[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

[Just3Letters]

Marqzho, wait for Audit until September and I will be there 🙂

It will also be my last section so I will be very tired of this and need an active A71 group like this one!

Also, side note:

I'm doing the F10 lectures with Becker right now and I've listened to Gearty talk so much I am actually finishing his sentences in my head lol

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

[mckan514w]

ha ha ha Just3- you don't even want to know how accurate my impression of Roger has gotten– I even find myself telling his same damn corny jokes… I can't even imagine what I am going to be like by the end of this thing (and for any of you who have watched a Rogers lecture before you know how truly frightening this is!!!)….

Okay back to it… why oh why does government seem like a completely foreign language to me?

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

[marqzho]

mckan514w

I posted this in other post, a little bit of my thought, hope that helps:

Target time is 45 mins for each MCQ testlet and the remaining 105mins are for the 7 Sims.

If time is running out and you have a choice between MCQ or SIMS, It is better to cut your MCQ time and rush into SIMS. Here is my theory:

If you don't know the answer for a MCQ, you probably don't know the answer no matter how much more time you spend on it.
If you don't know the answer for a SIMS but you have time, you may find the answer in AL somewhere.

And also you have a 1/4 chance to get a score on MCQ. Not to mention sometimes you can rule one or two choices out of the picture by just looking at the answer which make your chances 33% and 50% 🙂

REG 90
FAR 95
AUD 98
BEC 84

[Just3Letters]

Mckan,

I love government. I was lucky that Oregon State had a great professor and actually taught gov't in school.

It's my best section if you have any specific questions.

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

[Just3Letters]

Also, I just read that entire thread.

If Spartans read this,

the Becker textbook states that while Becker and other programs count you incorrect if you put J/E entries in some unnatural order (like a credit between two debits or whatever else), the CPA exam counts it correct.

In brief, the CPA exam doesn't care if you do all debits, then credits… or a debit, then a credit, then two debits, etc.

Just make sure the J/E is correct and balances!

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

[Spartans92]

Thanks Just3 for the info! I can't wait till I retake AUD it was so much easier to study for. Time to knock out the SIMS next time round! Don't we wish they can switch up Gearty for a bit.. it gets tiring real quick after several sections.

BEC- PASS

[mckan514w]

marqzho- THANKS! your reasoning makes really good sense to me- hopefully this won't be a choice I will have to make but like to always think through the “game plan”

and very helpful info on the order of journal entries CPA –

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

[Just3Letters]

no problem guys!

My biggest worry is that I'll do what I normally do on tests.

I get so anxious and nervous that I start out the first 10 minutes or so missing obvious directions or specific details because I can't relax. In college I would always go back and essentially re-do the first part of my tests!

If only I could trick myself into thinking the real thing is a practice test so I could relax a little

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

[Anonymous]

I am not able to retain information. I feel like as soon as I move to next topics I feel older topics are getting obsolete from my brain. Anyone has any suggestions or better way of studying for exam. Exam date 5/27

[ABTX411]

@mckan514w –

Similar to what marqzho said – this is what works for me (and I also posted this in another thread):

It’s important not to psych yourself out. Will there be questions on random stuff that you can’t remember? Of course. It is nearly impossible to perfectly memorize everything. But you have to look at FAR as the culmination of your entire accounting education. There are certain topics that are hit hard, but they won't pound you on anything that’s completely insignificant.

IMO, the best way to prepare is simply to answer as many MCQs as possible and to make sure you fully understand why each correct answer is correct, and just as importantly, why each incorrect answer is not right. In Wiley’s CPA Excel, you can answer the MCQs in “study mode”, which provides an explanation as to why each answer is right or wrong. The practice simulations in Wiley are not a good representation of the actual format on the exam, but it is still important to try to do as many as you can, and get familiar with searching through the AL.

While taking the exam, if you run across a question you don’t know the answer to, don’t panic, and absolutely DO NOT sit there and stare at it. You’ll just waste time. Instead, pick a random answer (so you don’t accidentally leave anything blank), flag the question, and then go back to it after you’ve finished the rest of the questions in the testlet. You never know, another question later on might jog your memory. When you go back, just try to reason through it. Narrow down the answer choices to the best of your ability, then just guess if you have to. Try to get through each testlet in 45 minutes or LESS. Unless you are super human, you will need a minimum of an hour and 40 minutes for the simulations in order to thoroughly read through everything. Remember, the 7 SIMs account for 40% of your score. I suggest the same methodology for the SIMS as I described for the MCQs. I clicked through all of them until I found the research question and answered that one first. Then I went back and did the rest. The one that stumped me the most, I left for last and then went back to it at the end.

GOOD LUCK!

BEC - 90 - 2/04/2016
AUD - 97 - 2/29/2016
FAR - 92 - 4/19/2016
REG - 88 - 5/19/2016

[Spartans92]

CPA2017, that is totally normal just keep doing MCQ. One of my advice would be do a comprehensive progress test over the chapter you just finish. So let say you finished Chapter 2 today do a 30 problem covering chap 1-2. Thats what I would have done if I get to start over again. I am sure a lot of the material would come back during review phase. I redone some of the hw last night and it was def. easier than the first and better scores.. Good luck!

I am still having issues with the JE on pensions like the DR OCI Cr Net periodic pension cost… those are so confusing.

BEC- PASS

[Anonymous]

Thanks ABTX411

[Anonymous]

Thanks Spartans one thing I learn from Internet and do not remember the source but
Just remember this:
Left= Debit
Right=Credit
Left=Asset(balance increased with left)
Right= Liabilities and Equity(balance increased with right)

[Lidis]

Hello, I need help on this questions
A company reported the following financial information:

Taxable income for current year
$120,000

Deferred income tax liability, beginning of year
50,000

Deferred income tax liability, end of year
55,000

Deferred income tax asset, beginning of year
10,000

Deferred income tax asset, end of year 16,000

Current and future years’ tax rate
35%

The current-year’s income tax expense is what amount?
$41,000
$42,000
$43,000
$53,000

Why the answer is $41, 000 and not $42,000?
120,000* 35% = 42,000

[marqzho]

Dr. DTA 6000
Cr. DTL 5000
Cr. income tax expense 1000

REG 90
FAR 95
AUD 98
BEC 84

[Author]

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