[jeff]

Welcome to the Q2 2016 CPA Exam Study Group for FAR.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

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

[lolo]

@Just3Letters, yea its too inactive, unfortunately its going to take sometime until I get there, coz I am planning on making it my last.

My Nick name is sunshine, but the fact is I have not been in touch with it since I started this CPA exam! IT HURTS

AUD - ✔ Passed Becker self study!
BEC - ✔ Passed Becker self study!
FAR - ✔ Passed Becker self study!
REG - TBD

[Zyx]

Ace Co. sold to King Co. a $20,000, 8%, 5‑year note that required five equal annual year-end payments. This note was discounted to yield a 9% rate to King. The present value factors of an ordinary annuity of $1 for five periods are as follows:

8%: 3.993
9%: 3.890
What should be the total interest revenue earned by King on this note?

A.$9,000

B.$8,000

C.$5,560

D.$5,050

It is a tricky question also BEC related.

REG: 77 x2
BEC: 81 x3
FAR: 68 retake 10/1
AUD: 8/27

[patelhj1]

@Pickanicken I agree with you about how tough this is compared to BEC and REG…. I'm having same issue with so much information and able to retain it all….. I guess we are all taking the same exam so if its hard for me its hard for everyone else..

@SONA Yeppp Review phase is dreadful! Plans to finish F5 today…. Im scheduled on May 25 so I will come back and leave you feedback on how I felt…

“Just keep swimming, just keep swimming, just keep swimming” – Finding Nemo

BEC 78 08/2015
REG 71 11/2015, RETAKE 83 01/2016
FAR 75! 5/2016
AUD ? 8/2016

Becker with Nonstop NINJA MCQ
Google most difficult professional exam

[SONA]

@zyx what's the answer?

[lolo]

The answer is C

My Nick name is sunshine, but the fact is I have not been in touch with it since I started this CPA exam! IT HURTS

AUD - ✔ Passed Becker self study!
BEC - ✔ Passed Becker self study!
FAR - ✔ Passed Becker self study!
REG - TBD

[pickanicken]

@patelhj1 and @SONA

You all are right. We are all taking the same exam and all have our own struggles. I try to tell myself that all I need to do is beat 50% of the people taking the exam. When I look at how much time I have put in for this one in particular, I feel pretty confident that I have done more than 50% of people would do. Even though my scores aren't showing it right now, I am hoping that the hard work pays off on exam day. If I am currently averaging in the low 60s and I somehow end up with an 80 on the exam, I will conclude 2 things – 1. Gleim materials are freaking hard. 2. The curve is extreme.

REG - 81
BEC - 83
AUD - 86
FAR - 78 (Done!)

[JT]

@sona and sunshine

I believe that question was posted and answered on the first or second page of this thread. Let me know if you guys can't find it or need some more help with that question.

I got a question for you guys… It's confusing the hell out of me….

Packet Corp. is in the process of preparing its financial statements for the year ended December 31, 20X1. How would a gain on remeasuring a foreign subsidiary's financial statements from the local currency into the functional currency that occurred during 20X1 be classified in these financial statements?

A. Income from continuing operations, with no separate disclosure

B. Income from continuing operations, with separate disclosure (either on the face of statement or in the notes)

C. Extraordinary items

D. None of the answer choices are correct.

The answer is B.

I though foreign currency translation adjustments goes to OCI and OCI gets closed out every year to Accumulated oci which goes to stock holders equity on the balance sheet. With that being said…. I thought the answer would be D.

REG-80-1X
BEC-80-1X
FAR-73-1X
FAR-75-2X
AUD-September 2016

[JT]

Also, I got a hypothetical question relating to the question below…

A county acquired equipment through a capital lease agreement dated July 31, 20X1. The lease payments are to be financed with general government resources. Where should the noncurrent portion of the lease be reported in the June 30, 20X2, financial statements?

A. In the government-wide statement of net position in the governmental activities column

B. In the proprietary funds statement of net position

C. In the government-wide statement of net position in the business-type activities column

D. In the governmental funds balance sheet

The correct answer is A which I got correct.

The question states “The lease payments are to be financed with general government resources”.

MY QUESTION is if the question said “The lease payments are to be financed with business resources” would the answer be C?

REG-80-1X
BEC-80-1X
FAR-73-1X
FAR-75-2X
AUD-September 2016

[patelhj1]

For people that already taken the FAR exam, what the likely hood are you going to see IFRS on MCQ and SIMS?

Out of the 90 questions possibly 5-10??? Maybe 1 SIM??

Just want to gauge how well i need to know the difference between US GAAP and IFRS

BEC 78 08/2015
REG 71 11/2015, RETAKE 83 01/2016
FAR 75! 5/2016
AUD ? 8/2016

Becker with Nonstop NINJA MCQ
Google most difficult professional exam

[Just3Letters]

You are VERY likely to see IFRS questions on both mc and sims. AICPA admits that much.

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[patelhj1]

Thanks Just3Letters 😉

BEC 78 08/2015
REG 71 11/2015, RETAKE 83 01/2016
FAR 75! 5/2016
AUD ? 8/2016

Becker with Nonstop NINJA MCQ
Google most difficult professional exam

[SONA]

@patelhj….

Did you finish F-5? are also taking some notes with that.? How are you practicing for JE?

I tried to do F-1 and F-2,

I did F-1 and i am between 70-80% :/. Started F-2 just now thinking to do atleast first 113 questions.

[patelhj1]

@ SONA

What I did was I printed out the Outline for each chapter. I read the entire chapter and take notes on the outline to help me understand anything i'm missing. I redo all the Becker question and the SIM's and move on to next chapter. My outline is full of hand notes to help me remember small things. I will read all the outline and my notes day of exam just a quick refresher…

If I had more time I would definitely do more NINJA MCQ after this review

BEC 78 08/2015
REG 71 11/2015, RETAKE 83 01/2016
FAR 75! 5/2016
AUD ? 8/2016

Becker with Nonstop NINJA MCQ
Google most difficult professional exam

[tulong.le]

@Just3Letters….great..I totally skipped over/disregarded IFRS…this is my 4th attempt at FAR..my exam is tomorrow evening..should I just go and wing it..or go back and try to cram more rules in???

[patelhj1]

@tulong.le I would recommend (if your using Becker) you read chapter F-10 last chapter which is US GAAP / IFRS. It outlines the difference between the two.

BEC 78 08/2015
REG 71 11/2015, RETAKE 83 01/2016
FAR 75! 5/2016
AUD ? 8/2016

Becker with Nonstop NINJA MCQ
Google most difficult professional exam

[Author]

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