[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

[Sturg]

4 DRS, 1 research, and 2 reg SIMS. I did see blueprint but not sure what your referencing. I don't have Becker.

[Anonymous]

@Sturg-I had 5 DRS on my REG Exam in July…Those are brutal… I have moved on with all of the ones I have taken so far-just keep swimming:)

[Wannafree]

@Sturg , I was basically asking did Blueprint rows with Analysis came in SIMs ? These Blueprint Analysis one is covered in Becker's SIMs too.I was just curious if the SIMs were familiar to you ? How did you prepare for MCQ ,Ninja ?

[Sturg]

Yes, NINJA MC over and over again and I cut and pasted tough questions into Brainscape flashcard app to study. I really didn't spend much time preparing for SIMS and I think that may have been a mistake but I didn't see how to use the blueprint Analysis rows to actually study. Without getting into specifics, a lot of GAAP to IFRS stuff but as always no test is the same and the only way to truly prepare is to study everything.

[Wannafree]

@Sturg ,thanks for sharing your exp.I am also preparing usng Ninja MCQ.It was a mistake on my parts that last two attempts I didn't practice Ninja.I take one row from Blue print and read that in Becker's.

[gguzman]

Two weeks till my exam and I feel doomed. All I could do is try my best.

Chances are I put in around 20 hours a week for no reason though.

Hard to stay positive, gotta keep pushing.

[Jen-J]

Anyatver – good luck tomorrow! You're almost done!

[Anonymous]

@Jen J-thank you! I am nervous of course, but just really looking forward to not studying even if it's until score release. I will write about my experience as soon as I am able:)

[msquared17]

@anyatver – GOOD LUCK tomorrow. I know you will do well

I have officially completed the Becker FAR review course. Woohoo! Now its final review time. I haven't been reviewing along the way so I know the next few weeks will be intense. My approach for the next 10 days will be one chapter per day, 33 question progress test, and flashcards. That will still give me 10 days to hammer mcq's and mock tests.

This is my first exam in 11years. I can't wait to get it out of the way.

[Bluetoothray]

Can anyone. Anyone help me understand how the answer to this question is D? Why the H*ll are we crediting AP for $50? shouldn't it be a debit to Ap for 850, a credit to cash for 900 and a debit to loss for 50?

A U.S. company purchased inventory on account at a cost of 1,000 foreign currency units (FCU) from a non-U.S. company on November 15, to be paid on December 15. The FCU is valued at $0.85 on November 15 and at $0.90 on December 15. The journal entry to record payment on December 15 should include which of the following?
a.
Debit inventory and credit cash for $850.
b.
Debit accounts payable and credit exchange gains and losses for $50.
c.
Debit accounts payable and credit cash for $850.
d.
Debit exchange gains and losses and credit accounts payable for $50.

[IwannabeaCPA2017]

Finally getting into Review phase with exactly 2 weeks. I'm attempting to do all Ninja MCQ and SIMS in these next 2 weeks. I'm getting in the 60's on the MCQ- how can people eve pass this section? I HATE FAR!

@Blue is Answr B? – Bought 1000 at .85 and now its worth .90 = .05 gain

[IwannabeaCPA2017]

Out of all 25 problems on Ninja only 1 problem on Diluted EPS for EPS section!?!? Anyone know where I can do more Diluted EPS questions? Becker doesn't have that many either- Feeling little hopeful on EPS (Basic at least) 🙂

[QueenofCups]

@Bluetoothray
This $50 difference cannot be a gain, so “b” is out of the question.
And the $50 difference must be accounted for on Dec 15 upon making the payment, so “a” and “c” are also out of the question.
Should (or could) we bypass crediting AP and just credit cash to offset this $50 loss?
I don't think it's a big deal but this $50 is clearly AP, so crediting AP first makes perfect sense.

On Nov 15
DR Inventory $850 / CR AP $850

On Dec 15
DR Exchange Loss $50 / CR AP $50
DR AP $900 / CR Cash $900

Then they came for the trade unionists, and I did not speak out -
because I was not a trade unionist; Then they came for the Jews,
and I did not speak out - because I was not a Jew; Then they came for me -
and there was no one left to speak out for me.

[Bluetoothray]

Help. I got this question in Gleim and I can't for the life of me figure out why Scholarships aren't being deducted from total tuition and fees. Ninja notes clearly states that revenue should be reported net of scholarships. What's going on here????

Flat Rock University assessed its students $500,000 for tuition and fees. Flat Rock also provided $12,000 for scholarships, $8,000 for fellowships, and $10,000 for tuition waivers. What should Flat Rock report as its total revenue from tuition and fees?
A $500,000
This answer is correct.
In accounting for tuition and fees for colleges and universities, the full amount of the tuition assessed is reported as revenue. Tuition waivers, scholarships, and like items are recorded as expenses if given in exchange transactions. Refunds are handled by debiting revenues and crediting cash, so tuition is automatically reported net of refunds.
B $490,000
C $530,000
D $470,000

[IwannabeaCPA2017]

I may be stupid and its a no brainer, but I have always struggled with Cash to Accrual stuff and finally it started clicking by doing JE. Just wanna say to those who struggled try working out JE it helps a lot! Example could be found in Becker SIM F2 #5

[Author]

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