[jeff]

Welcome to the Q1 2016 CPA Exam Study Group for FAR.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

@Broag I am at work so I cannot really dive into details but I am pretty sure it is because you prepaid 25,000 in year 1. As you know we have to average the lease amounts on the books regardless of how much we actually pay each year. So on Year 1 we record a total average EXPENSE for 30,000 (2,500 per month) but we only prepaid 25,000, so when Nov and Dec comes we ran out of prepaid to credit againts the expense, so we have to credit the two months payable. I am a visual learner so I have to draw everything so I can start to understand it, so Inknow how you feel.

P.D. I hope everybody passes, lately all I have heard are horror stories about FAR…

[Broag]

@cortes

That makes perfect sense. The prepayment just flew over my head. I need to slow down and RTFQ. Thanks again.

REG - 79
FAR - ?
AUD - ?
BEC - ?

[Tiesto]

Hello All. I'm new to the Another71. Graduated in 2011, work full-time, married, no kids. Using Roger CPA and Ninja Flashcards. I basically have to Re-learn everything. Do you think 11 weeks is enough time to study? I'm using Jeff's ELL plan.

FAR 02/22/16- fail, 5/23/16 retake
AUD, BEC, REG - tbd

[marjorika]

@CorporetteCPAintheMaking

Thank you! I've actually taken FAR before, and from my experience – Govmt /NFP constituted way more % of the exam than Becker mentioned. Leases, debt/equity, and anything that's easy to do via understanding and calculation – was a much smaller portion than expected.

I realize that either one knows a topic or not, and would either pass it or not – and it's fair. But that's why I was hoping to boil down those topics to something I could structure and memorize within the next month…

Thank you again!

FAR - 75
REG -77
AUD - 6/10/2016
BEC - 79

[marjorika]

@RashmiRaghu

Hey, I'll be attempting my FAR on Jan 4th as well! 🙂 Good luck to you!

FAR - 75
REG -77
AUD - 6/10/2016
BEC - 79

[Crunchtime]

In on FAR on January 8th, then BEC on the 14th then tax season. YES!!!!!!! my life is completely spoken for, for the next 6 months. YES no fun!!!!!! yes!!!!!!

AUD-77
BEC-70,73,68,74 SH##!!!!!, 80
REG-73,76
FAR -74,82

Ethics here I come!!

[Crunchtime]

@tiesto 11 weeks is plenty enough time, possibly too much if you do 25-30 hours a week.

AUD-77
BEC-70,73,68,74 SH##!!!!!, 80
REG-73,76
FAR -74,82

Ethics here I come!!

[goga79]

Hi everyone, I will be join you on this CPA journey. I was using Backer 2013 edition for my FAR prep( intended to start studying, but two lovely babies happened between then and now). I was studying for about two and a half months and I was hoping to score more. The result was pretty disappointing 🙁 -56 only in November. This time I am using NiNja and my next attempt will be in February.

FAR 56

[KJ]

I am taking my last class to complete accounting courses so I can sit for CPA exams. I am not sure which one should I knock off first. Any suggestions? What books should I use to prep for these exams? I read lot of people using Ninja for MCQ. Any suggestions or ideas before I tame this lion will help. Thanks all!!

FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016

Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

[taniasunny]

Hi All,

I am planning to give FAR in Feb 2016 still waiting for my NTS to schedule the exam. I am using the Wiley CPA Excel Self Study course which includes the text and a question bank with 1500 MCQs and over 60 sims. My study plan is to

*Read the chapter
*Answer the text book MCQs and Sims
*Answer the test bank MCQs and Sims

I find that most of the questions repeat between the text and the test bank. Could you guys advise if this is a good plan and if 9-10 weeks with 20 hours per work worth of study will be sufficient to pass FAR.

Many Thanks!

[RashmiRaghu]

Hey Marjorika 🙂 So nice to know. But where exactly are u taking the exam?

[marjorika]

@goga79

I've a toddler and a baby too! Studying with kids is an…. interesting experience! 🙂 Good luck to you!

FAR - 75
REG -77
AUD - 6/10/2016
BEC - 79

[marjorika]

@RashmiRaghu

Colorado! You?

FAR - 75
REG -77
AUD - 6/10/2016
BEC - 79

[ZoyaFanatic]

In the Government Accounting section of the Ninja book and really struggling with the material; I'm having a hard time retaining anything :(.

I was wondering if someone might be able to explain why the following questions answer is “CASH”.

“Vale City legally adopts a cash-basis budget. What basis should be used in Vale's combined statement of Revenues, Expenditures, and Changes in Fund Balance-budget and actual?”

A. Cash
B. Modified
C. Accrual
D. Modified

Answer is cash. Reasoning listed is “For various reasons, governments may prepare their annual operating budgets on an accounting basis other than modified accrual and may therefore present the budgetary comparison schedule using an accountingbasis other than modified accrual. However, GAAP requires the governments prepare th combined statement of revenues, expenditures, and changes in Fund Balance on the modified accrual (so shouldn't the answer be modified accrual?). Comparing modified accrual “actual amounts with other basis (such as cash) “budget amounts would be meaningless. Thus GASB requires that budgetary comparison schedule be accompanied by information, either in separate schedule or in notes to required supplementary information (RSI), reconciling the budget amounts with GAAP amounts.”

[Anonymous]

Hey ZoyaFanatic you are not alone in this! That is a trick question and a not vey clear explanation (at least for me since my first language is spanish) What I can think is that since GASB requires that the combined statemnt be prepared in modified accrual that it is ok to prepare a reconciliation on another schedule or in notes. In other words if you used another basis for the budget you can prepare the combined statement using that basis(bc it does not makes sense to compare budget vs actual using different basis) and comply with GAAP by making a reconciliation from the other basis to GAAP on another schedule or in the notes? Am I making sense? lol! Was that your question?

[Author]

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