[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

[jeff]

FAR Winners
OP
HayHay
shank
Sunshine
ebsflo

Please email support@ninjacpareview.com to request your access. HIYA!

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

[Pepper]

I have taken Audit, but don't have my score yet and am planning on taking FAR at the end of August or beginning of September. The date has gotten pushed back to due my lack of motivation and change of schedule with my kids this summer. I'm using Becker and am struggling with no reporting to anyone, no classroom, no deadlines, overwhelming amount of content, and anxiety that I won't remember it all. Any suggestions?

[Mark]

Hell0,
My name is Mark. I am just beginning my Ninja journey. I am planning on taking FAR in August 2018. What keeps me up at night is being so far removed from my BA degree. My only tip ( which I am doing) is just do it

[nikkie320]

Hi
My FAR exam is coming up on July9th
I’ve finished my Mock exam 1 (there are 2 actual mock exams) I have 1 left to do.
However, I got a 73 on the mock exam, mostly because I flew threw the MCQ testlets and made a few silly mistakes on it. Then, the sim is a little easier and I finished at home with more than 1hour left. Any advice and tips on whether the actual test is easier or harder than Becker?
Thank you so much

[Anonymous]

I just started studying for FAR and hope to test mid-August. Anyone located in Houston, TX want to possibly study together?

[cpaswag]

https://exams.aicpa.org/cpaexam/Start.html

for the last problem on sims for FAR how is 398,000 for R+D expense calculated

[dtking1988]

Taylor Corp., which began operations in 20X1, accounts for revenues using the installment method. Taylor's sales and collections for the year were $60,000 and $35,000, respectively. Uncollectible accounts receivable of $5,000 were written off during 20X1. Taylor's gross profit rate is 30%. In its December 31, 20X1, balance sheet, what amount should Taylor report as deferred gross profit?

A.$10,500

B.$9,000

C.$7,500

D.$6,000

Sales for 20X1 $60,000
Less: Collections in 20X1 $35,000
Accounts written off in 20X1 5,000 40,000
——- ——-
Uncollected Sales on 12/31/X1 $20,000
Times gross profit rate x 0.30
——-
Equals deferred gross profit on 12/31/X1 $ 6,000
=======
Why would we pull out the write offs in our calculation for gross profit? Isn't gross profit calced above expenses? When you increase bad debt and subsequently write off AR, it does not hit revenue, only expense.

[Anonymous]

Can someone explain why you'd add dividend payment should be added to increase in assets?

Question:
The changes in account balances of the Vel Corporation during Year 6 are presented below:
Increase Assets $356,000
Liabilities 108,000
Capital stock 240,000
Additional paid-in capital 24,000
Vel has no items of other comprehensive income (OCI), and the only charge to retained earnings was for a dividend payment of $52,000. Thus, the net income for Year 6 is

A. $68,000
B. $36,000
Answer (B) is correct.
Assets equal the sum of liabilities and equity (contributed capital, retained earnings, and accumulated OCI). To calculate net income, the dividend payment ($52,000) should be added to the increase in assets ($356,000). The excess of this sum ($408,000) over the increase in liabilities ($108,000) gives the total increase in equity ($300,000). Given no items of OCI, the excess of this amount over the combined increases in the capital accounts ($264,000) equals the increase in retained earnings ($36,000) arising from net income.
C. $16,000
D. $52,000

[TC85]

I have been using Roger and found it very helpful considering my short study slots and inability to stay focused for too long. PLus his videos are quite entertaining lol. I'm going to be adding Ninja because I think I need a little something extra to push me over. I think if I didn't have so much in my personal life I may have been able to finish with one course, but I've become fatigued and plateaued a bit. I'm actually going to retest for the 3 I missed in 2nd qtr since I'm due with my 3rd child near the end of August but there's no 4th qtr group yet AND I'd like to go full throttle rather than slack and plan on having extra time.

Good luck!

[J]

When are you taking your exam? September 2018-retake from Q2 2018.
What exam topic keeps you awake at night? Bonds
One study or career tip others might find helpful. Believe in yourself and keep pushing!

Best of luck everyone!!

[Anonymous]

Last day of the blackout window. Is anyone taking this exam super early?

[Anonymous]

Hello All,

I am 2 weeks out from taking my very first CPA exam, FAR. I've just completed the study portion of my Gleim CPA review course. I'm feeling overwhelmed as to how to structure the next two weeks of my time. I'm looking to hear how others spent the last two weeks before the exam. I have quite a few days over the next two weeks where I don't have to work so I can devote those days to studying. I plan to take my exam rehearsal tomorrow morning.

[deitschmannc]

I have looked around but have unable to find a definitive answer to a question I thought of, so any insight would be greatly appreciated. I am using Becker and on the mock exam for the TBS questions I noticed that even if I got the account titles right that if the number was wrong it counted the entire row of boxes wrong. I was wondering if anyone knew if that was how the actual exam would work or if it would give partial credit for the account titles?

[mashi]

@cpaswag so you want to reconcile R&D expense. If you look in the document, marketing research and corporate accounting & finance salaries would not be considered R&D expenses. 215,000 + 183,000 = 398,000 is what you need to subtract in R&D expense. hope this helps!

[cpaswag]

@mashi thanks a lot!

[Author]

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