[jeff]

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

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

[Sticky Nicky]

<—achieved pension king status

[Kala]

Does anyone know if the 2016 FAR Ninja notes are still good for this testing window or are they outdated?

[demarcon]

Just did a few Gleim sims on leases from the lessor's perspective and oh boy. That was a bad showing.

[Tarheel83]

@kala

I know that in Q1 2017 FAR had a small change. Look at Jeff's video with exam changes for the quarter. The change was related to Lower of Cost or Market.

Other than that change, I would think that the FAR notes are probably the same. to be safe I would ask for updated FAr notes though.

[mtaylo24]

@demarcon, The sim wizard is rough, but definitely worth it in the end.

What's up party people? After getting beat down for 2 months I have finally transitioned from Gleim to Ninja, and its causing me to feel more relaxed about the exam. The difference between the two is actually kind of scary. Anybody else cranking through the Ninja MCQs now? I know the majority of you are on Becker…

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)

[Sticky Nicky]

im crankin through,,,but im also using roger which is actually pretty inline with Ninja,,,either way I'm averaging a 76% and trending 82% with 347 Qs not seen and 533 not answered correctly,,,most of em are Gov't which is killing me. I'm basically going back through all the tough areas this week: im nailing down pensions and equity today,,taxes & leases tomm,,,and going back to consolidations and cash flows again on Wednesday,,,Ill probably take a quick look again at leases which im not too bad at from the lessee's side and long term construction contract JEs…Then try and tackle Gov't over the weekend shit is no joke!

[Sticky Nicky]

Wondering if i should push it back until March or not..im in a conundrum bc someone wants to interview me but I wanna pass this last section before I get a job,,i dont believe the position will be available a month from now

[mtaylo24]

Lol Sticky. I'm just hitting the MCQ button and letting the adaptive feed me questions. Avg is low for now, but I haven't even put a dent in the testbank yet.

I also had one interview on Friday, have one tomorrow. I'm like, you guys are interviewing me at the wrong damn time!

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)

[Anthony]

Cranking through Ninja MCQ right now… Exam this Friday and will most likely be heading in with a 88-91% trending score with 82% average with almost 4k of question done. About 200ish questions that I haven't seen before. I doubt I'll get through all of them by end of Thursday.

Really praying on the CPA gods to drop me at least a 75..

[demarcon]

I need to start hitting the Ninja MCQs again. I'm currently at an 82% average with a 90% trending and all questions seen. I have 5 more sections of Gleim SIMS to get through. Exam is on Friday and I have the entire week of this week to crank this out. I almost wish I could have just moved the exam up to tomorrow. I almost feel like I just know what I know at this point.

I told all the recruiters that I am unavailable for interviews until after March 9th so I know if I am done with these damn exams or not. I can't take the added stress of looking for new work while taking the exams.

[mtaylo24]

Whew! @cantpassagain That's impressive…don't hurt em man!

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)

[ng3926a]

Quick question. For pensions – do we always use expected return on plan assets (beg FV * %). Becker says that you can use actual or expected, when would it be actual instead of expected?

[aatoural]

I know this problem is an easy one (not for me now) but I need somebody's explanation on detachable warrants because do not understand Becker's

On July 28, Vent Corp. sold $500,000 of 4%, eight-year subordinated debentures for $450,000. The purchasers were issued 2,000 detachable warrants, each of which was for one share of $5 par common stock at $12 per share. Shortly after issuance, the warrants sold at a market price of $10 each. What amount of discount on the debentures should Vent record at issuance?
a.$50,000
b.$74,000
c.$70,000 CORRECT
d.$60,000

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

[Sticky Nicky]

you use whichever they give u,,,alot of times they are the same rate,,,i have seen one question that gave expected rate only so i just used that and i was correct,,,i believe it was estimated pension costs though,,,you can also plug it into a T account for planned assets and get the answer..Beg PA +Contributions -Withdrawals -Ending PA =Actual Return on PA

[ng3926a]

Thanks Sticky Nicky!

[Author]

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