- This topic has 799 replies, 126 voices, and was last updated 8 years, 6 months ago by
mckan514w.
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September 14, 2016 at 8:42 pm #836137
jeff
KeymasterWelcome 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).
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November 29, 2016 at 4:40 pm #1330020
mckan514w
Participanthave never used Gliem but that is where I am heading if I fail FAR again. I actually kind of like the fact that Ninja gives you repeat questions though because at least for me it helps reinforce concepts I do know so I don't forget them- which is very easy for me to do.
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- 9/2November 29, 2016 at 4:42 pm #1330023mtaylo24
Participant^^^I hear you, it's cool for hard questions, but I swear I see the some of the most basic questions constantly. Or I will get a hard one wrong and never see it again.
AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)November 29, 2016 at 5:59 pm #1330074jcman240
ParticipantWell, I just got done with my 1st FAR test and I have no doubt that I completely failed. The MCQ testlets were not that bad, felt like I knew 80% of what was being asked and was able to get done with them in a little under 2 hours. Got to the Sims and it was game over. 4 of my sims were extensive Dr/Cr ones with an incomprehensible amount of material to filter through to get the right answers/entries. Had a balance sheet sim that would take the smartest guy in the room at least 30 min to do. Only the research and another one that required 8 responses were reasonable to me… I dont even know if I could have got the Sims done in 4 hours… it got to the point where I was laughing out loud at how ridiculous this was. Eventually I just entered zeros for each line of the Dr/Cr sims that I didnt finish, which was a lot, and submitted with 10 min left, there was no hope on this one… I need to understand Dr/Cr better, any suggestions for next time? does Becker or one of the other review courses cover them in depth for all subjects? They make sense when I see them in a book, but very difficult for me to know how to spell them out from random fake data given to you for this exam…
November 29, 2016 at 6:32 pm #1330109mckan514w
ParticipantOkay guys my brain is OFFICIALLY FRIED- ugh…
@jcman240 those sound like some of the SIMS i had on my first go round- but unlike you I didn't feel good about the MCQ's– so keep holding out hope you never know until the scores come in- fingers crossed for you. As for DR / CR's I have been TRYING to attempt to do them as I go along with MCQ's just to give myself extra practice. 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- 9/2November 29, 2016 at 7:05 pm #1330133mtaylo24
ParticipantLets give this simulation a try Ha!
The following companies had these results from operations:
Marlin, Inc., had beginning inventory of $10,000 and ending inventory of $13,000 during Year 1. Also during Year 1, Marlin purchased $5,000 of inventory and had credit sales of $6,000.
Rays Co. purchased $6,000 of inventory during Year 2 and had cash sales of $9,000. Inventory was valued at $2,000 at the end of Year 1 and $4,000 at the end of Year 2.Select from the pop-up boxes accounts for each journal entry below. Double-click on each blank box to see a list of answer choices and click on your selection. Each choice may be used once, more than once, or not at all. Then, enter the appropriate amounts in the shaded cells. Enter all amounts as positive numbers. If no entry is necessary, select “No entry necessary” in the Account column and leave the Debit and Credit cells blank.
For each JE provide 1.) Accounts 2.)Debit 3.)Credit
***Accounts to choose from (Cash, AR, Sales, Cost of good sold, Cost of goods manufactured, Inventory, Gain, Loss, No entry necessary)***
Journal Entries for Marlin, Inc.:
1.) To record sale
2.) To record costs of goods sold
3.) Adjusting Journal Entry to Close Books
Journal Entries for Rays Co.:
1.) To record sale
2.) To record costs of goods sold
3.) Adjusting Journal Entry to Close Books
AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)November 29, 2016 at 8:08 pm #1330172emichelle2321
ParticipantMy brain is beyond fried and I have so much more to get through tonight to stay on track. Whewwww
Consolidations are definitely one of my weaker areas and I'm praying I don't have a sim on that.
November 29, 2016 at 8:40 pm #1330212mtaylo24
ParticipantHow am I supposed to find this research sim if they can't even spell? My search was for pro forma:
Q: During the year Mike Co. made a significant change in the rate of uncollectibility in its aging schedule of accounts receivable. This change has a material effect on the balance of accounts receivable. The controller of Mike Co. wants to prepare pro forma financial statements to report accounts receivable and bad debt expense for prior periods.
Research and cite the appropriate paragraph in the FASB's ASC that can help the controller to determine whether pro forma financial statements should be reported in this situation.
AL: 45-17 A change in accounting estimate shall be accounted for in the period of change if the change affects that period only or in the period of change and future periods if the change affects both. A change in accounting estimate shall not be accounted for by restating or retrospectively adjusting amounts reported in inancial statements of prior periods or by reporting pro orma amounts for prior periods.
AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)November 29, 2016 at 9:04 pm #1330229A1lessio
ParticipantNovember 30, 2016 at 12:33 am #1330433taiyab
Participant@ mtaylo24
The answer is ASC 250 10 45 17 and the FASB codification seems perfect when i checked.
November 30, 2016 at 1:04 am #1330451Claudia408
Participantmckan / spartans – just saying hi. i'm gonna be back studying FAR in January. womp womp. you guys will prob be done with this s*t, lol. i just can't F-ing get over the randomness and presentation of the SIMs… this goes for Reg too. Latest FAR attempt i scored STRONGER in MCQ and WEAKER in SIMs… i don't know how i'll get over the SIM HUMP! Anyhoo, have fun, i still need to knock out Reg on 12/9… big day for us mckan!
BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8November 30, 2016 at 1:47 am #1330461emichelle2321
ParticipantI am so scared for the SIMs. Ugh I want this to be over but also could use another month. I really don't think I'll ever feel ready. 12 hours of studying today gonna try to keep being positive…
November 30, 2016 at 6:07 am #1330491mtaylo24
Participant@taiyab Are you using Gleim? I don't know why my AL had spelling errors, I could have easily solved it.
AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)November 30, 2016 at 7:03 am #1330518mckan514w
ParticipantWoo Hoo Claudia- rate I am going I will be back in here with you in January- am almost counting on it at this point 🙂 Good God this is so much info to keep in my head… feeling MUCH MUCH better than last time around but still not good enough to pass… grrrrrr….. GOOOD LUCK ON REG!!!!
@Mtaylo- damn you and your sims… here's my best go at it 🙂
Marlin, Inc Y1
DR AR 6,000
CR Sales Revenue 6,000
(to record credit sale)DR COGS 2,000
CR INV 2,000
(to record Cost of Sales)BONUS
DR Inv 5,000
CR AP 5,000
(to record purchase of inventory)CLOSING ENTRY
DR Sales 6,000
CR COGS / Expenses 2,000
CR GAIN 4,000Rays Co Y2
DR Cash 9,000
CR Sales Revenue 9,000
(to record Sales)DR COGS 4,000
CR INV 4,000
(to record COGS)DR Sales 9,000
CR COGS 4,000
CR Gain 5,000
(To close books)Let me know… man I hate SIMS!!!
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- 9/2November 30, 2016 at 7:05 am #1330520Mscfisher
ParticipantI'm right there with you @mckan. I think i need another month to absorp all this. My test is in 8 days and i haven't hit the review stage yet.
November 30, 2016 at 7:10 am #1330521mckan514w
ParticipantI've hit review but my average is still in the mid to upper 60's which does not make me comfortable in the least… Just need to keep grinding it out… I am so ready for a break…
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 -
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