[jeff]

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

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

[mtaylo24]

Do any of the review programs offer a list of JEs? I just picked through the Gleim book as a weekend project and I now have a 54 page word doc full of them. Could have saved so much time if they simply put one together. I don't understand why this isn't provided 😡smh.

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)

[Shawc21]

https://www.principlesofaccounting.com/illustrative%20entries/entrieslist.htm

^ive seen this link posted before. Not sure if that will help much more if you went through the book already! But smart idea on your part. That's something I'm going to try and do too, meaning mass review entries.

AUD: 89 (6/8/16)
REG:
FAR:
BEC:

[mtaylo24]

^^^Yeah, I've used that list, but the entries in the book are a little more in depth, especially Goft/NFP. The stockholder's equity/partnership chapter was out of control as well. I mean if we can get a IFRS/GAAP appendix, I don't understand why we can't get a JE one. Would be nice.

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)

[garciarb]

Took FAR this weekend. First testlet was difficult, second was a bit easier, and the third was more difficult than the first. Simulations were difficult and the pre-test SIM was ridiculous. I left it for last and it easily took 25 minutes. I've never walked out of an exam confident that I passed, so this one is the same. Hopefully I did so I can be done with this process.

I feel like my study process was very inefficient. I used the Ninja videos and MCQ and feel like I wasted a ton of study time watching the videos when I should have just been hammering out MCQs.

BEC - 81
AUD - 79
REG - June 2016 (Thanks Nasba!)
FAR - ugh

[aatoural]

@garciarb – Hope it goes well! Now my question is how do you know that was a pre test SIM, we dont know that we just guess or hope for it.

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

[garciarb]

I assume it was a pre-test as I've taken FAR twice (and all other exams) and have never seen one that is similar. It was a very different format from anything I've seen before, either on the tests or on the MCQ Sims. I could be wrong though.

BEC - 81
AUD - 79
REG - June 2016 (Thanks Nasba!)
FAR - ugh

[aatoural]

Ok.. Anyways good luck on the 28th.

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

[T Rev]

Mom? Dad? Uncle Frank? Does anyone have suggestions?

I am about 20 hours into studying and have been avoiding looking at GOV/NFP material until after I get the rest of the FAR material mastered? Good idea? Bad idea?

Thanks

[mckan514w]

@garcarib sounds like you mean you got a TBS as a SIM- I have read about other people “not getting them” on their test since they were introduced this past summer but I have yet to be so lucky and in fact got 2 of them on my AUD exam which lead me to the conclusion that they are in fact NOT pre-test-items- they are huge pains in the you know where and take forever to do- I hope you are right in saying that it was a pre-test but you can never assume that (not trying to scare you just trying to clarify for others out there).

@trevor- I haven't replied to you because I am not real sure what you are asking- if you want to save GOVT and NFP for last then I think that is a personal decision not sure anyone on here can tell you a right or wrong answer. Most study programs I have seen (rogers, ninja and Gleim always put those two near the end of the material-) but it doesn't mean that it is not important information- in fact you can not pass without knowing it. Period end of story- so whether you decide to tackle it first or last or somewhere in the middle its all up to you- not sure it makes a bit of difference. Just my 2 cents.

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

[T Rev]

@mckan514w – Thanks for the reply. I am not entirely sure of my question other than “does anyone foresee problems if I don't even look at NFP and Gov until after mastering the other material”. I wasn't expecting anything profound I don't believe, but was more for precaution as I have not studied the others this way. Again, thanks for taking a stab at it. General input was all I needed I think.

[mckan514w]

🙂 no worries Trevor- I don't think I entirely understood what you were saying- but I think now I am understanding that you are asking if you should first go through all of the material EXCEPT govt and NFP… review all of that and “master it” to the best of your ability- and then start in with govt and nfp? almost like it was a separate exam???

If this is what you are saying, in my personal opinion I would say I wouldn't risk that approach. Personally for me it is a struggle to get through all of the material to begin with in a reasonable enough time to leave myself adequate review period. FAR is a monster not because it is necessarily so hard but because there is so much information- much more so than any other exam. If you save GOVT and NFP until you have mastered the other material you are seriously running the risk of not having enough time to get to those chapters even in a “once over” run-through… and like I said- you can not pass FAR without them.

Personally I would advise to go through the material as your study program has it laid out for you… this will leave you enough time to id what your personal weaknesses are and move forward from there.

But considering I have failed the F_KER twice now… I may not be the best person to get an opinion from 🙂

No matter what you decide best of luck to you!!!

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

[T Rev]

Haha. Thanks for the sincere advice, and here's to good luck for both of us!

[aatoural]

Question 1
The following data pertains to Tyne Co.'s investments in marketable equity securities:
Market value
Cost
12/31/Year 2
12/31/Year 1
Trading
$ 150,000
$ 155,000
$ 100,000
Available-for-sale
150,000
130,000
120,000
What amount should Tyne report as unrealized gain (loss) in its Year 2 income statement?
a.$60,000
b.$50,000
c.$65,000
d.$55,000 CORRECT -> 155,000 – 100,000 = 55,000

Question 2
The following data pertains to Tyne Co.'s investments in marketable equity securities:
Market value
Cost
12/31/Year 2
12/31/Year 1
Trading
$ 150,000
$ 155,000
$ 100,000
Available-for-sale
150,000
130,000
120,000
What amount should Tyne report as net unrealized loss on available-for-sale marketable equity securities at December 31, Year 2, in accumulated other comprehensive income on the balance sheet?
a.$20,000 CORRECT -> 150,000 – 130,000 = 20,000
b.$0
c.$15,000
d.$10,000

I am not understanding why are we using different methodology for these two questions. I have read Becker's 3 pages over and over and don't seem to get it. HELP PLEASE!

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

[mckan514w]

@aa- the second one ask for Net amount in OCI related to the available for sale so year 1 you had an unrealized loss of 30K (150-120) and in year 2 you have a unrealized gain of 10 (120-130)- thus at the end of year 2 your OCI has a net unrealized loss of 20K (30-10)

Year 1
DR OCI Unrealized Loss AFS 30K
CR AFS Securities 30K

Year 2
DR AFS Securities 10K
CR OCI Unrealized Loss AFS 10K

The first question dealt with Trading securities that recognize all gain losses immediately (year incurred) in the income statement. Available for sale does not recognize the gain/loss until the security is sold then it needs to be adjusted out of OCI. So difference between Net amount and realizable amount.

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

[aatoural]

Omg. Your explanation was better than Becker's. I don't know but I think they are doing a poor job with FAR explanations.

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

[Author]

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