[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

[taxfreak]

I know that there's an a thread for becker mock exam scores vs the actual score. However, it seems like the posts there relates to the old format. For anyone who has taken the exam after the change, how did you feel about the new exam and your becker mock exams? Thanks so much guys!

[Wannafree]

Do you laugh or get pissed off when you see this type of questions released by AICPA ?
Accumulated other comprehensive income is reported in which of the following financial statements?
A. The income statement.
B. The statement of comprehensive income.
C. The statement of cash flows.
D. The statement of financial position.

On October 1, year 1, Gold Co. borrowed $900,000 to be repaid in three equal, annual installments. The note payable bears interest at 5% annually. Gold paid the first installment of $300,000 plus interest on September 30, year 2. What amount should Gold report as a current liability on December 31, year 2?
A. $330,000
B. $307,500
C. $303,750
D. $300,000

[panic]

@wannafree I don't even know the answers, so I cant tell if you are serious, or sarcastic (bc they're supposed to be simple). I would get pissed…

[sara]

Hi! I am scheduled to take FAR July 23, and am only using Roger right now. I am getting a lot of the questions wrong in the Roger software, this is worrying me because I've heard that his questions are easy compared to the actual exam. This is what I've been doing: watch videos, read over the textbook, and attempt the questions. Does anyone have any study tips? This is my first exam and I feel like I'm not studying correctly. Any help would be appreciated!

[CoachEmUp]

@wannafree 1. D, 2. D? Why would the interest payable from oct-dec on the note not be an accrued current liability?

[Wannafree]

@panicNow , it was sarcasm as those were days. 🙂

[Anonymous]

@WannaFree 1.D 2.B

Question 2. Balance will be 600K after first payment. 600×5% = 30. then it's for 12/31 so 1/4 of 30 is due which is 7.5. So the pmt is 300 pincipal + 7.5 interest

[Hiracpa]

I just took auditing, 5/31, of course won't find out til August. I started on FAR, and barely finished one module (becker) in one week. This stuff is excruciating. I even took some time off of work for this, but I dont know if i will get FAR. Even the rev rec concepts are difficult. Does anyone have any tips? What else can i do? at this point i think i may need a tutor.

[yari_cookie]

Was going to take my exam by Aug but had to changed it due to work and falling behind :(((( Had to changed my study days to the weekends and review on the week…. Was wondering if someone from the group had my same experience.

What a pain in the… 🙂

[Nereida2]

Hello,
Using Becker for FAR taking it July 15th. what are you study techniques that worked previously. I tried the NINJA framework but I learned that I need to revisit prior chapters and do MCQ after each chapter.

[taxfreak]

Can someone please explain the discrepancy:

Becker states that debt securities classify as HTM should be amortized at cost
but Wiley states that the client can choose either to amortize or elect the FV method

Which is right? I am so confused

[BBHYX]

@taxfreak I've always learned it as amortized cost! would be interested to hear if there's some lessor known/taught FV election out there

Also, for anyone who has taken FAR already before, I was wondering around what % of the MCQ you get are calculation based. I'm assuming it may vary quite a bit due to getting different testlets, but would you estimate 50% of a testlet? Less than half? more than half? Do “Hard” testlets tend to have more calculation than medium/easy? Trying to see how to budget my time as calculation MCQ take much longer. Thanks!

[setmefree]

@wannafree, im new to the group, but i have notice u seem to know alot about the exam structures.
Im curious compare to the actual exam, is Ninja questions harder or the actual.
I had spent a good 3 months with 35 hrs a week in this studying, but i dont seem to able to retain
the information and already forgot everything that i had learn. I was planning to take the exam in the
end of this month but have to push back to Agust cuz im not ready. I am a slow learner with no good strategy, any advise would help

[Wannafree]

@TaxFreak, when a company elect to value their financial instruments as fair value option ,basically it is reclassifying it as trading securities.
Accordingly HTM debt under the fair value option ( elected by company hence reclassified as trading securities ) will be valued at fair value and unrealized gain or losses would be recognized in IS earnings.(FASB SFAS 157(amended )
If the company has not elected the fair value option then HTM will be measured at amortized cost.
Similarly if the company has not not elected the fair value option then AFS securities will be valued at fair value and unrealized gain or loss would be recognized in OCI.
Hope it would clarify the confusion.

[Wannafree]

@setmeFree your screen name made me laugh as I myself want to be free from cpa exam.
In FAR the biggest challenge is to retain so many topics , rules and formulas.It has most voluminous materials of all four sections.In old format if anybody could retain all 10 chapters of Becker's then it was done deal to pass the exam.Now in new format you still need to retain that contents ( 1 mile wide but 1 feet deep compared to AUD 100 feet wide and 10 feet deep ) PLUS SPEED to solve the questions.
Ninja MCQ is good provided you do lot of practice.Actual questions can be more wordier than NINJA but similar.
Are you following Becker's FAR or please let me know what is your base review material ? For those who follow Becker's its common complain that they forget everything they have studied in previous chapters and here Ninja book has done good job , a different style so you don't have to remember the stuff .
Disclaimer : I am not a related party to Ninja or Jeff. LOL

[Author]

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