[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

[Recked]

I agree with your assessment, and I apologize if my wording lead you to believe anything different.
I would assume most top achievers are taking FAR right before or after graduation, or over the summer after college.
4th quarter FAR people are typically not the top achievers, and also the season changes and holidays etc result in decreased study times. 100% agree with what you said.

If only 40% pass in Q4, then you still need to do better than 60%, regardless of whether your test is directly compared to theirs, you still need to do better than them in order to pass.

[kara]

ReckedRacing: I still don't understand why you have to better then 60%, if everyone would achieve enough criteria to pass then they would pass. Its not based on percentages. I don't know where you get that only 40% of people pass in Q4? That could be because people are passing to the standards they have set. I guess I just not understanding the logic because of what I read on the AICPA. If I reached over the standard of competence that is already set by them from year to year, I shouldn't have to worry about beating 60% of the people taking the test.

[Recked]

I am basing the 40/60 ratio on historical figures, not so much a relation between you vs them in present day.
Historically ~45% pass far, and the rates in Q4 dip to 40-42% pass rate.
If historically 40% pass and 60% fail, then those 40% of candidates that passed outperformed those 60% of candidates that failed.

Forget I said anything. As you say, its just you vs the test, and what other candidates do or do not do has no correlation to your score.

[Andria – Another71]

BEC Test Your Might – NINJA MCQ

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(ish). HIYA!

[Ana]

@wanna your last analogy with bolt and musk is spot on! you crack me up. called my husband and read it to him while he's at work. thankfully he passed all of his a few months ago and understands our pain so he didn't hang up.

my test is on Friday and I'm taking it easy these two-three days. I need to save energy and brain power for those sims. I'm just reviewing notes and will look at a carinbig sim since it's my weakness. hope I'm not stupid for not cramming up until the day of.

[Wannafree]

@Ana ,that was what I recalled from my previous exam.I knew the stuff very well but the SIM was kept pouring concrete to milk and and creme to add hardness to chocolate and it was my job to remove the concrete and make chocolate with remaining milk and creme. LOL.
Since you are going on Friday ,let me share what I am doing ,it may help.The strategy I have drawn from game of cricket ( British ) ,a good player normally get out ( down ) on low power balls.Try to get the review of low power balls not high speed like CARINBIG .Why so ? Because very few will know CAR in BIG and they want most people to attempt the SIM ,otherwise they have to declare it pre-test.
So go over something most of us will know but give a twist e.g.revenue recognization, conversion of long term liabilities to short term etc , IFRS ,Disclosure ,JE , Depreciation ,RD,SE ,RE .LOL. Easy easy ,low hanging fruits.

[Ana]

@wanna no offense at all but I don't think that strategy will work for me. I know the info considered low hanging fruit, got strong on mcq, but the sims are sky high so I need to master a few of the big topics to make sure I get these 2 points I need to pass on these incredibly hard and detailed sims. I'm already dreading waiting until dec 19 to find out two scores. it's either going to be the best xmas ever or I'll be crying my eyes out yet again.

[Wannafree]

@Ana , you will pass this time for sure.

[Ana]

@wanna from your lips to (cpa) god's ears.
everyone thought I would pass last time. ppl thought I was joking when I said I got 73 again. who would joke like that, who?!

[Wannafree]

@Ana , I got 68 two times and I always ah had I solved that SIM somehow ,I would have passed .I can just feel how you feel as you got 73.Brutal.Where do you feel you dropped the ball ? I ran out of time to even touch the last testlet.

[Wannafree]

@Lentil when is your exam.All the best.

[Ana]

@wanna in my three tests I've had 3 diff experiences. far try 1; did great on multiple choice, it was more theory than calc and didn't do as well on the sims. far try 2; I was in a really really bad situation at work and wasn't able to focus so didn't do as well on mcq (was trending around 60 on progress tests) but nailed the sims; far try 3; took leave from work, studied day and night, did great on the mcq but the sims were out of left field. until today I'm not sure how they wanted me to solve/answer two of them. on another I hadn't mastered that topic. overall I had trouble with timing on this test bc I didn't know when to submit a sim testlet to get to the next one. my first set was so hard I thought they all would be so I submitted. but I was done with far with an hour to go. I REALLY hate that we don't get the sims all at the same time. it's super hard to know when to submit it not knowing how much time you'll need for the others. I cried so much when I found out my last score I actually burst blood vessels in my eyes. but what can I do, keep trying and hoping next time I'll pass. Every time I take a test (except first REG, I knew I was weak going in) I think I'm going to pass and I'm not even an optimistic person. I just know that I've really studied and done what I'm supposed to.

[Wannafree]

@Ana , I am surprised you failed in Q2 even though you nailed SIMs as in q2 SIM was extremely difficult and most people had not clue what they were asking.So I feel your prep is good enough to pass.I myself is frustrated that why not all SIMs in one testlet but no point is screaming as this is not going to change.Good news is pass percentage is better in new format .It seems they discount the difficulties in scoring.

[Ana]

I'm not sure if I mislead you but I nailed the sims in q1, got strong sims and weak mcq. my try 3 was in q3 and I got strong mcq and weak sims. Maybe you're confusing my far 2 to mean q2. as I recall I took far
sept 2016 – q3
mar 2017 – q1
aug 2017 – q3, same score release as q2

[Lentilcounter]

@ana and wanna

My test is tomorrow at 12:30 EST.

I just did the AICPA practice test and did better this time around than when I took it a month ago. Not a perfect score but I counted 35 point opportunities and I got 31 right. Is it as hard as the real test? No way. But, there could be repeat questions on it worded differently or with different names, numbers, etc. on the real test. Check it out. If and when you do take it, could you answer a few things for me that I got wrong (hopefully you do it before 12:30 EST tomorrow. You can finish the entire thing in an hour.

Spoiler alert. Don't keep reading until you take the test.

Question 1+2
For the sim about contingencies and commitments, the penalty from the state health and safety agency is disclosed but isn't accrued in the financial statements because the follow-up letter said that they fixed all the issues, right? Secondly, we disclose the letter of credit but why aren't we accruing it? I interpret it to be a gain contingency which I understand is not shown in the financial statements beyond disclosure in the notes until “settled”. Based on the supporting documents, I thought it “Settled”. What am I missing?

Question 3
For the research question, the correct answer talks about straight-line method treatment. In the text of the correct answer's authoritative literature reference is another authoritative literature reference, which talks about “deferring” it. Why is the reference that talks about “Straight-line” the more correct answer?

Thanks!

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

[Author]

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