FAR Study Group July August 2017 - Page 52

Viewing 15 replies - 766 through 780 (of 1,059 total)
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  • #1594460
    abig
    Participant

    @DeterminedCPAer

    Got it,

    So once Im done F8 I'm going to review F1-F8. Then Ill have to learn F9 and F10. However I feel as though reviewing F1-F8 closer to the test would be better. What are your thoughts

    #1594512
    DeterminedCPAer
    Participant

    @abig

    I thought NFP and Gov wasn't that hard compared to all the detailed stuff in GAAP chap 1-8. The basics of NFP and gov is really easy to memorize. Gov wide reconciliation is a beast and Greaty himself said he doesnt expect us to see this on an exam.

    When is your exam again? If it's coming up, i would say do NFP and Gov and then review everything.

    #1594541
    rusty67
    Participant

    Hello. So I have my first exam on the 26th of August. I've been using Wiley CpaExcel for review. For anyone who used this study guide and took FAR, was Wiley CPAexcel pretty thorough in going over what will be on the test?
    I know it is thorough, but just wanted to be sure. I'm sure all the review courses like Becker, Roger CPA, etc. are good.

    #1594548
    hopingtogetFAR
    Participant

    Hi everyone, so I'm going through progress test on Becker and I keep getting questions that I have already answered. I know I haven't answered all 2600 questions, so I would like to filter and only get questions that I have not seen. Does anyone know if there is a way to preference questions? I've done some examples 5 times and others 0.

    #1594556
    DeterminedCPAer
    Participant

    @hopingtogetFAR i wish that was an option. i haven't found it. My assumption was that the Becker software had some kind of algorithm identifying which questions you were struggling with or questions they believe come up frequently on the exam.

    #1594607
    hopingtogetFAR
    Participant

    @determinedCPAer I hope so because I got a bank reconciliation today, and I forgot that those exist. I also haven't had many EPS questions and the Governmental ones are repeating, so I wish I had more exposure to those areas. Guess I will have to just hope I'm seeing what I need.

    #1594641
    Vinti
    Participant

    Quick question for all,
    Why in this question answer is B, why not C. Since $8000 is temporary restricted. can anyone explain the reason.
    Question CPA-01342
    In Year 1, Community Helpers, a private voluntary health and welfare organization, received a bequest of
    a $100,000 certificate of deposit maturing in Year 11. The testator's only stipulations were that this
    certificate be held until maturity and that the interest revenue be used to finance the ongoing salaries for
    a currently operating preschool program. Interest revenue for Year 11 was $8,000. When the certificate
    was redeemed, the board of trustees adopted a formal resolution designating $20,000 of the proceeds for
    the future purchase of equipment for the preschool program.
    What should be reported in the Year 11 year end statement of financial position?
    A. Temporarily restricted net assets (for purchase of equipment), $20,000; unrestricted net assets,
    $80,000.
    B. Unrestricted net assets, $100,000.
    C. Net assets temporarily restricted―designated for preschool program salaries, $8,000. Unrestricted net
    assets, $100,000.
    D. Temporarily restricted assets―designated for preschool program, $28,000; Net assets unrestricted,
    $80,000.
    Explanation
    Choice “B” is correct. The Year 11 yearend
    statement of financial position should report unrestricted net
    assets of $100,000. Community Helpers fully satsfied the temporary time restrictions associated with the
    bequest by the end of Year 11 and would have reclassified the $100,000 from temporarily restricted to
    unrestricted. Unrestricted net assets would have increased by $100,000 and display a balance of
    $100,000 as follows:
    Unrestricted net assets $100,000
    Choice “A” is incorrect. The $20,000 board of trustee's resolution designating $20,000 for future purchase
    of equipment is still considered “unrestricted net assets” because the board can change its mind. Only
    contributions from donors may be permanently or temporarily restricted and only by donors.
    Choice “C” is incorrect. Although the $100,000 would be displayed as unrestricted net assets, the $8,000
    earnings from the investment are temporarily restricted by the donor, not designated by the notforprofit
    itself.
    Choice “D” is incorrect per the above explanations.

    #1594680
    hopingtogetFAR
    Participant

    Welllllll, I just finished my second mock exam. I made a 55 on the first, I know I was disappointed too, but I made a 72 on this one! I did better on the sims this go round, but worse on the MCQ which is nerve wrecking because so many people said the practice sims didn't help them. Either way, this is a big confidence boost before my exam Saturday.

    #1594805
    abig
    Participant

    @DeterminedCPAer

    Taking my exam Sept 7.

    I think im going to review all of gap before I do F9 and F10 like olinto said

    #1594845
    Wannafree
    Participant

    Based on folk's post on exam experience it seems Q3 is easier than Q2 (FAR).Now focusing on MCQ time management ,hopefully will do better (MCQ within 100 minutes ) in Q3.
    Strategy changed : Not wasting time on SIMs ,Research question may be exactly hit ,DRS will will be nearly hit and super long SIMs(max 2 ) will be miss.

    #1594854
    falvio
    Participant

    Taking this thing on Monday… not sure how I feel about it due to the vast amount of info but i guess i'll just do mcq in sets of 33 until then

    #1594866
    SallyCPA
    Participant

    @wannabe I totally agree. I feel like everyone did bad in Q2 on FAR and they were like alright maybe we should make it a tad easier in Q3 LOL! …Are you ganna try to retake in September if you need to?

    #1594910
    FAR_SUCKS
    Participant

    does anyone else have trouble understanding Becker FAR sims? as in trouble understanding what the question is asking for?

    I feel like the wording isn't so clear sometimes and am wondering it its a little clearer on the actual exam…

    #1594932
    Wannafree
    Participant

    @SallyCPA ,My exam situation is not like partly cloudy with slight chance of rain type situation rather it's dry with zero percent chance of rain.LOL That's I believe was the only silver lining of my disastrous performance in Q2.I am studying since June 1st ,have done Bisk and Gliem this time.Practicing like it's 100 meter race and I have to beat Usain Bolt.Actually I am used to run like marathon runner and now switching to sprint ,you can guess how difficult this paradigm shift would be.LOL

    #1594949
    DeterminedCPAer
    Participant

    @Vinti

    I got this wrong initially too. they're trying to trick you. The answer is B and not C because designations are not actual commitments. Any designation is considered unrestricted. So the only correct answer is B.

    If C said “Net assets temporarily restricted―preschool program salaries, $8,000. Unrestricted net assets, $100,000” then it should be the correct answer.

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