[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

[Lentilcounter]

@Ana

Seems like a good experience overall and you aren't wanting to kill me for my blueprint craziness. You post seemed cautiously hopeful with no off color language as promised. 🙂

I'm glad that the AICPA practice exam + blueprints helped you with the SIMS. I didn't feel like the MCQ was harder than Q3. It felt the same to me but I was able to recall more info from studying for some topics (this time around). Did you go through the entire test bank for NINJA?

I also had one SIM that wasn't in the blueprints. It was something that shows up quite often in MCQ questions though. I suspect it was a pretest now but I hope not because I actually knew how to do it.

BTW, I posted the BEC blueprints for you. REG too.

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

[kdcpa]

Why are we adding dividends declared?

A company has beginning net assets of $100,000 and ending net assets of $95,000. During the year, the additional capital stock was sold for $8,000, and dividends of $3,000 were declared. Using the capital maintenance approach, the net income (loss) for the year is calculated as
A. $0
B. $5,000
C. $(5,000)
D. $(10,000)
Answer (D) is correct.
The financial capital maintenance approach requires that comprehensive income be determined by finding the change in equity (net assets) after adjusting for investments by, and distributions to, owners. However, this approach does not provide the detail of the transaction approach to income determination under which each component of income is measured and reported.
Change in net assets
$ (5,000)
Capital stock sold
(8,000)
Dividends declared
3,000
Total
$(10,000)

[Ana]

@lentil nope, just very thankful for the blueprint 🙂 Everyone on the forum keeps their language so clean that I left the fun stuff for my husband and in my head. I am hopeful about my test but I've thought I've passed every exam except my first reg so I don't have the best track record. I don't want to jinx it either and really hoping not to get 74 or anything lower. I was very surprised at the type of mcq's there were this time. It wasn't just basic rule stuff like the past. They often tested the exception to the rule which I haven't seen before. I did not got through all of ninja because I bought it about three weeks ago and was doing all of the sims from the blueprint, Becker mcq's, reading notes, and brushing up on weak topics with the book. I have to look at the BEC and need to buy access for it from Becker again. I CAN'T THANK YOU ENOUGH FOR THAT. How can I can get your info to work on Reg?
BTW, I'm pretty sure I nailed about 3 of the sims, but with my luck the one that was challenging will not be the pretest.

[Ana]

Also, before I forget, something new I did this time around that was helpful was to jot down the info/question/prompt the sim was testing me on and then look for the answer in the resources using a full screen. For all four parts I have been especially aggravated (use many four letter words here) at having to split screen on an already small screen and scroll left/right up/down on both screens trying to literally see the information. I used the laminate paper and markers but it'll probably be easier with paper and pencil if you can request it ahead of time (there's a separate thread about this). Also, I'd check my paper with what I entered on the screen to make sure I didn't accidentally transpose cells. I saw I did that my accident on the sample exam and didn't want to make the same mistake. Anyway, sorry if this is long and boring, hopefully it'll come in handy for someone.

[Lentilcounter]

@Ana

I've always been impressed by people who can use the AL during an exam for more than just the research sim. I think it shows real mastery.

Becker has 79 Sims for Reg. There is also skills practice in every module and like 5 to 8 modules in each of the 8 chapters. I will go through each skills practice and simulation and tell you what it's about. I'll put it in a Google doc and post it on the REG Sims blueprint thread. I could really use your help then with lining them up with the analysis objectives.

This is the only way I know how to do this while abiding by the forum's rules. I am also on every social media platform pretty much, lol. I have a unique first name and you know what I look like from the screen name image. That is another avenue. If you want to pursue option 2, I can change lentilcounter to name_counter.

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

[Wannafree]

Lentil , I can give you tips too on REG , this was the one exam I passed without any doubt and I know some tricks too but don’t know how to pass on.

[Wannafree]

@Ana you said you nailed 3 SIMs ? Is there typos? BTW the way u described the mcq , I can say u did excellent in MCQ.

[kdcpa]

@ana can you please share your study routine for FAR? I appeared for FAR and AUD this quarter. If I clear both I will be done, If not I will lose my BEC. I am not confident for my performance about FAR simulations so want to keep continue studying until I get the results.

[Ana]

@lentil change your name and I'll find you.

@wanna I think I aced those 3 sim. But maybe one is a pretest. I hope you're right about the mcq, been thinking about them non stop since my test. Even dreamt about it.

@kdcpa my routine for my 4th try or since I've studied for FAR? My routine for all exams has been the same. I have Becker and I'd listen to lecture, take their notes as they advise, skim through the chapter in the book, and do all of the mcq until 100% (which doesn't mean I know it all but that I remembered the right answer). I do that for all the chapters until completion. Then, I usually have about 2 weeks left for the test which I do as many progress tests/mcq as I can, review my 4-8 pages of notes for each chapter, and I would read parts of the book. I didn't really study for sims at all for the other exams, maybe a few (this is for the old format). There also wasn't skills practice at this time. I don't know if I recommend this study plan bc of the new format, I was very low on time bc of my work, and I'm not the best studier. I've never had to study before and this is all new to me.

Third attempt for FAR, Becker released a new book and format so I did what I explained above but also completed the Skills Practice. I studied Far like it was my first time. I WANTED/TRIED to pass so bad. I knew I'd lose Bec if I didn't. And here I am.

This time for FAR (4th try-only about 3 weeks), I read notes, did all the blueprint sims (some 3-4 times), was active on the forum, did, all of the skills practice, did mixed progress tests/mcq's in Becker (as usual), did some Ninja questions, read some portions of the book, and prayed I'd pass.

[Ana]

@kdcpa I used AL for Aud test too. It's really helpful. Try to get comfortable with it for both FAR and AUD. Wish we had it during mcq too. Maybe this time I finally picked up the 2 points I needed by using it…or not.

[Lentilcounter]

@Ana

Done! How do you recommend getting more comfortable with the AL? Use it when solving practice mcq and Sims?

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

[Ana]

Do you practice research questions?

[kdcpa]

I have exactly the same question as Lentilcouter. Thank you so much for sharing your study routine. I am sure that this time you are gonna pass. Besides what did you change mainly for the fourth attempt?

[Ana]

Glad to share anything, I don't think my study routine will be very helpful to others. I only aimed to pass these tests with a 75 and tried to fit in what I could with the time I had after work and taking care of my household.
The biggest change for the 4th attempt was trying to master the sims (thanks blueprint) and complicated topics in detail. For example, this was not on this test, I knew CARINBIG big picture but after seeing how detailed the sims were last time I learned CARINBIG frontwards and backwards. Of course it didn't show up but I took that approach with topics. But this has a downside, I did less mcq this time since I devoted a lot of time to SIMS during review and I'm sure it affected my test. It's really hard to find a balance and keep it all fresh in your head (at least for me).

[Ana]

Regarding the AL, are you guys using it to practice research? That would be the first step. When you use it for the research take the time to read around, the entire code for that topic, and see what you can make of it. Come up with a mcq or sim topic and see if you can find it in the code and the answer. I've generally found the code to be well laid out and fairly simple to understand, much like an encyclopedia, so it's been useful. I used it on a sim yesterday that is a prevalent topic and I know well but during the test I start to doubt myself. So I looked up that section on the code, narrowed it down to what I'm looking for e.g. treasury stock in topic X and confirmed how it should be treated. It gives me peace of mind on the test and a confidence boost.

[Author]

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