[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

[Ana]

@Bianca good luck!

[Katie]

@anyatver

I had the same exact issue with F7 SIM 1 (#3 and 5). The only think I could chalk it up to is that the pension was carrying a pension benefit asset rather than a pension benefit liabiltiy. Therefore, the entry reduces the asset rather than increasing the liability. I hope this helps at least remember why it's done that way.

[Anonymous]

@Katie-I ended up figuring it out by reading up about it and getting an answer on a different thread from a fellow Ninja. Yes, that's how I understand it as well!

[Jen-J]

Good luck Bianca!

[Ana]

does anyone else feel like their brain can only hold so much far info? I feel like I get better on an area then weaker on something else I was good with. Nerves are definitely settling it, I want to pass this section so bad. I'm almost near the end of the sim list and feel like I forgot most of it. just want to drink and eat chocolate all day.

[Anonymous]

@Ana-just started review phase-yes, I think I have felt like this since I started studying for this at the end of August. And I have been eating chocolate, but drinking, no:) LOL!

[Ana]

I compromised, had a bag of M&Ms with green tea. I don't know how to get alllll the information I review to stay in my head at the same time. I was so good on tax (DTA & DTL) and all of a sudden I can't wrap my head around it, same with Interco cogs.

[Katie]

I have been feeling the same way trying to remember everything, but I find it helps to really work through things in my head and find a logical explanation for why things work the way they do. I think the more you train your brain to walk through a problem logically, the less remembering you have to do. It took me forever to get DTA and DTL straight. It took a day or two to finally organize things in my head correctly.

[Ana]

every time I do pension je's I get confused, can someone confirm is both AOCI and OCI have a normal credit balance? Thanks
also, another question, when doing mcq's and sims during the last week of review do you look at the book and/or your notes or do them as if you're really taking the exam to see your “true” score?

[Lentilcounter]

Net income + other comprehensive income = comprehensive income

Other comprehensive income goes into AOCI which has a normal credit balance.

That's my understanding.

Yes, reviewing for FAR is painful. You have to wake up in the morning and review and also before bed or at least I do this.

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

[Ana]

so both are credit?
lentil, are you looking through the notes while you do the mcq and sims to help? or doing them blind?

[Anonymous]

Does anyone else feel like the Long Term Liability section in Becker is a complete foreign language? I am doing terrible and feel like I am running out of ideas. I don't know what else to do to understand this stuff!

[Lentilcounter]

@ana

Yes, both have a normal credit balance. Check out this post from the past that explains it quite well.

I am doing MCQ blindly. However, I am not doing these Becker sims you outlined blindly. I'll be done with all the sims by Saturday and after that, I'll do them blindly. Why do you ask?

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

[Lentilcounter]

@ C.P.A. the third, any specific issues? Whatever is tripping you up might be tripping up the rest of us and we just don't know it yet. Please share.

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

[Ana]

@lentil the link didn't post.
I'm just curious if during review people still refer to their notes and if their ninja scores are with or without notes/book. I find using the book/notes is a crutch so have been doing it all without notes but maybe I'm doing it wrong. I don't know…just trying to figure out best way to proceed the next 6 days.

[Author]

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