[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for FAR.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

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

[n_sundar5]

Hi, I understand that Apple iPad Pro has got great functionality combined with Apple Stylus. I use to take notes in hard copy of books which is enabled by this feature of iPad

I have 2 Qns…..

1. Does any of the CPA Review courses (like Becker, Roger etc) the ipad version, allows to take had written notes, underlining, highlighting with a Stylus, Colouring or adding objects?

2. I have a kindle version of a MCQ – pls clarify whether ipad Kindle functinality does accomodate ipad with Stylus functionalities

Pls advice

Thx

[Anonymous]

I took FAR yesterday! It's hard to say whether my MCQ got harder or not. Sims went well overall. I answered all of the sims and feel mostly good about them! We'll see on 11/22!! Praying for that 75!! Time to study for REG for my re-take (since it expired) on 12/10/16!

[Mosdef31]

I'm reattempting to take the CPA exam starting from FAR which I've scheduled for Dec 1. I'm currently using Wiley CPA excel but I've used Becker in the past. I had completed AUD with Becker years ago but I gave up because I was unable to pass REG after 2 attempts. I'm hoping I can have better results this go around because back in 2012 I was working long hours and was not able to spend enough time after work and on weekends studying. In previous exams I scored “Stronger” or “Comparable” on multiple choice questions but I always scored “Weaker” on the sims according to the score reports so I'm focusing on the sims this go around.

For anyone using Wiley CPAexcel have you noticed on the Sims sometimes they only acknowledge you have the wrong answer but don't provide you the right answer?

I chatted them about the sim (TBSFCO0228 Classification) and the person said they would have one of their techs look into it/fix it and get back to me but they never did.

[MariyaMN]

Hi,
I would like to ask what is the difference between NINJA MCQ: FAR and NINJA PLUS: FAR? Till now I used Wiley but I heard a lot of good things about Ninja. I am planning to pass FAR in February 2017 and I would like to help myself but I am not sure what would be the best to buy for that. Can you please give me some advice?
I would appreciate it!

[mckan514w]

@MariyaMN I think with Plus you get the book and the audio along with the MCQ's…

Maybe someone else can answer better- I have always just done the MCQ's (well I have ever since I failed FAR the first time 😉 )… Also on the side there is a link that says “Ask Jeff”… he should be able to answer any questions you have on the product but I will say they are GREAT! Good luck!

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

[accountingisfun]

Well… Think I did worse than I did last time even though I had better grasp on the overall concepts… Just couldn't recall all the minute details in the alloted time … 🙁

Good luck to everyone else!

[mckan514w]

🙁 oh no Accountingisfun!!! Hopefully you didn't do as bad as you think– thought I BOMBED my BEC retake and it turned out okay– fingers crossed for you!!

Can anyone help me understand why they wouldn't recognize 50% of the sale in this question if it was due on October 1, year 1? I understand the recognition of 50,000 gallons on December… but don't get why you wouldn't recognize the 50% if you received it? Thanks!

On October 1, Year 1, Acme Fuel Co. sold 100,000 gallons of heating oil to Karn Co. at $3 per gallon. Fifty-thousand (50,000) gallons were delivered on December 15, Year 1, and the remaining 50,000 gallons were delivered on January 15, Year 2. Payment terms were 50% due on October 1, Year 1, 25% due on first delivery, and the remaining 25% due on second delivery. What amount of revenue should Acme recog­nize from this sale during Year 1? Correct answer B

A.$75,000

B.$150,000

C.$225,000

D.$300,000

Revenue is recognized when the earnings process is complete and the exchange has taken place. Only 50,000 gallons have been “exchanged” by delivery. Therefore, revenue would be:

50,000 gallons × $3/per gallon = $150,000

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

[A1lessio]

Anyone here use Far Audio? like something you can download on your Itunes? I commute a lot and I can't do the Becker app MCQs for FAR because they're all computations. As of right now I just re-listen to lectures.

AUD (08/02/2016)

[A1lessio]

Can someone explain the passkey on F3-16 for the equity method. It's under E. Differences between the purchase price and book value of the investee's net assets. I don't get it.

AUD (08/02/2016)

[mckan514w]

wanted to come back and answer my own question above and I kinda feel like an idiot for not knowing it before… but the 50% paid in October would be classified as deferred revenues until earned. DUH 🙂 Hopefully this will help someone else.

@A1lessio- we all are working from different study material so have no clue what F3-16 refers to or what specific questions you have. You might get a better response if you post a specific question instead of just the section number and ask for explanation 🙂 From the sounds of it– is sounds like you are talking about recognizing goodwill but that is only a guess on my part.

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

[A1lessio]

mckan514w – Yes I was and it makes sense now. Will do for next time.

AUD (08/02/2016)

[ElyseMorgan]

@A1lessio I was thinking of purchasing the NINJA FAR audio as well. I did enjoy the AUD audio and listened on my commutes

B - August 2016
A - June 2016
R - October 2016
F - July 2016

[jeff]

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

[Anonymous]

A.

[A1lessio]

Having a much easier time with Becker F3 on business combinations. F2 was brutal and so random. Scoring in the 60% range now and not in the 45-50% range anymore.

AUD (08/02/2016)

[Author]

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