Potential FAR Simulation Topics Straight from the AICPA - Page 8

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

Viewing 15 replies - 106 through 120 (of 183 total)
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  • #1659905
    Anonymous
    Inactive

    @Lentilcounter-I have to also add that even though you will never find a SIM on the test remotely close to your prep course or even AICPA, even though I had an exact one from practice test on audit, but doing the SIMS is also learning! I mean, it's still testing concepts, etc. just in a different way which is important to practice. It's all in what you are trying to get out of it.

    #1659911
    Wannafree
    Participant

    @Thank you Senthil , I have also taken far twice in new format and recognize these in blueprint but I have seen 2 SIMs from application level column of bp.But if I see even 5 SIMs from blueprint still would be dancing with loud music (out side prometric ).

    #1659914
    jeff
    Keymaster

    I don't recall people analyzing the CSOs (pre-Blueprint) like this.

    The concepts are still the concepts.

    The topics didn't change – except for what was removed.

    The Blueprints are merely a way of organizing the material for exam weighting.

    There isn't any sort of secret code to be unlocked by closely analyzing the blueprints – just study the conceptual material in your CPA Review course.

    They are going to test you on bonds, inventory, etc … not the blueprints.

    Obviously, do what you're comfortable with … just my unsolicited $.02…

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

    #1659923
    PNS2CLT
    Participant

    @Wannafree – My simulations included:

    – four DRS & research;
    – one that was NOT on the aforementioned list;
    – one that is vaguely on the list but included tasks that went beyond the scope of the description;
    – two that are similar to descriptions on the list, but the description is vague to practice within. One of them was a combination of three items in the listing… and there's not much you can do to prepare for it but know the material.

    In general, I think people's time would be better spent knowing the material and tightening their weak spots — ultimately, that will go much further than blowing time & energy on a Wiley original simulation that will never be on the exam.

    I write this as an FYI to those who think this is some type of exam hack. If some people want to believe, then so be it — it doesn't effect my life.

    #1659946
    Ana
    Participant

    This is definitely not a shortcut or hack to studying your tush off for far by any means, the worst of the 4 exams IMO. You must do mcq, must study all of the material, must go over and over your weak points, but in my case the blueprint was very handy in having an outline to follow during the review phase. IT DID NOT replace or limit my studies to just the topics mentioned. It is just another tool in the many we all use to study (e.g ninja, flashcards, mcq, book, lectures, notes, progress tests, forum, skills practice). Use it for what it's worth or don't. Many people have passed without. I did all of the sims without the blueprint but redid the ones I correlated with the topics. We'll seen 12/19 if I did myself any favors, here's to really hoping I did.

    #1663993
    Andrew808
    Participant

    can anyone confirm if I should spend time working Governmental Accounting related SIMS? i'm 3 weeks out and would like to know if I should spend time working those SIMS.

    Note: I feel strongly about the MCQ, but haven't looked at any of the Govt Accounting SIMS and would prefer not to

    #1664006
    Ana
    Participant

    I'd say pass, it's not on the blueprint either.

    #1664008
    Andrew808
    Participant

    Thanks @Ana, my study process is to rewrite the textbook, then work MCQs once, work SIMS once, and do a practice exam once…followed by a high level rewrite of each focus area…this is the first Exam i've saved enough time to rework everything twice so i'm a bit twisted on what to focus my efforts on since the FAR material is so diverse and detail oriented

    #1664042
    Ana
    Participant

    @Andrew what do you mean re-write the textbook? also, can you give me any bec tips? did you pass after the change?

    #1664047
    Andrew808
    Participant

    @Ana I literally rewrite every single page of the Becker Lectures (in bulleted format based on the topics displayed) and make notes on the instructor comments lol it's tedious but that's how my brain commits the material to memory.

    I passed BEC before the day before the change and focused on the overarching concepts rather than the details. I didn't read the IT chapters at all, only used the Ninja audio and logic to pass. But, I would HIGHLY suggest reading through that section and doing MCQ because you never know what you're going to be tested on.

    Huge tip for BEC, copy and paste the question into your written response (if they still have those) and use the buzzwords associated with the topic. There were 2 written responses that I had literally zero knowledge on due to my lack of IT knowledge, but I copied and pasted the question / rearranged the words for a few sentences and passed. If you have knowledge of the topic in question, I wouldn't suggest this but it worked for me.

    For example: “write a memo to provide advice on converting X to Y and the challenges…”

    I copied and pasted the question “In order to convert…copy/paste” “the challenges to convert…copy/paste”, “In summary to convert…copy/paste”. Just follow the specific format requirements for what they're asking to write and drop the question word for word in different ways, throw in some buzzwords and you're good

    #1664051
    Ana
    Participant

    @Andrew That is some extreme devotion and focus! I can barely get through the lectures once, it should be torture for gitmo prisoners. I passed bec before the change, I'm just super nervous now. Far is the only exam I've seen post change and it's a totally different exam so I'm super nervous. Thanks for the tips.

    #1664108

    I'm using mostly Ninja materials for 2017 Q4 for FAR/REG/BEC exams. I completely changed my studying style after writing 2017 Q3/Q1. I am more like a visual learner, so I learn (not falling asleep) by mostly highlighting, and writing for the calculation parts, practicing JEs and writing out my solution format. I only stop writing when my hands start hurting.

    I use MCQs/SIMs explanations, as part of learning the concepts. So my aim is to finish the FAR/REG/BEC MCQs app in two weeks, before the exams. It's doable, as long as I do a minimum of 100-400 MCQs every other day. These MCQs/SIMs explanations are part of my notes, on top of the notes I have taken from the Ninja books, notes, flash/note cards, videos & audios already.

    I'm hoping with:
    – a good grasp of the concepts,
    – good time management during the exams,
    – solid answering style and
    – become a better test-taker,
    I will pass all my sections.

    I believe, the only way to prepare for SIMs is really learning the concept, be imaginative, and check AICPA website for the Sample Tests. Sometimes, during the exam knowing what source documents/exhibits you have for that simulation, will give some kind of idea what they are asking for.

    I will be using the example of doing bookkeeping & preparing tax returns. A client will provide you with source documents, schedules, FS and additional info. By seeing all these source documents, it will give you a clue what they are asking you to answer. Then, start answering questions.

    Hope this strategy will work for me. Since this is very similar to what I do every year, preparing tax returns for family members. Asking their source documents and related info, before finding the right forms, election for credits/deductions before diving to complete their returns.

    Good luck to all of us.

    #1664135
    Andrew808
    Participant

    @Ana, without violating any rules, in what way is it different? Audit is the only exam I have taken since they made the changes

    #1664152
    Ana
    Participant

    mcq's are easier and the sims are beyond a nightmare. now you have to practice sims and know the material really well to be able to wade through all the documents and multiple drs options. also timing plays a big factor since sims are separated.

    #1664308
    Andrew808
    Participant

    @Ana i'm assuming that by “easier” you mean more basic/high-level? I sometimes find myself spending so much time in the details and exceptions to rules, that I often second guess myself when the most basic question comes about. i.e. my brain tells me this questions is so easy/obvious to me that there's no way this is the correct answer

    and for the SIMS, i'm assuming that attention to detail is key considering we're dealing with journal entries

Viewing 15 replies - 106 through 120 (of 183 total)
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