FAR Study Group October November 2017 - Page 54

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  • November 20, 2017 at 3:02 pm #1665025
    bricesmomisacpa
    Participant

    HiYa!

    I just purchased the NINJA assault and plan on using it exclusively for FAR which is scheduled for Jan6.

    Any tips on how to best utilize the NINJA resources and time management? Also, motivation as I am already overwhelmed:)

    FAR – 1/6/2018

    BClark

    November 20, 2017 at 3:28 pm #1665044
    Ny1105
    Participant

    @bailey

    Thanks Bailey for the input….

    Sadly, im taking mine tomorrow.

    November 20, 2017 at 3:32 pm #1665046
    Wannafree
    Participant

    @Ny1105 ,all the best for tomorrow.

    November 20, 2017 at 6:24 pm #1665160
    Jen-J
    Participant

    Good luck @ny1105!

    I spent 1 hour 10 minutes on the MC and 2.5 hours on the SIMS, finishing with 23 minutes left. (That was with getting stuck on one MC question for a bit.) I felt like that was a good split. I would not have wanted to spend more than 1 hour 30 min on the multiple choice.

    November 20, 2017 at 10:12 pm #1665260
    kaitcath
    Participant

    hi All

    i just tried the sample test in AICPA. Can someone help me how to access FASB ASC topics? how to do a research on topics? Would appreciate it very much.

    thanks.

    November 21, 2017 at 9:47 am #1665473
    Wannafree
    Participant

    https://www.aicpa.org/publications/authoritativestandards/aicpaonlinelibrarysubscriptions.html ,you may register with them and get 6 months of free access for basic access.

    November 21, 2017 at 10:33 am #1665521
    Ny1105
    Participant

    Thanks!

    Hopefully, all works out well later today.

    November 21, 2017 at 11:24 am #1665578
    Pam
    Participant

    I took FAR in July, 67… I'm retaking in January… my becker SW expired, which Ninja material should I use? I'm thinking scout but I'm not sure if that will be enough for review? i still have my books and notes from Becker.
    Thoughts?

    November 21, 2017 at 11:54 am #1665596
    IwannabeaCPA2017
    Participant

    This Question Suck A$$
    A company has a long-lived asset with a carrying value of $120,000, expected future cash flows of $130,000, present value of expected future cash flows of $100,000, and a market value of $105,000. What amount of impairment loss should be reported?

    All those Cash Flow tripped me up

    November 21, 2017 at 2:58 pm #1665805
    IwannabeaCPA2017
    Participant

    Dahl Co. traded a delivery van and $5,000 cash for a newer van owned by West Corp. The following information relates to the values of the vans on the exchange date:

    Carrying Value Fair Value
    ————– ———-
    Old van $30,000 $45,000
    New van 40,000 50,000
    Dahl's income tax rate is 30%. What amounts should Dahl report as gain on exchange of the vans?

    Is this one with Commercial Substance because the CV is only 30k even with cash paid 35k compared to 50k?

    November 21, 2017 at 5:45 pm #1665983
    Ny1105
    Participant

    I just finished.

    The time table is really difficult to follow through. I saved about 2:20 for TBS, however, even that wasn't enough time. The MCs were ok. THe first teslet was easy, but the second teslet was not. I had 2 DRS, but 6/7 sims were all so long with many documents….

    My advice besides studying, etc is to make sure your fresh the day of the exam.

    November 21, 2017 at 5:56 pm #1665992
    Wannafree
    Participant

    @ny1105 ,could you find the research question and finish all SIMs ? Lot of documents ,that's scary.Did you get longest SIM or normal SIM with too many resources ?

    November 21, 2017 at 6:01 pm #1666000
    Ny1105
    Participant

    I found the research question, but it took forever.

    I miss the sims imo. I had IFRS on one and I know IFRS, but not good enough for the SIMS. It was weird, my second TBS was extremely difficult and my last one was ok…. IT was overall a weird experience since this is my first time taking the newer CPA exams.

    PS. New exam, new changes, but always and forever will hate FAR

    November 21, 2017 at 6:09 pm #1666006
    Wannafree
    Participant

    @thanks for sharing your experience.Just wondering if you have checked the blueprint as those who had seen Blueprint feel it was from blueprint doc except too many emails.Your PS is interesting. LOL

    November 21, 2017 at 6:19 pm #1666010
    IwannabeaCPA2017
    Participant

    Which of the following subsequent events must not be recognized in the financial statements?

    A.
    Loss on an uncollectible trade account receivable as a result of a customer's deteriorating financial condition leading to bankruptcy after the balance sheet date but before the financial statements are issued or are available to be issued

    B.
    Loss of plant or inventories as a result of fire or natural disaster that occurred after the balance sheet date but before financial statements are issued or are available to be issued

    C.
    The events that gave rise to litigation took place before the balance sheet date and that litigation is settled, after the balance sheet date but before the financial statements are issued or are available to be issued, for an amount different from the liability recorded in the accounts.

    Incorrect D.
    Shortly before financial statements are issued, the actual loss of plant or inventories as a result of fire or natural disaster that occurred before the balance sheet date is determined to be greater than the loss that was originally estimated.

    Can someone help me with this Q? Thanks

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