[jeff]

Welcome to the Q4 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

[JJK94]

Hey guys pls solve this for me….
A company had the following outstanding shares as of January 1, year 2:

Preferred Stock ,$60 Par,4% Cumulative 10,000 shares
common stock,$ 3Par 50,000 shares

On April 1, year 2, the company sold 8,000 shares of previously unissued common stock. No dividends were in arrears on January 1, year 2, and no dividends were declared or paid during year 2. Net income for year 2 totaled $236,000. What amount is basic earnings per share for the year ended December 31, year 2?
A) $3.66
B) $3.79
C) $4.07
D) $4.21
answer given is B,How?

[Lentilcounter]

@JJK94

basic eps = net income – preferred dividends (declared and noncumulative or cumulative whether declared or not)/weighted average common shares outstanding

cumulative preferred dividends = $60*0.04*10,000=$24,000

$236,000-$24,000 = $212,000 = numerator of basic eps formula

50,000+8,000(9/12)=56,000 shares

$212,000/56,000 = $3.7857 or $3.79

@ana
That's awesome that you can remember all those sims. I wish I had that kind of memory power. For my 4th attempt study plan, what has changed is quality over quanity of MCQ done, more note taking and review of those notes, more simulation exposure, and a lot of prayer.

BEC = 72 (6/08/16)
FAR = ?
REG = ?
AUD = ?

[Ana]

Do guys mind sharing what your avg scores are on Ninja MCQ? I'm at 70% and 15 days away from test. It's making me pretty nervous. Although when I do smaller sets and really pay attention it goes up to 80-100. Also, a lot of Ninja questions reference codification that isn't covered in Becker mcq so I miss those. Just want to get your take on it.

[Lentilcounter]

Is 70 your average score or trending score? Have you gone through all the multiple choice at least once?

I went through each module individually and have a 79/80 % average in total for everything. For example, I did all the lease questions individually then moved to bonds. Now I'm going back and doing missed MCQ and doing random sets of 50 mcq until the test. My weakest section is governmental accounting with a 72% average.

BEC = 72 (6/08/16)
FAR = ?
REG = ?
AUD = ?

[Ana]

I bought it about 1.5 weeks ago and am using it in conjunction with Becker. I've done 443 questions with Ninja and trending score is 68 and avg is 72. I don't even know what the difference between the two is. I've been doing the questions randomly, not selecting chapter by chapter. I hope to get through all of the questions once and maybe some extra, with doing Becker mcq, Becker SIMS, and reading Becker notes.

[Lentilcounter]

Average score is your score since you started using, trending is your more recent stuff. (I see that you got your answer in another thread.)

Keep plugging away. When I first started using Ninja for FAR, my trending and average scores were at least 10 percent less than yours.

1. try to get through every question at least once
2. take notes on questions you got wrong and understand why it was wrong
3. go through all missed/trouble mcq (Ninja has an option for this)
4. if you have done steps 1-3, you should be at the review phase now
5. do random sets of 60-70 mcq until test day

BEC = 72 (6/08/16)
FAR = ?
REG = ?
AUD = ?

[Ana]

@Lentil just realized #3 and am doing that. I've been doing these questions without looking at notes or book and seeing what I would really score. Honestly, not too worried about mcq for the test but the sims are giving me chest pains. Started having a panic attack two nights ago with the test being so close. I can't fathom another fail.

Have you found or done any sims on consolidating financial statements for a sub and parent?

[Andria – Another71]

REG Test Your Might! Post your answer in the Facebook thread for a chance to win a NINJA Sniper Package of your choice (Book, Notes, Audio, Videos, MCQ/SIMS, Audio, & Flashcards – $197 Value).

One winner will be randomly chosen on Friday. HIYA!

[Lentilcounter]

The Wiley test bank has 143 simulations. I have been doing 5 a day. I think I saw one consolidation simulation in there. The simulations aren't as hard as the real test but they still force me to think in a way beyond a traditional mcq question.

Something that has helped me sleep at night has been trying to exercise everyday after studying to exhaust myself.

Btw, NASBA has a Facebook chat for CPA questions at 1pm central time in like 20 minutes. Are you participating?

BEC = 72 (6/08/16)
FAR = ?
REG = ?
AUD = ?

[Ana]

I agree, the sims are easier than the test so it's hard to practice for them. Especially for the test, making the decision to submit not knowing whats coming up. I've been going to the gym at 7:30pm too. It's the highlight of my day. All I see is my dining room where I study and the gym. I signed up at a fancy gym called Equinox to cheer me up. But it sort of has the opposite effect too. Everyone there seems so wealthy and happy while I'm anxious and disgruntled lol

I'm not participating. 1) I don't have Facebook and 2) I'm so angry that I don't think I'll be able to listen to them with a clear open mind. If they say anything important, which I doubt, they will I hope someone will post it in the forum.

[Lentilcounter]

@Ana. One of my frustrations has been that none of the test prep companies have kept up with the simulation updates. Give us more document review simulations in your software and simulations that are reflective of the exam please.

BEC = 72 (6/08/16)
FAR = ?
REG = ?
AUD = ?

[Ana]

I get the feeling that the prep companies and even NASBA didn't know what the SIMS were ultimately going to be like. It was supposed to be 9 sims and got changed to 8 at the last minute. Becker has it noted has 9 in the books and my husband was in for a pleasant surprise when during the test he realized it was 8. Becker added Skills Practice to each module and they probably thought SIMS would be along those lines. But in my case it hasn't been.
One thing I hate on FAR sims is how many options the DRS questions have. It should be A, B, C, and D like MCQ, but it feels like 8 options including delete. SO unrealistic to choose from so many with the constraints they have, worst of all the small screen that requires the up/down, side to side/ back and forth scroll.
Also sorry for any grammar spelling mistakes in my posts, my auto correct has a mind of it's own.

[Lentilcounter]

I agree with all your points 100%!

I had the opportunity to test the 2018 CPA exam software last week. For the DRS simulations, you have the ability to lay out the documents on top of each other, on the right side of the window pane. The exam screen viewing area is also significantly larger (uses the entire monitor's viewing area). However, I was still disappointed by the number of documents in the DRS. I had 7 or 8 on one simulation. In my feedback, I told them that the improvements were a big help but that there needs to be cap on documents to 5 or less. Alternatively, give us a second monitor or more time if you want to include more documents.

BEC = 72 (6/08/16)
FAR = ?
REG = ?
AUD = ?

[Ana]

I'm hoping to never have to take this test in 2018 (c'mon CPA gods). Those small improvements are a joke IMO. Thanks for sharing them though.

[Lentilcounter]

You can also use Microsoft Excel pretty much throughout the exam. I see this functionality cutting down on the use of scratch paper. The 2018 exam format goes live on 4.01.2018 per NASBA.

BEC = 72 (6/08/16)
FAR = ?
REG = ?
AUD = ?

[Author]

Replies