. The opposite is true for premium. Normal credit balance on a premium so to reduce it you debit premium and credit expense, because a premium lowers the expense. Hopefully this helps.

[CoachEmUp]

To all those taking the test tomorrow with me (and I know there's a bunch of us on here), I sincerely wish you all the best of luck. We can do this!!! As for the others with test dates coming up, keep grinding away.

I am celebrating after the test and will be back on here Wednesday with some tips/insights.

[abig]

Im halfway through the Becker book and just think I've totally lost all motivation to learn anymore. Waiting on AUD has taken a huge toll. Anyone feel the same?

[DeterminedCPAer]

@abig

Same boat. My exam is in 14 days and I'm on chapter 7 of my review. I already feel I have forgotten what I reviewed in chapters 1-5. My brain is fried… just so much damn information.

When's your exam?

[abig]

my exam is september 7. But I feel as thought I have to really relearn a bunch of stuff because my studying just hasn't gone well. Unlike Reg and BEC, on Audit and FAR I'm definitely retaining less info.

[Andria – Another71]

FAR Test Your Might – Be sure to answer in the facebook thread to be eligible to win!

[atyang87]

Hello All!

I'll be taking FAR on August 4th! Wish me luck!

FAR – Ninja in Training

BEC – Ninja in Training

AUD – Ninja in Training

REG – Ninja in Training

[IwannabeaCPA2017]

This exam is hard. Im only on F5 and haven't been able to study as much past week due to work and being sick with the flu last few days. Im constantly feeling like Im running out of time with a score dropping potentially. how do y'all fight this feeling and deal with studying with little time left? This is my 3rd take on FAR, should I skip the Sims and just work the MCQ for the remaining chapters?

Honestly, feel like I still haven't gotten down on how to study for this particular section, part of it due to so many topics being covered and heavy math involved.

I agree on forgetting earlier stuff. I think I have already forgot all the other stuff from previous chapters. Wish we could use a note card or something LOL like back in college with a cheat sheet on this section.

[hopingtogetFAR]

I'm taking mine the 5th. Good luck to you!

@IwannabeaCPA2017 I have done 1 sim practice.I was going to complete them section by section, but after what I've heard about them, I decided I will work on those the week before my exam. Instead, I am focused heavily on JEs and how to calculate them. I'm trying to be attentive so that I know how to talk myself through it. For MCQs I try to write JEs or think of what the JE would be if it were a sims question. I also work questions a different way if I don't like the way Becker teaches it. I do not consolidate like they taught because my teacher taught a much easier way. Breaking out old books and study notes has helped me a lot.

[Wannafree]

Can we speculate the pass percentage of FAR in Q2 ? I am guessing 37-38% without curve ,anything above would prove it's curved.In Q1 it was 43% and most candidates have performed worst than Q1 so I am deducting 5%.What you all think ?

[ImJeremy12345]

I don't see any value in speculating on the pass rates. We'll just have to wait and see what shakes out.

[mattypxam14]

Hey Everybody,

Can someone explain to me how to find the effective interest rate with bond issuance costs when it is not given? The effective interest rate is typically higher than the market an yield rate with bond issuance costs, but I am clueless on how to find it.

Much appreciated

[Anonymous]

Took FAR this morning. I don't really have a good feel for how I did since I felt miserable about REG and good about BEC and got basically the same score on both.

Hope everyone else who tested today did well. I'm going to take a week off and then start studying for AUD.
Now for the long wait until score release.

[DeterminedCPAer]

Good luck @emsmith06. You got this. Please tell us how your exam was.

[Author]

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