[jeff]

Welcome to the FAR CPA Exam study group for July & August 2018 exams. 🙂

Please introduce yourself & when you’re taking your exam (approximate timeframe).

FAR Study Group Links and Resources:

1. NINJA Monthly – Full FAR Course for $67/mo
2. How to Study for FAR with NINJA Only
3. How to Pass FAR in 20 Days
4. How to Retake FAR After Failing
5. Video: Study Advice for FAR
6. CPA Reviewed Podcast
7. CPA Exam Score Release Dates
8. NINJA MCQ Trending vs Actual FAR Scores
9. I Passed the CPA Exam!
10. I Passed FAR!
11. NINJA FAR SIMS List by Topic
12. Free Downloads: NINJA FAR

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

[krstnam]

I took FAR today. It wasn't a complete train wreck, but there was definitely a small collision – no fatalities.
The first testlet was probably average, some I knew, some i kinda knew others, and of course I did some educated guessing. The second testlet had me shook. The questions were like, The statement of cash flows has three sections, what is the diameter of the sun?
SIMS weren't so swell either. The authoritative literature was brutal, I think I got the response but it was in a weird place, none of the words in the question were keywords that were searchable. LAME! other than that I had 4 comprehensive DRS' that were incredibly time consuming.
I did my time benchmarks as such:
Finish 1 – 3:15h
Finish 2 – 2:30
Finish 3 – 2 hr
finish 4 – 1 hr
The 2nd testlet took a while and I was getting behind, I fast answered the last 4 or so questions – I think I correctly answered t two of them, and the others I was able to eliminate at least one or two of the possible responses. I'm glad I rushed those final four questions because I only had 2 minutes to spare.
In the past, I've always got several questions in a certain content area, this time around, I was expecting at least one or two and got none. That actually happened on several content areas that I've either been told are heavily tested, of I've seen them in my last four attempts and ended up with no questions in major areas and i was pretty surprised.
If you are still testing in the next few days, good luck!

[Lioness]

Hello
I took the FAR exam yesterday and here is my story…….I studied for about 4 months felt I pretty much knew my study material in and out, however during my mock tests I was weak in MCQ and took a lot of time to get through these, always checking my answers etc trying to work through the tricks! On exam day I took even longer! I took 2.10 hours doing MCQ an hour to do testlet 2 and about an hour for 4 and 5, and ran out of time without attempting testlet 5 properly, guessed all three tabs needless to say even if I got a perfect score on the MCQ I took too much time to do, it would be a miracle if I passed. I am shook not at the exam itself as the questions were not too bad, however at my own poor time management, I underestimated how much time I need to do the SIMS because in the Becker mocks the SIMS were not that involving, in the exam however lots of schedules and attachments serious information overload you need time to go through the Sims.

Now I await my results, however because I am pretty sure of the result I need to start studying for the retake, however my conundrum is that I am not sure which study material to use? I used Becker which helped me understand topics which I believe I do now, however now I need to polish up on exam taking techniques and cover as many mocks and questions as possible, further my BEC expired so I need to retake that too before my REG expires on November 30th 2018. Any suggestions on which material I can use to pass these two sections in 3 months. Material that actually prepares you for the intensity of the exam?

BEC – 85 (expired)
FAR – awaiting results
AUD – 87
REG – 43, 50, 85 expires November 30th 2018

[Anonymous]

H

[Anonymous]

Hello all,

I am studying with Becker review and I am confused with the question below as to why the impairment is in Yr1 and not Yr 2 when the item is sold. can someone explain this?
On October 1, Year 1, Wand, Inc. committed itself to a formal plan to sell its Kam division's assets early in Year 2. On that date, Wand estimated that the fair value of the component's assets was $25,000 less than the carrying value. Wand also estimated that Kam would incur operating losses of $100,000 for the period of October 1, Year 1 through December 31, Year 1 and $50,000 for the period January 1, Year 2 through February 28, Year 2. All estimates proved to be materially correct. Disregarding income taxes, what should Wand report as loss from discontinued operations in its comparative Year 1 and Year 2 income statements?
answers
Yr1 125,000. Yr2 50,000

[jonm857]

Can someone explain how understated inventory results in overstated COGS? Thanks!

B - 81
A - 87
R - 73
F - July 5th

[Globetrotter]

Jonm,
It depends whether you are talking about beginning inventory or ending. Understated BI would understate COGS.
But in most cases, like in yours, you would deal with EI.
When faced with this problem, I write an equation:
BI + Purchases – COGS = EI.
Solving for Cogs = BI + Purchase- EI.
If EI goes down, you are subtracting a smaller number. Thus Cogs goes up.
Hope this helps.

[krstnam]

Lioness – Maybe you could add Ninja or the Gleim test bank. I think you can buy one section of the Gleim test bank for about $250, but they run specials. If you need more than just a test bank, Ninja will for sure offer you more bang for your buck, it's less expensive too, I think it's like one month of full access for less than $75. I like the NINJA scoring metrics. I've been using strictly the Gleim test bank for my retakes but that's just because I got a whole package on a steep discount earlier this year.
I think if you have to retake the FAR exam, you'll do better next time when you put more effort into time management. I think if you don't pass, try not to be too discouraged because you weren't given the opportunity
Good luck!!

[jonm857]

@globetrotter –> thanks for the response on my COGS question from earlier

B - 81
A - 87
R - 73
F - July 5th

[jonm857]

Can somebody help understand why we include the converted preferred shares in the Weighted avg common shares O/S formula in computing BASIC EPS??? I thought all of the convertible securities (except for contingent shares in some situations) were ignored when computing BASIC EPS… I am referencing a question from the becker MCQs.

Thanks!!

B - 81
A - 87
R - 73
F - July 5th

[Globetrotter]

Jon,

I think those shares are used in weighted average calculation because they have been CONVERTED and became common.

[jonm857]

@Globetrotter – thanks, that makes sense.

B - 81
A - 87
R - 73
F - July 5th

[Anonymous]

Now, that the dreaded REG exam is in my rearview mirror (Pearl Jam), I am focusing in on FAR. I'm doing Roger from start to finish. I'll do all the videos and about 90% of the MCQ. I also have Wiley as a gift from WGU for acquiring my Masters with them. For sections like Pensions I studied deep with Roger and Wiley. I plan to use this approach for any really difficult sections. Thankfully, I don't see very many “difficult” (like pensions) sections. FAR is just so massive! For the TBS I'll use Wiley just because it's a bit more user friendly than Roger. Roger has 33 sections in FAR. I'm on section 22 and feeling a little worn out. AUD has 12 sections and BEC has 9 sections (Roger). I'm really looking forward to these smaller exams.

[Anonymous]

@Dwayne, congrats on getting REG out of the way. FAR is a beast, no doubt. If you can knock it out, you are on the eas(ier) hill down. I think you'll find both BEC and AUD very manageable in comparison to REG and FAR. For me, the hardest part of FAR was NFP and governmental stuff.

[Stonelotus]

@CH: We will record the impairment loss at the time Wand committed itself to sell. For the financial statement ended year 1, the loss has to be recorded.

[Author]

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