[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

[Spartans92]

hey zyx, sorry I think I will need a specific question of some sort like Malo Tu said in order to understand… if we receive payment we are reversing the entry because it is no longer uncollectible. I guess you could say that because you reversed the entry so the adjustment is wiped out.

BEC- PASS

[patelhj1]

ImCPA Great Review and a bit of a motivation / relief on the SIMS!

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

[KJ]

Cancer Educators, a not-for-profit entity, incurred costs of $10,000 when it combined program functions with significant fundraising functions. Which of the following cost allocations might Cancer report in its statement of activities?

A.
Program services: $0; Fundraising: $0; General services: $10,000

B.
Program services: $0; Fundraising: $6,000; General services: $4,000

C.
Program services: $6,000; Fundraising: $4,000; General services: $0

Incorrect D.
Program services: $10,000; Fundraising: $0; General services: $0

I don't understand how they split $10,000 between program services and Fundraising. Can someone please explain?

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]

Kanwal,

when you elect to combine program and fundraising costs, you allocate the costs based on the relative portion of each on the statement of activities. So, if you are splitting 10,000 between fundraising and program expenses, the entire 10,000 must be allocated between those two functions. The only option that separates 10,000 between program and fundraising is C 🙂

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

[MaLoTu]

I agree with Just3, they don't tell you the amounts allocated, but the only option is a split between program and fundraising, i.e., C.

[KJ]

Got it!! Thanks for the clarification Ninjas!!!

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

[pracap]

Hey guys,
I bought Ninja MCQs,
can anybody let me know, under which topic contract accounts is covered? % completion vs completed contract.

[SONA]

Message = Hi Jeff,
I am following another71 for so many weeks now. I read when people have just 2-3 weeks for final review thay solve 500-700 MCQ a day. Wow that's a lot.
I finished my F-10 with becker. Now when i think do some MCQ i think i dont remember anything. Untill now whenever i did h.w. i write every question and solved it. and every question took me 4-6 minutes.

I am so worried now, I have only 2 weeks left for the exam. also i feel like I dont remember anything. How can i do MCQs atleast 200-300 every day.
Please Jeff, please tell me some tips. I am very much worried now. I cannot afford to Fail the exam. 🙁

[Spartans92]

@SONA, I honestly think it will be hard to hit 200-300 MCQ per day. Is it possible? Sure, everyone learns on a different level. The whole idea is to understand the big picture..I didnt quite get this until I saw the Questions on the actual exam.There is no WAY the AICPA can test you in such detail like Becker does. All my calculation questions were very straightforward but its whether you know the process, by that I mean do you add in depreciation or deduct when you calculate operating cash flow, for instance.

The Becker final is definitely a good practice and the questions are quite similar. I truly believe Becker's Questions were much more complexed than the actual exam and prob you have heard a lot from others as well.

BEC- PASS

[SONA]

Thanks for the reply.
So in these two weeks how can i gauge my self with everything? I have ninja MCQ, Becker also roger CPA review.

What should be my strategy. Can you please suggest me.

Thanks

[Spartans92]

I think that is too much material and may be overwhelming. If you have went through backer's question it may be nice to switch things up (ninja) but I personally dont think you need to use all 3 software. I would suggest working on progress test as many as you can. Things will eventually stick after repetition.

Learn your JE..they are very important. Almost all my SIMS were related to JE. Also, know Govt/NFP well enough where you can identify which fund is which. Sometime you may see a simple problem on the exam and may second guess (got a few of those), trust your guts or maybe flag and come back later to confirm.

BEC- PASS

[SONA]

Thank you So much. I will start first with ninja MCQ now untill next thursday. Then i will do progress test of becker and finals of becker when couple of days to finals. How did you practice JE. I solved all sims from F-1 to F-5 only at once. I have F-6 to F-10 to go.

Some suggestions on sims please.

Thanks once again.

[Spartans92]

I honestly didnt study too much JE. I went through the hw Q's twice and did the optional questions and some Progress test. That's prob the reason why I was lost on my SIMS LOL. Others have posted a link somewhere on here I would probably refer to that page and practice them.

The MCQ are def doable it's just the SIMS that determines pass or fail IMO.

BEC- PASS

[MaLoTu]

I keep kicking myself (figuratively) as I study … I got a 70 and probably would have gotten a 75 if I paid more attention to what FS were affected by what accounts. My last exam was SO easy compared to my first … I am an idiot! But I would say it is imperative to know the relation of accounts to FS.

It is best to have a solid clue about JE. All my sims last time were JE, some had a little more to it, but in some way or form JE were a part of all of them except the research.

[SONA]

Spartans92 Thanks a bunch on end of the time tips.

[Author]

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