[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

[Anonymous]

I don't recall any questions asking for us to calc the effective interest rate – so most likely. You'd have to give the exact question for me to know what you are taking about. Despite going through 1000's of them – I haven't memorized every single becker question yet.

[mattypxam14]

Facts: On December 31, Year 1, Kristi Corporation issued a 10 percent $1,000,000 bond due in five years. Interest is due on June 30 and December 31. The yield or market rate is 12 percent and the bond sold for 926,395. Bond issuance costs of $20,000 were incurred. The effective interest rate is 12.58% (Given).

Page F5-44 of Becker.

How did they calculate that 12.58%?

[Anonymous]

This is a snapshot of the actual page you’re talking about. I cannot figure out myself how they arrive at 12.58% effective interest rate. I’d like to assume, it’s given in the data.

[Wannafree]

How many questions are there in FAR Becker's online MCQ ? Can anybody make a guess ?

[Anonymous]

1,808

[lam2848]

So I just got home from taking FAR and I don’t even know what to think. The mcq weren’t bad but the SIMs killed me. Honestly at first glance the SIMs didn’t appear bad. But trying to decipher all of the documents was horrible. I definitely think I’m going to have to take this test again which sucks.

Tips for anyone who hasn’t taken it yet, definitely watch your time! I spent waaay too much time on the third testlet and it killed me during the last two. Also, don’t give up. I almost gave up and said screw it during the SIMs. But I kept hope alive and filled them out as much as I could.

Good luck guys!

[mattypxam14]

@Iam2848 I thought I failed the first 3 I took, no sense worrying about it until release day

[Wannafree]

@iAM2848 ,what was your time budget for each testlet ? Asking this question because I have failed due to time spent on SIMs.How was the difficulty level for last 2 testlet ? What you would have done to finish on time and tame this beast ? My nightmare questions are Consolidation or long BS because it will take time to read the 6 documents , pass AJE and balance the BS.Praying god please don't give me long BS ,consolidation or IFRS SIMS.LOL .test me on these topics in MCQ please.

[Wannafree]

Thanks Amor , nice to see you after long time.What you are doing here ?

[Atiq]

@lam2848 At least you took it. I chickened out of FAR and scheduled if for Jan. I definitely wasn't ready to take FAR in Dec.

[lam2848]

@Wannafree I was on schedule for the mcq so I took 45 mins each. The testlet messed me up and I ended up taking too much time on it. But overall o finished with 10 mins to spare.

@Atiq lol I thought about rescheduling it. But I also thought, worst case scenario I don’t pass. Yeah it will suck but it won’t be the end of the world because I can always retake 🙂

[Wannafree]

@lam2848 how were SIMs ? doable or from mars ?My nightmare is time.

[Atiq]

The questions are long and hard. I run out of time in my practice exam. I need to get better at it.

[lam2848]

@Wannafree some of the SIMs seemed completely out of left field or like they were missing instructions. But I think maybe I just didn’t understand what they wanted from me. It was definitely different from Becker. But I’m hoping I can get partial credit on them. All I need is a 75 lol

[itooshallpass]

I took FAR on friday and just thought I'd add my two cents. I had 3 or 4 DRS and I think those are a blessing in disguise. They are essentially just more involved MCQs; all the info is there and you just have to apply it in context. The other Sims were doable, but some tricky/confusing wording and layout that made it hard to be certain.
Overall it wasn't as hard as I expected, and while I know everyone gets a different luck of the draw, I don't think you should be too intimidated 🙂 Best of luck!

[Author]

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