[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

[jwalk]

also as a follow up question..does anyone think intercompany elimination entries will be heavily tested? I am so done with them.

[DeterminedCPAer]

Hey @jwalk, there was a thread I saw here about the mock scores on Becker and what they got on the actual exam. I know the test changed but many said anywhere around mid to upper 60s is a good shot at passing. So feel good about what you have done and learned.

If you want to review sims, but i dont know what reviewing sims really does except looking at the answer and seeing how it was done. My test is next monday, august 7th. Thanks for the encouragement.

[DeterminedCPAer]

@jwalk god i hope intercompany elimination is not a MCQ or SIM. I completely suck at them. watch with my luck, i will get a SIM…..

[jwalk]

@DeterminedCPAer woo! that is good to hear. gives me some confidence going in to hear that! Thank you! The worst that can happen is taking it again, so no pressure for anyone!!

I am glad to hear I am not the only one lol I hated intercompany transactions and consolidation in school. It was my worst topic. I need to get out of my head that I hate it so maybe I can think clearly about it!

[DeterminedCPAer]

How many questions is everyone doing per day. I'm starting to do about 100 and already getting tired/worn out. i'm making still mistakes. Anyone have any advice?

I still haven't started progress exams that combine multiple chapters. so far it's been progress exams by chapter. I think i'm procrastinating because i'm worried im gonna get a bad score. so childish haha.

[Accountingbeans]

@determinedcpaer I've generally been doing 90 a day which is totally doable but by the end I'm kinda getting burned out. I've been doing sets of 30 ch-10 progress tests. On one hand, that equates to only doing 9 MCQ from each chapter per day. But on the other it's good because I'm getting exposed to everything. I'm afraid if I focused on individual chapters I'd start to forget the others so I just do comprehensive ones. I've been scoring anywhere from 60-80 on them, probably averaging high 60s-low 70s which could be better, but I'm somewhat content with. About to take my first practice exam which I'm very scared to do, but at this point gotta just go for it!

Newbie
BEC- August 31

[Accountingbeans]

Edit: meant to say ch 1-10 (all chapters)*

Newbie
BEC- August 31

[DeterminedCPAer]

Hey, Becker has about 50 new MCQs that the AICPA just released for in 2017. Did the other study prep courses provide the questions? They are supposed to be “past exam questions recently released by AICPA.” I'm gonna print them and study them tonight.

[DeterminedCPAer]

@accountingbeans, i'm in that boat. I'm afraid of my score when i do comprehensive since ive only been doing individual chapters. Also worry I'll start to forget. Just gotta power on I guess.

Read my post about the 50 new MCQs Becker released. They are supposed to be past exam questions. Im gonna review them and do the problems. It can be a good gauge to see how hard Becker MCQs are really compared to some recent past exam questions. Any thoughts anyone?

[Ijustwanttobefree]

Just took FAR! MC felt easier than expected, but SIMS were difficult with the time remaining.

For sims, the tabs with supporting information froze my screen a few times, which wasn't helpful.

I think the worst feeling after taking an exam is knowing you spent hours on topics that were barely tested, if at all. Should have spent more time in simulation practice for easier topics I thought I knew well based on multiple choice hw.

“Mile wide and an inch deep” felt pretty accurate for this exam.

[Ijustwanttobefree]

@DeterminedCPAer

I did all the newly released questions before my exam, and felt they were easier than Becker after completing the course. They felt comparable to multiple choice I had on exam today.

[DeterminedCPAer]

Can anyone help me with this question? I'm getting 41,650 as the tax expense (42K current minus 350 deferred tax expense). What am i doing wrong? the answer is supposed to be 41,000. The JE i envision would be:

DR tax expense – current 42,000
DR deferred tax asset – 350
CR tax expense – deferred 350
CR tax payable 42,000

A company reported the following financial information:
Taxable income for current year
$120,000
Deferred income tax liability, beginning of year
50,000
Deferred income tax liability, end of year
55,000
Deferred income tax asset, beginning of year
10,000
Deferred income tax asset, end of year
16,000
Current and future years’ tax rate
35%
The current-year’s income tax expense is what amount?
$41,000
$42,000
$43,000
$53,000

[Anonymous]

@DeterminedCPA: $120k * .35= 42 – 6(▲ Asset)+ 5(▲ Liab) = 41. I use the equation ▲E=▲A-▲L (flip it for expense).

[DeterminedCPAer]

@Ijustwanttobefree thanks for the feedback. How much time did you have left for the SIMs? Do you think you would have felt better about SIMs if you had more time?

I haven't practiced any of the SIMs but what I try to do is envision what the JE would be on as many topics as possible during the lecture and doing MCQs. Sometimes Ill even write the JE on the margins or scratch paper. I know that doesn't completely make up for studying the SIMs but people are saying the Becker SIMs are no help, actual SIMs being harder and longer.

Besides the research SIM, where most of the other SIMs asking you to complete JEs?

[Accountingbeans]

Does anyone else feel like the Becker MCQ on the practice tests are super hard? Feel like the majority are not very straight forward and contain multiple nuances to the questions :/

Newbie
BEC- August 31

[Author]

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