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FAR Study Group MCQ’s.
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September 9, 2013 at 2:08 pm #180296
jeffKeymasterFAR Resources:
Free FAR Notes & Audio – https://www.another71.com/cpa-exam-study-plan
FAR 10 Point Combo: https://www.another71.com/products-page/ten-point-combo
FAR Score Release: https://www.another71.com/cpa-exam-scores-results-release
AUD - 79
BEC - 80
FAR - 76
REG - 92
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November 23, 2013 at 4:40 pm #477748AnonymousInactive
For chapter 7 i would read the notes and do the questions, is on EPS and Cash Flows and those are pretty important (direct and indirect method of setting up your cash flow statement could potentially be a simulation).
For Chapter 8 and 9 I would make sure to get the basics, mneumonics really help and also answer a few questions to get comfortable and understand the journal entries.
Chapter 10 is a moshposh of different information, if you've taken REG you may be comfortable with a lot of stuff. Just skim through it, do multiple choice/read over the examples in the book.
Good luck!
November 23, 2013 at 11:34 pm #477683GodsOwnMemberThanks andrianashch01
November 23, 2013 at 11:34 pm #477750GodsOwnMemberThanks andrianashch01
November 24, 2013 at 1:05 am #477685ViennaMemberInsiWinsi: The answer should be D. Form 10-Q is the report used to file interim financial statements (unaudited), i.e. quarterly financials. A Company with less than $75M in public float is considered a non-accelerated filer. The due date for the submission of Form 10-Q is therefore 45 days after the balance sheet date for the respective quarter, e.g. if the quarter end date is 6/30/2013, the 10-Q has to be filed by 8/15/2013.
November 24, 2013 at 1:05 am #477752ViennaMemberInsiWinsi: The answer should be D. Form 10-Q is the report used to file interim financial statements (unaudited), i.e. quarterly financials. A Company with less than $75M in public float is considered a non-accelerated filer. The due date for the submission of Form 10-Q is therefore 45 days after the balance sheet date for the respective quarter, e.g. if the quarter end date is 6/30/2013, the 10-Q has to be filed by 8/15/2013.
November 24, 2013 at 5:28 am #477687big KMemberI am 10 days out from my rematch with FAR and I am positive that one of the main reasons I failed the first time is because of my weakness with journal entries. I am writing and rewriting all journal entries that I come across on MCQs, but want more practice. Has anyone who is using Becker purchased the additional questions? Are they worth it? Does Wiley or any other CPA prep have a ton of questions / problems to practice JEs on?
Thanks – good luck to all!
November 24, 2013 at 5:28 am #477754big KMemberI am 10 days out from my rematch with FAR and I am positive that one of the main reasons I failed the first time is because of my weakness with journal entries. I am writing and rewriting all journal entries that I come across on MCQs, but want more practice. Has anyone who is using Becker purchased the additional questions? Are they worth it? Does Wiley or any other CPA prep have a ton of questions / problems to practice JEs on?
Thanks – good luck to all!
November 25, 2013 at 5:30 pm #477690AnonymousInactiveCan someone please explain in normal people terms – difference between a fair value hedge and cash flow hedge? Hedges and derivatives are not my strong point. What are the main things I should know about the two?
November 25, 2013 at 5:30 pm #477756AnonymousInactiveCan someone please explain in normal people terms – difference between a fair value hedge and cash flow hedge? Hedges and derivatives are not my strong point. What are the main things I should know about the two?
November 26, 2013 at 3:19 pm #477692ViennaMemberandrianashch01: Hedging transactions are probably the most difficult to understand. Most people try to avoid them as much as possible (; I try to explain the difference, and hopefully it helps you understand the difference a little bit better.
A fair value hedge is typically entered into to protect the value of an asset or a liability. Generally speaking, you want to avoid fluctuations on your balance sheet so that you know what the value of the asset [1] or a liability [2] is two years from now.
[1] You bought shares in a Company as a long term investment to pay for your vacation in 2 years. You want to protect yourself from a decline in value in those shares, because the cost of the vacation will not change. In order to do that, you buy a put option of those shares which allows you to sell the shares at a fixed price in the future, hence, no fluctuation of the asset on your balance sheet.
[2] You have Accounts Payable in Hungarian forint due in 4 months. The economy in Hungary is doing really well and you are afraid the US dollar will depreciate in value. This would result in an increase in value in your payable. In order to protect yourself from that change in value, you would buy forint in the forward exchange market so that you know today how much your liability is valued at in 4 months (you have fixed the exchange rate for your transaction).
The purpose of a cash flow hedge is to protect your cash inflows and outflows in future periods from unwanted fluctuations. This is interesting from a financial planning analysis perspective and it gives you more consistent streams of money. An example I always liked and understood was the interest rate swap: Imagine you have a loan with a variable interest rate and you are concerned that the interest rate will increase over the term of the loan. However, you really would like to eliminate that uncertainty because you need steady cash outflows for interest payments to manage your liquidity. You enter into an interest rate swap, i.e., you agree to pay a third party a fixed interest rate over the term of the loan, and you receive back from them the amount you pay on your variable interest agreement. Now you essentially got rid of the variability, and you protected your future cash outflow from changing.
November 26, 2013 at 3:19 pm #477758ViennaMemberandrianashch01: Hedging transactions are probably the most difficult to understand. Most people try to avoid them as much as possible (; I try to explain the difference, and hopefully it helps you understand the difference a little bit better.
A fair value hedge is typically entered into to protect the value of an asset or a liability. Generally speaking, you want to avoid fluctuations on your balance sheet so that you know what the value of the asset [1] or a liability [2] is two years from now.
[1] You bought shares in a Company as a long term investment to pay for your vacation in 2 years. You want to protect yourself from a decline in value in those shares, because the cost of the vacation will not change. In order to do that, you buy a put option of those shares which allows you to sell the shares at a fixed price in the future, hence, no fluctuation of the asset on your balance sheet.
[2] You have Accounts Payable in Hungarian forint due in 4 months. The economy in Hungary is doing really well and you are afraid the US dollar will depreciate in value. This would result in an increase in value in your payable. In order to protect yourself from that change in value, you would buy forint in the forward exchange market so that you know today how much your liability is valued at in 4 months (you have fixed the exchange rate for your transaction).
The purpose of a cash flow hedge is to protect your cash inflows and outflows in future periods from unwanted fluctuations. This is interesting from a financial planning analysis perspective and it gives you more consistent streams of money. An example I always liked and understood was the interest rate swap: Imagine you have a loan with a variable interest rate and you are concerned that the interest rate will increase over the term of the loan. However, you really would like to eliminate that uncertainty because you need steady cash outflows for interest payments to manage your liquidity. You enter into an interest rate swap, i.e., you agree to pay a third party a fixed interest rate over the term of the loan, and you receive back from them the amount you pay on your variable interest agreement. Now you essentially got rid of the variability, and you protected your future cash outflow from changing.
November 27, 2013 at 10:55 am #477694Nevergiveup2012MemberGosh. After reviewing twice, I am still not good with Governmental Accounting. There are too much detailed information in the Governmental Accounting. In real exam, do they really expect us to know conceptual stuff in a detail level? to what extent I should memorize the conceptual stuff. it gets overwhelming very quickly.
My test is in a week and i am freaking out. How can I possibly retain all this information? I still haven't done the two practice exams yet. Any suggestion how I should structure my study from now till the test day? must I know all the JE's? review SIMS? review AICPA released questions?
My weak areas are so far are : F8 & F9 .
BEC - 86 (8/31/12)
AUD - 97 (11/18/12)
REG - 83 (5/12/13)
FAR - 91 (12/2/13)
Done!!!November 27, 2013 at 10:55 am #477760Nevergiveup2012MemberGosh. After reviewing twice, I am still not good with Governmental Accounting. There are too much detailed information in the Governmental Accounting. In real exam, do they really expect us to know conceptual stuff in a detail level? to what extent I should memorize the conceptual stuff. it gets overwhelming very quickly.
My test is in a week and i am freaking out. How can I possibly retain all this information? I still haven't done the two practice exams yet. Any suggestion how I should structure my study from now till the test day? must I know all the JE's? review SIMS? review AICPA released questions?
My weak areas are so far are : F8 & F9 .
BEC - 86 (8/31/12)
AUD - 97 (11/18/12)
REG - 83 (5/12/13)
FAR - 91 (12/2/13)
Done!!!November 27, 2013 at 12:59 pm #477696NYCaccountantParticipant@Nevergiveup2012 KNOW governmental and non profit like the back of your hand. I had two note books full of notes for governmental and not profit. I studied those chapters for 13 hours the day before the exam. Which review material are you using? I would suggest knowing stuff conceptually. You'll be asked trick questions, and very detailed questions in the harder test lets. For the SIMS, I used the Wiley book mainly. To me, they were comparable to the real thing. Both in length and difficulty. The SIMS in the test bank are a joke compared to the real thing. The test bank SIMS are way to easy.
AUD - 99
BEC - 84
FAR - 93
REG - 87NYC born and raised.FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.November 27, 2013 at 12:59 pm #477762NYCaccountantParticipant@Nevergiveup2012 KNOW governmental and non profit like the back of your hand. I had two note books full of notes for governmental and not profit. I studied those chapters for 13 hours the day before the exam. Which review material are you using? I would suggest knowing stuff conceptually. You'll be asked trick questions, and very detailed questions in the harder test lets. For the SIMS, I used the Wiley book mainly. To me, they were comparable to the real thing. Both in length and difficulty. The SIMS in the test bank are a joke compared to the real thing. The test bank SIMS are way to easy.
AUD - 99
BEC - 84
FAR - 93
REG - 87NYC born and raised.FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete. -
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