[jeff]

Welcome to the Q1 2017 CPA Exam Study Group for FAR. 🙂

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

[NYaccountingstudent]

i decided to choose “trouble questions” in Ninja MCQ and i bombed them—i scored a 58%

But my trending jumped from 74 to a 75

Why would it make a jump if i bombed it?

[728daniel]

For those that have tested recently…
I keep hearing about Gov't and NFPs….What would you say about the questions that are on the exam?
are they like asking basic stuff like “among these numbers..what goes to restricted/unrestricted..blahblahblah” which is which fund. What does this fund do.. things of that sort..

or some higher level stuff?? What are the questions like compared to Becker?

[GiniC]

@728daniel –

Sorry, but I think giving that kind of detail would violate the testing agreement about not revealing the “nature and content”. We're on the edge as it is…

[728daniel]

@GiniC

I understand. but how about compared to Becker? would you say Becker's questions on NFPs and Gov't are a good representation of the actual?

[Mary]

Just wanted to say good luck to all the 3/10 test takers. I have been doing the MCQ's all day and I am finishing off with a trending score of 88% and have not made it to the review stage. I am now at the point of making dumb mistake after dumb mistake so it is definitely quitting time. I sit at 8am tomorrow and regardless of what happens, the next 11 days I can finally RELAX!!!!!! Good luck Ninjas! 🙂

[NYaccountingstudent]

i know its last minute but could anyone figure this out:

Ace Corp. entered into a troubled debt restructuring agreement with National Bank. National agreed to accept land with a carrying amount of $75,000 and a fair value of $100,000 in payment and cancellation of a note (from Ace) with a carrying amount of $150,000. Disregarding income taxes, what amount should Ace report as a gain in its income statement?

A.
$0

B.
$25,000

C.
$50,000

D.
$75,000

They said the answer is C $50,000

Why wouldnt the gain be 75,000? 150,000-100,000=$50,000 gain on debt restructuring plus the 25,000 gain from the difference of $100 K and $75k book value

[Jj]

took FAR today. the MCQ seems like a JOKE. not sure if that's a bad thing…

[Namstut]

Hey all!

@GiniC and @mckan514w, I am pretty sure we all had the same test today AND my computer had a glitch during exam!!! I am so lucky that my session froze when I was completing the survey. I had started writing my feedback about the cr@ppy software, stup*d split screens where you can't even see sh*t and just spend time scrolling up and down, left and right! SO frustrating!.

@728daniel, to answer your question about the test – if you study with Becker you will not be surprised by ANY of the questions on the test. Becker did a pretty good job covering all of the topics. Unfortunately I didn't do the same. 🙂 I can say with confidence that if I had another week I would be much better prepared.

Now about the test – My 2nd testlet had a bunch of calculations but the 3rd was just LOADED! I spent too much time on the 2nd and 3rd testlets and had less than one hour for SIMs. I can confidently say that if I had enough time I would be able to finish them all, they were much simpler compared to Becker SIMs. I skipped the research question, only entered the first section # for the codification, I knew where to look but didn't want to spend more than 5 minutes on it. Unfortunately, I didn't even touch 2 of the SIMs.

And I know it's not at all helpful, but all I can say is that you have to study everything. I feel like my test covered every single chapter in Becker!

Good luck to the last wave of the Q1 FARrers – @aatoural, @cruzer, @mtaylo24, @mecrushya, @NYaccountingstudent, @HRSexton and anyone else I might have missed. You got it!!!

Will check back in to catch up on your experiences and I will see you all on March 21st! I will be working on restoring my alcohol tolerance in Riviera Maya while I am waiting for my score! 🙂

PS. It all worked out without a diaper! 🙂 LOL!!

AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD

[Namstut]

@Beantown23, this seems to be the trend in the last week!

AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD

[Mscfisher]

@ny accounting I don't like how this question is worded because if they're asking you the total game then it is 75 the reason it's 50 is because the game on the restructuring is the current value of the debt minus the fair value of asset. The gain on the land is in the same journal entry just on a separate line

[Mscfisher]

So I'm testing tomorrow here in DC plan to go through all Becker simulations tonight not to actually do them but just to look at the calculations. Once I'm finish I get on a plane back to Florida. My last score was a 62 and I hadn't even finished reading all of the becker when i took it. Good luck to everyone!

[A]

Thanks for the good wishes, @namatut. My 6 hour drive is over and I am checked into my hotel. It was a lovely day for a drive across Utah but now I'm freaking out a bit. I'm going to try to write out my notes one more time before I go to bed.

Good luck, last wave of Q1. I hope everyone can get some sleep tonight.

B - 77 (2.27.16)
A - 81 (4.18.16)
R -
F -

Roger Review + Ninja MCQs

[Namstut]

@Mscfisher good luck!!

@mecrushya I can't believe you drove 6 hours!! I originally had mine scheduled at Prometeics an hour away and then switched to the local one, which is 10 min away from home because I thought it would be too stressful to drive so FAR. 🙂

AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD

[A]

I scheduled on January 5th and checked every freakin' day for an opening in Grand Junction (only 1.5 hours away…arg!), but none opened up. So I had to drive to SLC.

Living in the Rockies can be tricky; we get so many March dumper snowstorms that I didn't want to head east to Denver or CoSprings for fear of hitting a pass closed by snow.

B - 77 (2.27.16)
A - 81 (4.18.16)
R -
F -

Roger Review + Ninja MCQs

[Namstut]

I am in Denver!!!

AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD

[Author]

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