[jeff]

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

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

[demarcon]

I currently have 8 days left until my (hopefully) last exam. I am starting to burn out now 🙁 I currently have 11% of Ninja questions wrong that I need to answer correctly to get into the review phase, then I am gonna go through Gleim SIMs. ALMOST THERE!!!!!! Government is such a killer. My trending on everything except government is at least an 88%, but government I am at a 69% trending. These Ninja questions seem like they are totally out of left field after what Roger said to focus on for Govt accounting.

[Holly]

@demarcon I've never used Roger, but with Becker and NINJA I have found that NINJA questions more closely resemble the questions on the exam. I passed REG in 2015 with an 85 and I think it was all due to NINJA MCQ.

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

[ng3926a]

I know you all know this, but don't forget about the little “easy” details too! I just studied all the big topics that give people a hard time and got through it with ease (bonds, leases, Pensions, etc)…. and then I had a brain fart when it came to FOB shipping and FOB destination questions… ugh

[YBD215]

Farm Co. leased equipment to Union Co. on July 1, 20X1, and properly recorded the sales-type lease at $135,000, the present value of the lease payments discounted at 10%. The first of eight annual lease payments of $20,000 due at the beginning of each year was received and recorded on July 3, 20X1. Farm had purchased the equipment for $110,000. What amount of interest revenue from the lease should Farm report in its 20X1 income statement?

A. $0

B. $5,500

C. $5,750 Correct.

D. $6,750

Initial amount of lease $135,000
Less first payment 20,000
——–
Lease amount applicable to last half of 20X1 $115,000
Times interest rate (10% x 6/12 year) x .05
——–
Interest revenue for 20X1 $ 5,750
========

My question is, how do you know when to consider This a half year versus a full year? I have done so many question where from July 1 XXX1 to June 30 XXX2 counts as 12 months I figured this had to count as 12 months too. I really don't want something stupid mistake like this be the reason I don't pass my final exam

[demarcon]

@YBD215 when it just says the 20X1 income statement it's always 12/31. The lease was signed on 7/1/X1 so that gives you 6 months. They will specifically say when the year ends on a day other than 12/31

[YBD215]

Thanks Demarcon… I think I am stressing too much.

[GiniC]

@YBD215 – we all do that!!! Jeff (Ninja dude) posted in here yesterday and reminded us all to take a deep breath! Many of us psych ourselves out by over-thinking the questions. Just look at the “call of the question”, breathe, read ALL the other words in the fact pattern (I keep missing the smallest and most important ones!!) and dig in. Most of the time you will be right!

[Operation_CPA]

Keep at it guys! I just wanted to stop in and say thank you to all those who helped me along the way in this study group. I have finally passed FAR on my 3rd attempt.

Some advice (and I have said this before) – do NOT skip anything during your studies. Knowing a little bit on a topic is a heck of a lot better than completely guessing. On my 2nd attempt I failed with a 64 and missed points on areas I thought I “didn't have time for.” I quickly fixed that mindset and buckled down. Secondly, I crammed for this exam over my “holiday.” While in the moment I was miserable, keeping the material fresh helped me tremendously on exam day and played out in my favor. On my previous attempts I simply let too much time go by. It's a lot easier reviewing bonds (for example) when you've completed the topic 2 weeks prior rather than 1 month prior.

Lastly and most importantly – Don't give up. I doubted myself so many times along the way, but seeing that passing score makes all the sacrifice and tough nights WORTH IT.

Onto AUD! 1 down, 3 to go.

[aatoural]

I got the burn down these past two days. Too much tension wanting to do my exam on March 10. Today is my last day for final decision. Just on chapter 5 and cant say Ive mastered the first 4. Did I hear Prometric was waiving the rescheduling fees or I imagine that? Any advise?

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

[Holly]

Anyone use Becker mobile app?

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

[Mscfisher]

@hrsexton yup i do

[Holly]

Are you having trouble with the app synchronizing?

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

[aatoural]

I do @HRsexton.

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

[Mscfisher]

@hrsexton. Yes from time to time. Not sure how to fix it

[Holly]

I can't get my app to sync with my desktop. So I turned both off and on, deactivated the app on my phone, then deleted the app and nothing works. And what's worse is now that I deleted it and tried reinstalling, it's telling me it won't sync and I can't open the app on my phone.

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

[Author]

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