[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

[MinaV]

I had Far test in July 26th, I feel the test was very hard. Do you have any impression about the new testing style?

[DeterminedCPAer]

Guys, i have about a week and 2 days left before my exam. Any last minute tips or advice would be greatly appreciated. I am going to spend 3 hours today on Becker's chapter 8 which covers EPS, cash flow statement and Non for profit. Going to try to focus on non for profit since many have said its a bigger part of exam than you think. Tomorrow im going to finish reviewing chapters 9 and 10, which is all about Government. I'm going to focus on the main stuff, GraSPP SE PAPI funds, current measurement, economic measurement, what uses modified accrual and regular accrual etc… I wont go much into things like government wide reconciliation.

I want to spend about 8 hours on Monday and Tuesday to do as many MCQs as possible. But this time i'm going to select all the chapters so it gives me a range of questions. I want to review SIMS the first half of Wednesday and do the first practice exam on Wednesday afternoon. Based on the exam, Thursday and Friday I want to focus doing MCQs in the areas I am struggling with. I hope if I am struggling in areas, they aren't all over the place LOL.

Do the second practice exam on Saturday and some more MCQs. Sunday do some more MCQs but not all day. I feel like I'm going to get burned out so I know ill probably take 15 min breaks throughout the day.

[MinaV]

I think the new testing simulations are too hard. I had my test in July 2017, 2017.What do you think?

[Anthony]

@MinaV Of course they are hard because they are suppose to be! You can't just bullshit your way through it like MCQ. Gotta truly know the material and know how to apply them.

[hopingtogetFAR]

I am brain dead. Taking my exam next Saturday. Taking my first mock exam this Sunday. This week cannot go by fast enough. Just needed to vent to people that understand the struggle. Happy Studying!

[DeterminedCPAer]

Hey @hopingtogetFAR we all understand. Vent away. What's your study schedule like for final 7 days? When are you taking your second mock exam?

I'm gonna take mine Wednesday and next Saturday. I'll be pulling for you.

[hopingtogetFAR]

Saturday- Review F10 and review CFs (it's my least favorite topic)
Sunday- Mock exam #1 and review
Tuesday- Review/MCQ (if my score from the mock exam is good, more MCQ than review)
Wednesday- 2nd mock exam and review
Thursday and Friday- MCQ and flashcards for light reinforcement

I feel pretty good. I will say my review strategy this past week made me feel a lot more comfortable. I think if I push through this last week with minimal to no distractions I will be fine come Saturday. Just praying those SIMS don't kill me.

[DeterminedCPAer]

@hopingtogetFAR when you say review, are you just reading the book or going over your notes/highlights?

What are you going to do Monday? Rest day?

I'm worried more about the SIMs then MCQs.

[hopingtogetFAR]

Haha. I thought I missed a day. Monday will be review too. I'm not reading. I am writing my own notes because I didn't write much of my own notes when I was going over lectures. Making my own flashcards. Highlighting and tabbing helpful pages in the book, and completing the MCQ for each module if I made less than a 75% on it or don't feel confident I could answer questions on the exam. I'm reviewing notes from my previous classes which has been a huge help. Thankful I paid attention in undergrad and didn't throw much away.

Another thing I've tried to be aware of is making a list or tabbing pages with major IFRS reporting differences.

[hopingtogetFAR]

@DeterminedCPAer I 100% agree with that about SIMs. I have only seen one person say they were fair. I'm hoping heavy review and understanding of JEs will help with that. I feel like the MCQs don't ask a lot about credits and debits, so it's something that I'm trying to do on my own.

[jkgillette]

Has anyone used Becker Final Review for FAR?

I'm in the process of going through it and Tim Gearty is hardly explaining any of the topics in detail. He basically just says “underscore this” with no notes/formulas/tips. I am surprised because I've always thought Final Review was extremely helpful but he is not doing it for me.

I'm trying to figure out the best way to review all these topics without going back and watching lectures… I thought that the Final Review would do a better job with this.

Thanks!

[Defo]

Post edited – please read the forum rules:

https://www.another71.com/cpa-exam-forum/topic/cpa-exam-forum-faqs-and-help-center/

We aren’t trying to be sticklers – just consistent.

– Mod NINJAs

[tonysoprano]

Hi, I just finished Statement of Cashflows in Becker before NFP and Gov't. Should I stop for a couple a days and work on some MCQs/ review my notes before continuing on?

[Anonymous]

NFP Question:

When funds are donated for the purchase of a building or land, we would categorize those funds as temporarily restricted net assets right?

Also aside from endowments, what are some other examples of permanently restricted net assets?

Thanks!

[Vinti]

@tonysoprano
I am on EPS, but I have not done MCQs except for F1&F2. Since its taking lot of time. Have you done all the MCQs & SIMs once? I am also thinking the same , should I do MCQs or start with NFP/Govt. What is your plan?

[Author]

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