[jeff]

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

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

[mckan514w]

@stillgoin- glad to hear you survived and feel optimistic about it!!! Fingers crossed for you- I agree and disagree with you on the don't overlook the obvious and get bogged down in minutia points. I think that yes we do a lot of times get bogged down in the little things that will rarely if ever show up- and I know I FREAKED the first time I took FAR because my first testlett was so “basic” and I had spent so much time on the hard stuff that I had forgotten the easy stuff… however this last time where i really made sure I knew the basics- I was pretty much equally screwed when I got the harder testlett and had neglected that minutia… The thing with this exam is that its as much luck of the draw as anything else… I could spend 5 days nailing down one concept that will never show up on my exam and neglect to go over a harder concept because I figure its too random to be tested and will end up with 15 of them on that topic whereas the person sitting next to me taking the same exam could never see that topic. Bottom line is you gotta know a little something about everything if you hope to have any chance.

Here's hoping for your (and all of our) 75s come score release– which release are you BTW?

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[Stilgoin]

@mckan514w- I think you misunderstood my point. The minutiae is extremely important! I just meant I think we underestimate reviewing the simple things right before the exam because they seem too simple compared to what we are accustomed to seeing. We have to study it all, but that simple stuff is easy to confuse and I greatly benefit from going over it the day before. That’s what I’m trying to say. 😉

B | 62, 78
A | 73, 67, 79
R | 82
F | 59, 59, Waiting

Ethics | 93

"Success is not final, failure is not fatal: it is the courage to continue that counts."
~Winston Churchill

“In a world full of critics, be an encourager."

[mtaylo24]

Man, am I the only one feeling crappy about this exam? Sorry to be pessimistic, but its discouraging finally making it through a 2500+ question gauntlet, just to keep getting questions wrong. 477 hours, 6,168 questions and only rolling with a 49%.

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[Holly]

I feel like I'm not ready for my test. It's 3/6 but still….

BEC - 79
REG - 85
AUD - 5/27/16

[Anonymous]

Why don't you reschedule your test to 3/10 while it's still free to change now?

[Holly]

Because I don't have a babysitter that day

BEC - 79
REG - 85
AUD - 5/27/16

[Mscfisher]

Just be ready that's what I'm doing I had to push my test to March 3rd I can't take its on March 10th because I will be in DC. I want to take it up the same testing center so just keep pushing. If you put in the time your efforts will be rewarded with a pass. everyone's nervous but also a lot of people pass this thing we all will be next.

[Holly]

I'm going to give it all I have and will hopefully pass. I'm actually on my study schedule so far, but it feels like I'll fall back easily. Maybe I'll get a little boost if I get a passing score on the 7th.

BEC - 79
REG - 85
AUD - 5/27/16

[mtaylo24]

Yup, no way to reschedule for me either. Ill be slammed the first two weeks of March at work. I'm just frustrated that I dont feel ready to tackle random questions yet and feel like I need to run through the whole course again (quickly). I hope there is enough time for that and a decent final review.

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[aatoural]

You guys with more experience in FAR. How many quality study MCQs is the daily average. It is very hard to hit the 100 during week day to me and it wasn't for my other exams.

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[aatoural]

On December 31, Year 1, Byte Co. had capitalized software costs of $600,000 with an economic life of four years. Sales for Year 2 were 10% of expected total sales of the software. At December 31, Year 2, the software had a net realizable value of $480,000. In its December 31, Year 2 balance sheet, what amount should Byte report as net capitalized cost of computer software?
a.$432,000
b.$450,000
c.$540,000
d.$480,000

Explanation
Choice “b” is correct. Amortization of capitalized software costs equals the greater of straight-line amortization or sales revenue from the software for the period ÷ total projected sale.
Dec. 31, Year 1 balance $ 600,000
Year 2 amortization = 600,000 ÷ 4 = (150,000)
Dec. 31, Year 2 net capitalized cost $ 450,000

How do I know that i am supposed to use the amortization method. What is telling me that in the problem?

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[mtaylo24]

@aatoural, depends on the chapter. It takes me days to get through equity/bonds/leases/inventory/and maybe even business combos, but then a half of day to get through something like a/r, cash, intangibles, and pensions. FAR is definitely a slow learn, especially if it has been a while since taking intermediate/advanced…100 might be a struggle starting out, but you will definitely hammer well over 100 towards the middle/end.

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[Holly]

@aatoural It will always be an amortization method, but which one – percentage of sales, or straight line. Always go with the greatest amount of amortization expense.

BEC - 79
REG - 85
AUD - 5/27/16

[aatoural]

@mtaylo24 – thanks this has been my first week.

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[aatoural]

@HRSexton – thanks. I don't think Becker is giving good explanations on this chapter 2 questions

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[Author]

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