Potential FAR Simulation Topics Straight from the AICPA - Page 11

  • Creator
    Topic
  • #1650700
    Lentilcounter
    Participant

    During one of the most recent AICPA/NASBA webinars, the AICPA presenter bought up the CPA exam blueprints available on the AICPA website. He said that we should reference these blueprints in preparing for the exams and then there should be no surprises. He also said that any content group/topic that is tested at the analysis level is fair game for a simulation. I have created a short summary below. While the language in the blueprints can be somewhat vague, I think if you at least have a mastery of the topics below, simulations shouldn’t scare you.

    Balance sheet/statement of financial position
    A) detect, investigate and correct discrepancies while agreeing the balance sheet amounts to supporting documentation
    B) calculate fluctuations and ratios and interpret the results while reviewing comparative balance sheets

    Income statement/statement of profit or loss
    A) detect, investigate and correct discrepancies while agreeing the income statement amounts to supporting documentation
    B) calculate fluctuations and ratios and interpret the results while reviewing comparative income statements

    Statement of comprehensive income
    A) detect, investigate and correct discrepancies while agreeing the statement of comprehensive amounts to supporting documentation

    Statement of changes in equity
    A) detect, investigate and correct discrepancies while agreeing the statement of changes in equity to supporting documentation

    Statement of cash flows
    A) detect, investigate and correct discrepancies while agreeing the statement of cash flows to supporting documentation
    B) derive the impact of transactions on the statement of cash flows

    Notes to the financial statements
    A) compare the notes to the financial statements to the financial statements and supporting documentation to identify inconsistencies and investigate those inconsistencies

    Consolidated financial statements (including wholly owned subsidiaries and noncontrolling interests)
    A) detect, investigate and correct discrepancies while agreeing the consolidated financial statement amounts to supporting documentation

    Cash and cash equivalents
    A) reconcile the cash balance per the bank statement to the general ledger
    B) investigate unreconciled cash balances to determine whether an adjustment to the general ledger is necessary

    Trade receivables
    A) prepare a rollforward of the trade receives account balance using various sources of information
    B) reconcile and investigate differences between the subledger and general ledger for trade receives to determine whether an adjustment is necessary

    Inventory
    A) reconcile and investigate differences between the subledger and general ledger for inventory to determine whether an adjustment is necessary
    B) prepare a rollforward of the inventory account balance using various sources of information

    Property, Plant, and Equipment
    A) prepare a rollforward of the property, plan, and equipment account balance using various sources of information
    B) reconcile and investigate differences between the subledger and general ledger for property, plant, and equipment to determine whether an adjustment is necessary

    Payables and accrued liabilities
    A) reconcile and investigate differences between the subledger and general ledger for accounts payable and accrued liabilities to determine whether an adjustment is necessary

    Revenue Recognition
    A) interpret agreements, contracts and/or other supporting documentation to determine the amount and timing of revenue to be recognized in the financial statements
    B) reconcile and investigate the differences between the sales subledger and the general subledger to determine whether an adjustment is necessary

    Account changes and error corrections
    A) derive the impact to the financial statements and related note disclosure of an accounting change or an error correction

    Contingencies and commitments
    A) review supporting documentation to determine whether a commitment or contingency requires recognition or disclosure in the financial statements

    Leases
    A) interpret agreements, contracts and/or other supporting documentation to determine the appropriate accounting treatment of a leasing arrangement and prepare the journal entries that a lessee should record.

    Subsequent events
    A) derive the impact to the financial statements and required note disclosues due to identified subsequent events

    BEC = 79

    AUD = 79

    FAR = 84

    REG = 86

    Prayer + AICPA blueprints = my success

    BEC = 72 (6/08/16)
    FAR = ?
    REG = ?
    AUD = ?

Viewing 15 replies - 151 through 165 (of 183 total)
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    Replies
  • #1719260
    Anonymous
    Inactive

    Has anyone associated gleim sims with corresponding blueprint items?

    #1720099
    Anonymous
    Inactive

    Just took FAR for the second time last Thursday. I received a SIM on a topic that was marked “application” only and not “analysis” on the Blueprint released. So does that mean it was a Pre-Test question? I hope so b/c I bombed that Simulation due to only studying that area to understand at the MCQ level.

    #1720130
    satyakatiwal
    Participant

    So you had only one application SIM ? Most likely pretest .

    AUD - 79
    BEC - 80
    FAR - 87
    REG - 81
    Satya Kantiwal

    FAR ( 68,59,60,60,74, 87)

    #1720165
    Anonymous
    Inactive

    Actually I had 2 that were application only after looking at the blueprint again. Am I allowed to state what area they were in?

    #1720166
    satyakatiwal
    Participant

    Two applications means none may be pretest. IS or cash flow can be application but may be SIM . Similarly there are application which says prepare JE again that can be SIM . NFP has application which just looks like Analysis like correct Cash flow or IS . I prepare them like SIM.

    AUD - 79
    BEC - 80
    FAR - 87
    REG - 81
    Satya Kantiwal

    FAR ( 68,59,60,60,74, 87)

    #1720168
    satyakatiwal
    Participant

    @Tiderfl , what percentage you could finish those Applications level SIMs ? Overall how you did on SIMs n MCQ . Any suggestions ?

    AUD - 79
    BEC - 80
    FAR - 87
    REG - 81
    Satya Kantiwal

    FAR ( 68,59,60,60,74, 87)

    #1720171
    Anonymous
    Inactive

    One of the “application” Sims I had no clue how to complete it so would be lucky to get any credit. The other was a topic I was strong in and was able to do it however they provided a lot of information and dates that were important in completing it so it slowed me down.

    I completed a lot of MCQs through Becker everyday covering most of each topic everyday. I didn't focus much on NFP or Govt. b/c I figured they'd be mostly MCQ. That was my weakest area on MCQ. I then also did Sims in areas I thought would be covered as SIMs leading up to test day. I made notes of about 15 pages that I read everyday that would help me recall information.

    I feel like I did much better this time but I've heard that when People feel they did well they get a failing score.

    My advice is to do SIM practice even though they may not be as comparable to the real ones I still felt they were beneficial. I took bad advice going into first take and did hardly any SIms and paid the price.

    #1720175
    satyakatiwal
    Participant

    As this is your second retake and u feel better that’s good . Hope you pass . You have raised a good question here as people debated if application can be SIM n most agreed if at all it appears then it must be pretest . Since u got two applications then it’s clear it may not be . Another guy also confirmed application level SIM n that too from NFP. I was focusing on Analysis level.

    AUD - 79
    BEC - 80
    FAR - 87
    REG - 81
    Satya Kantiwal

    FAR ( 68,59,60,60,74, 87)

    #1720190
    rp 12
    Participant

    This thread is very helpful.

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    AUD - 67, 62, 77 (lost credit), TBA

    FAR - 53, 48, 58, 62, XX

    BEC - 53, XX

     

    "Success in life comes when you simply refuse to give up, with goals so strong that obstacles, failure, and loss act only as motivation"

    AUD: 68, 62, 77✔ (expires 10/31/16)
    FAR: 53, 48, XX (retake 6/16)
    REG:
    BEC: 53

    #1728112
    Anonymous
    Inactive

    For all those who doubt this approach-don't…I just learned I got an 81 on my re-take and I believe it was in large part by relying on this thread and looking to the blueprint to make sure I was proficient in all those application level skills. @Lentilcounter and @Ana-you guys are amazing for having started this and shared your knowledge with the larger group! Thank you so much!

    #1728118
    Lentilcounter
    Participant

    Congrats! Well done CPA! 🙂 You are welcome.

    BEC = 79

    AUD = 79

    FAR = 84

    REG = 86

    Prayer + AICPA blueprints = my success

    BEC = 72 (6/08/16)
    FAR = ?
    REG = ?
    AUD = ?

    #1737291
    Ana
    Participant

    @anyatver I've been thinking about you since you took your last far exam, literally counting down the days for your score release. I am so happy for you and knew you would do it. I told you that you would and glad you didn't make me out to be a liar LOL. CONGRATULATIONS!!! So sorry I haven't gotten a chance to come on here to celebrate you earlier.

    Passed along the blueprint to a friend studying for FAR and he went from a 52 to 77!

    BEC - 78
    AUD - 75
    REG - 64, 77
    FAR - 73, 73, 73, 82
    Ethics: 74, 84, 98
    Finally done after 23 months.
    #1737389
    Anonymous
    Inactive

    @Ana-thank you so much! It feels great to be on the other side of it! I love the support I get from this forum 🙂 I am so happy you weren't wrong either! Yes, this thread is gold, even Jeff said so:) LOL!

    #1742945
    sacpa
    Participant

    Has anyone done the same as above posts with Gleim?

    Winners don't quit. Quitters don't win.

    FAR - < than 75, 10/2013, 2/2015
    BEC - < than 75, 10/2013
    AUD - < than 75, 8/2015, 1/2016

    ~ Winners fail until they succeed. Losers quit when they fail. - Robert Kiyosaki
    ~ I survived because the fire inside burned brighter than the fire around me.
    ~ Something will grow from all you are going through. And it will be YOU.
    ~ Right now you may not be where you intend to be, but it's where you need to be in order to get where you want to go.

    #1744394
    sacpa
    Participant

    There is a webinar ‘Get to know the CPA Exam Blueprints' hosted by AICPA on 3/27/2018. Following is the link to register.

    https://event.on24.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=1627135&sessionid=1&key=E9224DB6925FEB4DF34E6791F9318C45&deletecookie=true&sourcepage=register

    Winners don't quit. Quitters don't win.

    FAR - < than 75, 10/2013, 2/2015
    BEC - < than 75, 10/2013
    AUD - < than 75, 8/2015, 1/2016

    ~ Winners fail until they succeed. Losers quit when they fail. - Robert Kiyosaki
    ~ I survived because the fire inside burned brighter than the fire around me.
    ~ Something will grow from all you are going through. And it will be YOU.
    ~ Right now you may not be where you intend to be, but it's where you need to be in order to get where you want to go.

Viewing 15 replies - 151 through 165 (of 183 total)
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