[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

[MaLoTu]

Is it just me or did a lot of people fail FAR this window? So brutal. I am not looking forward to my third attempt. I got a 61 first attempt, 70 last attempt… Let's see what June 8 has to offer.

Congrats, just3. And to all the others who didn't see what they hoped for this morning, I am sorry and keep going, we are here you all.

[KJ]

Congrats Just3!! Spartans, McKan and Claudia – I feel am not prepared for my FAR on 28th and not sure if can pass this sun of a … so probably will be joining you guys. Keep the hopes up and let's conquer FAR!!

FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016

Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

[Just3Letters]

Hey everyone,

First off, I REALLY want to get this off my chest:

That whole “If you think your second and third testlets are easy, you are probably doing bad” thing is complete bull donkey. Excuse my French. I thought that my second and third testlets were pretty much the exact same as the first. I didn't have super incredible long multiple choice questions that took too long to answer. People on this site had me so worried with that thought process. From now on, I am going to disregard all the rumor mill stuff because that's all it is.

As far as final review: This was my pain-

1. 2.5 weeks of final review
2. 300 MCQ/Day while reviewing after each session and reading the explanations for wrong answers. I found that for my personal taste, the WTB and Ninja explanations were better than Becker. But I like the Becker lectures.
3. This was a big one – at the beginning of my review, I completely re-wrote my notes from about 45 pages to 11 pages because I had a much better understanding of what was important and what was difficult for me at that point. I read these notes in the parking lot before going in to my test which probably gave me a couple points.
4. I didn't find “memorizing” an important aspect of FAR. I was pretty worried that everybody was memorizing acronyms and stuff because I just couldn't see how it would help. Financial is more about learning than memorizing to me. I can't say the same thing about REG unfortunately 🙁
5. I have a generally quiet place to study which helps a lot. I know this is not a possibility for everybody with families and such but I would try to create a quiet space.
6. I continually celebrated my progress by taking most nights off and watching the NBA playoffs 🙂 I can't study at night anyways.
7. I took both Becker tests. 1st one: 67. Two days later: 82. No idea how that happened. But apparently the second time was more representative. During the tests, I made sure to turn off my phone. Leave in other room. Nobody home. As “testy” as possible. That helped when I got to the test center. I was barely nervous which is big for me.
8. This group honestly helped so much. I'm probably responsible for close to 10 of these pages with my incessent questions. SO THANK YOU EVERYONE!

Also, forgot to say I used Ninja Audio everytime I was driving anywhere. I had to drive 4.5 hours to get to my test and listened to the whole thing. Jeff Keeps it real.

Also, Ninja MCQ were exclusively for my final review. I didn't do them until after I was done with Wiley and Becker. This was great because Ninja adapts and gives you questions you are struggling with. That's the point of final review right?

Ok, I'm done. Promise.

Keep it up people! I believe in everyone here and I know we are all smart and super committed people!

In other news: I am so nervous about reg because of all the stupid memorizing stuff. It's ridiculous. I'd rather actually learn stuff rather than memorizing stupid phase out limits and stuff that I'll just forget after the test. You guys are all awesome! Come give me some comic relief in the REG group occasionally! Talk soon!

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

[marqzho]

Keep pushing forward ! Watch the Warriors' game tonight and move on.

The exam is hard and that's the point in taking it !

this group really helps me a lot !!!!! although mine is AUD !!

REG 90
FAR 95
AUD 98
BEC 84

[MaLoTu]

I am moving on to F5 today and hope to finish it by tonight …. I am 70% through my material.

I have to use safari to access the FAR thread from my macbook … it will not open this particular thread in firefox, so weird.

[Claudia408]

kanwal – you haven't taken the exam yet, you still have legit shot! you know, unless you are one of “those i thought i failed but pass all the time types”, the questions are the luck of the draw.

mckan – are you saying you are pushing FAR off for last? i think you should continue on the FAR train after Reg while it's still fresh. cramming more and more info in your head might not be a good idea.

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[Claudia408]

@marqzho – how did you do in Audit?

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[patelhj1]

@Just3Letters Hard work pays off!! Congratulations, advice on REG don't skip any the schedules… Can you advise how to prepare better for the SIMS? I know to expect most of them being JE.

If you FAIL, never give up because F.A.I.L means “First Attempt In Learning”

Keep your head up and finish strong. I can personally tell you that many of us have failed but we have stayed committed to finishing the process, and you can too!

@SONA In the past exams to prepare for the SIMS I usually just did Becker SIMS. I'm gonna try to complete all the SIMS today and then do some some NINJA SIMS after. Ill be taking Becker Practice Exam 1 tomorrow and will post my results!

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

[marqzho]

Claudia

I got a pretty high score. I felt good after the exam but not that good.

REG 90
FAR 95
AUD 98
BEC 84

[Claudia408]

marqzho – you're on a tear! you'll be done w this exam in a month! so jealous!!

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[SONA]

I agreed to all the steps in the solution. Accept the borrowed loan of $75000.

Rice Co. was incorporated on January 1, 20X1, with $500,000 from the issuance of stock and borrowed funds of $75,000. During the first year of operations, net income was $25,000. On December 15, 20X1, Rice paid a $2,000 cash dividend. No additional activities affected owner's equity in 20X1. On December 31, 20X1, Rice's liabilities had increased to $94,000. In Rice's December 31, 20X1, balance sheet (statement of financial position), total assets should be reported at:

A.

$598,000.
B.

$600,000.
C.

$617,000.
D.

$692,000.
You answered A. The correct answer is C.

Stockholders' equity (January 1, 20X1) $500,000
Add net income 25,000
Deduct dividends (2,000)
———
Stockholders' equity (December 31, 20X1) $523,000
=========

Total assets = Total liabilities + Stockholders' equity
= $94,000 + $523,000
= $617,000

[marqzho]

It's just a start for CPA nightmare even if I lucky enough to pass the BEC next month…..

I still need to work on my 150 units and I don't know where I can get experience for licensing. 🙂

REG 90
FAR 95
AUD 98
BEC 84

[Claudia408]

@marqzho – i think you only need the experience if you want to sign off on financial statements? are you still in school?

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[MaLoTu]

marqzho – congrats on the AUD pass. Try CalCPA … if you are interested in going into public, look for the CalCPA sponsored meet the firms events, they will start late summer.

[marqzho]

Claudia

we all need some sort of experience. If you want to sign off, you need attestation experience. If you don't need to sign off, you need to work under a CPA to perform accounting work for a year.

REG 90
FAR 95
AUD 98
BEC 84

[Author]

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