[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

[job895]

Taking FAR tomorrow. It's my first test ever. Any advice?

Tonight I'm going over my weak topics and gonna do 3-4 MCQ testlets. I'm kind of comfortable with failing this go though. I get the results soon and I'm going to start reviewing next week. I just graduated college and wanted to live it up this summer (I live in a beach town) so I didn't focus on my Becker as much.

[Hiracpa]

@job895 I just took FAR this morning, i mean it's brutal. The multiple choice aren't that bad.. take that with a grain of salt. I noticed my second booklet was definitely harder than the first, hopefully that's a decent sign. I left 2.5 hours for SIMS, and that was not enough time. I had to rush through the last couple of sims, couldn't do the calculations thoroughly. I'm sure you read this on the forum before, but there are lots of documents attached to most of the sims to read through. That part is probably the most time consuming. I had two DRS questions, one research, and the rest pages and pages of Sh*T.

I don't feel like i could have studied a lot more for it, just time was an issue for me. After audit, the only thing I could say was that I would be more surprised if i failed than if i passed. I ended up with an 80. With FAR, i honestly cannot say one way or another.

Leading up to the test, i just did progress tests over and over again. Yesterday, I just re read my notes, and looked at what i had missed for the mock tests.

The only advice i can give is watch your time, i allocated 2.5 hours and i don't think it was enough.

Best of luck!!!!

[Chris]

@Hiracpa

Just took it today as well….brutal is an understatement. I don't think there was one question that I answered without a hint of doubt. Same for me on the sims, I had 2 hours and felt like I lost some points because I just had to submit and move on. That is a major downside of having the sims split into different testlets.

Good news though, I will get both FAR and BEC scores on 9/22 so I am not going to study at all between now and then and regroup after that for a strong Q4. I feel like BEC could go either way, but I am expecting a rematch against FAR.

[Hiracpa]

Whoa @Chris, i feel like war buddies with you. We've just been through hell. Thank you.. yes, brutal is an understatement. I swear i f*cking knew this material and studied, but the sims just killed me. I doubted everything. The pages of documents attached to most of the sims.. torture.

Do we find out the 19th or the 22nd? You know everyone says that you need to train your body to sit through that long of an exam, but for me… i wish time would go by slower. I rushing through half of the sims and didn't get a chance to read most of that material. F*cking DRS's too..

I hope you enjoy your break.. i'm going to start Reg tmw. Did you find reg harder than audit?

[Chris]

Reg was definitely more difficult. I did just take a master's level business law course that ended a week before I took REG though, so that gave me a leg up. My only advice for REG is know the tax forms inside and out and you can figure a lot of stuff out.

Audit was really simple for me, I only studied for a little under 3 weeks.

[dab88]

Does anyone have an example of amortizing a bond on a premium or discount with BIC. I Need to know how to get the new effective rate.

[Me!]

@dab88

Here is a link to an example of bond amortization with BIC from fellow ninjas.

https://www.another71.com/cpa-exam-forum/topic/bond-issue-costs-new-rules/

[FAR_SUCKS]

Parker Corp. owns 80% of Smith Inc.'s common stock. During Year 1, Parker sold Smith $250,000 of inventory on the same terms as sales made to third parties. Smith sold all of the inventory purchased from Parker in Year 1. The following information pertains to Smith and Parker's sales for Year 1:
Parker:
Sales $ 1,000,000
Cost of sales 400,000
Total $ 600,000
Smith:
Sales $ 700,000
Cost of sales $ 350,000
Total $ 350,000
What amount should Parker report as cost of sales in its Year 1 consolidated income statement?
a. $750,000
b. $680,000
c. $500,000
d. $430,000
ANSWER: $500,000 cost of sales in consolidated income statement.

Can someone please explain this? I understand that intracompany COGS (250,000) need to be eliminated. But isn't there a profit on the sale embedded in Smiths COGS that needs to be eliminated too since smith sold all of the inventory that it bought from Parker?

this question is boggling my mind… Thank you.

[Mscfisher]

@far_sucks in the consolidated financial statements you would have to subtract the 250 from Smith cost of sales which leaves 100. Otherwise you will be double counting the cost of sales. There should be a reduction in the profit as well but since a question just asked for the combined cost of sale I would add 400+100 to give you 500

[dab88]

Thanks @Me! Do you by any chance have an example of a premium with BIC?

[wmont92]

Hey Jeff, I recently purchased the Ninja FAR book, audio, and notes. I was wondering if I should write the ninja book or the notes before starting the Ninja MCQ. FAR is my weakest area and Ive gone through Becker's 10 lectures several times and have dealt with the typical problems of forgetting how to answer the mcq and Sims.

[Ash]

Why are the last two weeks so hard to study. I have taken so many tests now I am getting into a very serious burn out stage. I take FAR sept 10 and although I feel OK I do not feel confident at all. I am trying to do MCQ's as much as I can and I plan on taking the BECKER practice exam this weekend. I just want to be done with these tests but I think I need to push it for a few more months. Sorry just needed to whine a little now back to studying.

AUD- 72, 71, TBD (now i am pissed no more messing around)
BEC-8/29/16
REG-10/10/16
FAR-70 retest-11/28/16

[Mscfisher]

@ash
Just keep at it. I honestly don't know how much more I can look at the stuff I feel like I understand it I feel like I should've passed the last time.
I hate studying the same material because I feel like I memorize the answers. I am testing also on September 10 so I will continue pushing I hope to have a power we can and study 10 hours every day Friday through Monday.

[Wannafree]

Can someone help me what is the change (ASC # )in Bond in nutshell ? Also I am tired to solving same questions again and again.
Any good question some can send me which includes new Bond change ?
I am solving 200 MCQs a day.Any tips to bump up the number.I have taken two weeks off go as FAR as I can.

[Mscfisher]

@wanna free. i took 2 days off 🙁 i think i should bump my number up. i am only doing 100. focusing on my sims.

[Author]

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