[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

[GA2016]

Starting FAR here today. Kicks you right in the gut on lesson 1 with the accrual to cash conversion and vice versa!

AUD - 86
REG - 78
BEC - 75
FAR -

[Destined4Greatness]

Hi All,

I started my FAR journey on Tuesday and I am using Roger CPA review supplemented with Ninja Notes and Wiley Test questions. I'm thinking about also acquiring the Ninja MCQ as well, but using it for mainly review. Wish every one the best of luck and safe studies!!!

[Titleistg0lfer]

@GA2016 I'm right there with you. I'm kind of regretting now that I left FAR for my last test.

REG: 84 (10/5/15)
AUD: 83 (11/23/15)
BEC: 77 (2/27/16) - The bubble sucks
FAR: 90 (7/20/16) - AND DONE FOREVER!!!!!

[jessica8926]

@GA2016 & Titleistg0lfer: Just remember you only need to study enough to get a 75. That is what I kept telling myself. Do not be alarmed when you get to F2. That was the worst for me and I had a complete meltdown! Afterwards I just kept telling myself I can't know everything and just focus on the huge weak areas and the areas they tell you will most likely be on there! Also, just make sure you have enough time to review it helped me tremendously and I ended up getting a 75! Right on target 🙂

AUD - 69, 77
REG - 74, 81
FAR - 75!
BEC - 71, 82

IL candidate!

Finally done (5/24/16)!! Yahooooooo!

[KJ]

Just sharing the knowledge. When I was doing my BS degree and working with an accountant 10 years ago is the time when I did Statement of Cash Flows. Even though took the higher accounting classes 2 years ago (remember some but not whole lot). I was doing MCQ and was struggling with cash flows but this is how its working for me so I thought would share it.

INDIRECT method you are converting from Accrual to Cash basis:
So remember this: Every change in an account with a normal DR balance: has the opposite effect! – i.e. if the account increases, cash decreases! Every change in an account with a normal CR balance: has the same effect!- i.e. if the account increases, cash increases!

For the DIRECT method, you are converting from Cash to Accrual basis.
So remember this: Every change in an account with a normal DR balance: has the same effect! – i.e. if the account increases, cash increases! Every change in an account with a normal CR balance: has the opposite effect!- i.e. if the account increases, cash decreases!

(Courtesy: old Ninja!!)

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

[GA2016]

Titleist – we knew we had to face it at some point! Hopefully it being our last part we'll have the motivation to beat it down!

Jessica – Good luck on BEC in April, you're so close!

AUD - 86
REG - 78
BEC - 75
FAR -

[Spartans92]

Hey guys,
So I just finished leases.. and boy, there are so much info in this chapter. I get so lost in the questions on becker..I can only do the questions if I refer to the notes otherwise I am totally lost. With all the “lesser of” values etc I don't even know where to start when I am given so much info on one problem and sometimes they would throw in a bunch of irrelevant info too. How did you guys master this topic? I have done the problems once and average in the 50's. I get repetition is the key but I probably won't be able to come back to this until review week and is it worth it to spend so much time on this one area and neglect others?

BEC- PASS

[Josh]

GA2016, welcome. which review are you using?
Destined4Greatness, I've enjoyed Roger's lectures quite a bit in addition to my review's lectures, but maybe I'm letting them distract me?
Jessica – when was the last time you took BEC?
Titleisg0lfer – You can do it! I feel that, too, that I should have focused more on FAR earlier myself. I guess that's how I'm trying to work now, FAR and REG
Spartans92 – don't neglect the others, but know the basics best. I remember I used to say it's about the basics, but it's true. It pays to know the easier stuff best on the CPA exam I've heard. Then again, you need to know enough about everything to answer the questions and what goes into the questions. AUD is like that, too. You may get a simulation on a difficult area like I did on AUD, but still I should have known the basics better. I would have done better. As challenging as simulations are in my mind, most of the test is MCQ's and knowing how to do MCQ's prepares you for sims. Do more lease questions is my recommendations, but don't neglect the other areas especially MCQ's you did in earlier lessons.

Don't forget or if you haven't considered yet, capital leases are classified One of the following criteria: (TT, BPO, 75, or 90) – Roger

I'm trying to figure out exactly how to improve because I know I need to a lot on FAR. Going into PP&E. I feel I should have been here weeks ago. I guess it's about dedicating everything to passing, not as much about talking as doing. It helps me to communicate with you guys. It's part of who I am. For instance, I probably got the most out of studying for IFRS by explaining to my wife/fiance US GAAP financial statement differences. Domo arigato gozamasete – Thanks for showing me (and being here with me) even though I know I don't get you guys on the exam, I'm sure it will help me remember. I appreciate you all.

[Moeshow]

@Destined4Greatness I'm also using Roger Review but I'm not supplementing my review with anything else. Can you please let me know how Wily works for you? I'm going to purchase ninja, I think. Right now, Im just using Roger Review because FAR has so much information to retain I do not want to overload on information. But I want to supplement it with Wiley or ninja when I review everything.

@Spartans92- I would recommend after each section or two section, and this is if you have time, to redo the MCQs so you don't forget the material. So much information to go thru, that you'll for sure forget week 1 material from week 4 material. Plus, the more you do the MCQs, the more the information will start to click. Also, the first time I go through the MCQs I use the book and etc to understand the material, so you using your notes to get through the MCQs is something I do as well. I try answering it on my own and if I do not get it I use my notes, book and etc to understand why the question was what it is and are there certain keywords the question is asking. I basically use the MCQs as a tool to review the material after reading the chapter, taking notes and watching the lecture. With that being said, that is what works for me and everyone is different.

BEC 2/26/2016 81
FAR 05/2016

Purely Roger CPA Review, for now!

[marqzho]

Spartans92

I have watched Becker lecture on Lease and they made it too complicated.

Let's take a look at Roger's

Lease is relatively easy in the FAR exam (except the land and building part) and those are points that you can't miss

Post any question here and we can help to ans that 🙂

Have fun

REG 90
FAR 95
AUD 98
BEC 84

[Moeshow]

@Marqzho Thanks information earlier.

BEC 2/26/2016 81
FAR 05/2016

Purely Roger CPA Review, for now!

[Moeshow]

People that have taken the FAR exam, is there any words of advice on things you wish you knew before studying? Example: you took the exam and said, I wish I would of done this different?

Ps: I know each test is different, but surely there's a census somewhere, right?

BEC 2/26/2016 81
FAR 05/2016

Purely Roger CPA Review, for now!

[Spartans92]

Thanks Marqzho! For land it doesn't amortize, correct. I do not recall seeing a problem on land for leases.. can you provide an example so I actually understand what you meant?? And I have seen Roger's video, it sure does help.

BEC- PASS

[Panda7]

Help please!!!!!!!!!!!!!!!!!!!!!!!!!!!

Deck Co. had 120,000 shares of common stock outstanding at January 1, 20X1. On July 1, 20X1, it issued 40,000 additional shares of common stock. Outstanding all year were 10,000 shares of nonconvertible cumulative preferred stock. What is the number of shares that Deck should use to calculate 20X1 earnings per share?

A 140,000

B.150,000

C.160,000

D.170,000

———————————————————————————-
A. is correct.
Explanation

20,000 shares x 6/12 year 60,000
(120,000 shares + 40,000 shares) x 6/12 year 80,000

Weighted-average shares outstanding 140,000
_____________________________________________________
I thought I was supposed to do
120,000 all year and
40,000 * 6/12
=140,000
Can someone explain to me why do i have to split the 120,000 that were outstanding all year for half a year??? I know at the end is the same answer but is there a reason why we have to split the calculation

REG-63,72,66,73,83
BEC-65,74,79
AUD-52,66,74,92
FAR-67--> April re-take

[marqzho]

There is no difference. Both are correct ways

12000012/12+40000*6/12

or

120000*6/12 + 160000 *6/12

Two difference angles for the same result 🙂

REG 90
FAR 95
AUD 98
BEC 84

[Author]

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