2015 Becker FAR EXAM – First time: Any tips for how to study?

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  • #192489
    Anonymous
    Inactive

    Hi all!

    I am taking FAR in few months. I am using Becker 2015. I am going to start studying. I will appreciate if anyone can tell me what to focus/how to approach it. plz share ur experience. Any tip will help here.

    Thanks a bunch!

     
    “becker-cpa-review”/
     

Viewing 15 replies - 1 through 15 (of 19 total)
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  • #657238
    Anonymous
    Inactive

    well I cant tell you what will work for you but Ive used Becker all the way through and Im on FAR now. I plan on doing one chapter a week except for chap 10 which I'll take 2 weeks (its over 4.5 hours of lecture). I hate their progress tests so I just go back and redo the questions I marked from prior chapters. This will leave me with one week at the end for final review which should be just about right…

    #657239
    Anonymous
    Inactive

    thanks for the response and good luck with the exam 🙂

    #657240
    jbarwick
    Member

    I am currently studying with Becker and plan to take FAR on April 3, 2015. I have completed 1 chapter a week and am almost finished with F10 leaving me 3 weeks to cram MCQs and find those small topics that are tripping me up. I would say I am 70-80% prepared….sims are killing me, but should be ready to go come April. FYI F10 is a bear of a lot of information for only 1-2 MCQs. Some review but a lot of niche items.

    Journey Started - January 2015
    FAR - 4/2015 - Passed
    AUD - 7/2015 - Passed
    BEC - 8/2015 - Passed
    REG - 11/12/2015 - Passed

    #657241
    Anonymous
    Inactive

    3 months, 200 hours, mostly MCQ.

    #657242
    law0915
    Participant

    Watch the lecture then do the MCQ for all chapters. Then redo all the MCQ again.

    REG 77 Feb14
    BEC 13*, 79 Aug14
    FAR 64**, 76 Nov14
    AUD 89 Feb15

    *Exited exam after first testlet
    **Only studied F1-F6 out of 10 Becker chapters

    Licensed Arizona CPA

    #657243
    Anonymous
    Inactive

    Thanks everyone for the response!

    Can anyone explain me “Royalties rec in advance ex” on page F2-9. I am not sure when to subtract/add items from 180,000.

    Thanks

    #657244
    Lillian
    Participant

    CPA_IN_MAKING, can you post a screen shot of the problem that you are talking about? I will attempt to help if you can.

    On my way to a CPA

    #657245
    Anonymous
    Inactive

    @ TvilleCPA: Thank u so much for offering me the help 🙂 Actually this example is in the book of becker page F2-9 and so I am unable to paste it here. I took the screen shot.. n tried to drag it here.. but its not working… is there any other way i can send u the attachment?

    #657246
    Anonymous
    Inactive

    ok i think i found this question…I just didnt understand the entire questions.. like what $180,000 amount means? and all the other adjustments to it. why we are doing those adjustment and how?

    Homework Question:

    TAG Company receives royalties on its patents in two ways. In some cases, advance royalties are received and in other cases royalties are remitted within sixty days after year end.These data are included in TAG Company's December 31 balance sheets:

    Royalties receivable

    Year 1 $100,000

    Year 2 $95,000

    Difference($5,000)

    Unearned royalties

    Year 1 70,000

    Year 2 45,000

    Difference 25,000

    During Year 2, TAG Company received royalty remittances of $180,000. In its income statement for the year ended December 31, Year 2, what should TAG Company's royalty income be?

    Solution:

    Cash receipts 180,000

    Receipts in Year 2 applied

    to 12/31/Year 1 receivables (100,000)

    Cash remaining 80,000

    Unearned royalties, 12/31/Year 2 (45,000)

    Preliminary Year 2 royalty income 35,000

    Unearned royalties, 12/31/Year 1 70,000

    Receivables balance, 12/31/Year 2 95,000

    Royalty income, Year 2 ; 200,000

    thanks for helping!

    #657247
    JJJSFL
    Participant

    Hey CPA in making. I just took Far last month and unfortunately failed with a 73. Its actually way better than I thought I did.

    I used 100% Becker. Becker will do a great job getting you ready for the MC's. I crushed them on the exam, but be ready for the CPA exam Sims to be much more involved than the Becker Sims. I remember the Sims on the exam being very dense in material. Most of the Sims took me 5 minutes just to read the fact patterns and get situated. Just leave yourself as much time as you can. AT LEAST 1.5 Hours for Sims. And know your JEs. Good luck!

    Reg - 85 11/06/14
    Aud - 89 11/24/15
    Bec - 76 12/10/14
    Far - 84 05/27/15

    #657248
    Anonymous
    Inactive

    @JJJSFL: thank u so much dear….i m really sorry to hear tht…but i m sure u know all ur material since u were very close…..very best of luck the next time..

    u know per my experience.. i hv used gliem simulations product (as a supplementary material) for reg/aud.. i think they were really good… i was tired of doing simulations from becker so needed a fresh look on them n i thought i made the good choice

    May be u might wanna try tht.. i willl do that for FAR as well….

    Any more advices per ur experience? Thanks for sharing

    #657249
    Anonymous
    Inactive

    Please help!

    Why did we subtracted 5000 (unearned revenue) from 200,000 (fees rec)?

    Also, what the question is trying to ask? Ward's service revenue for Year 2? what it means? does it means unearned income for Year 2 or earned rev in year 2 that we should recognize? or somthing else? please help

    Ward, a consultant, keeps her accounting records on a cash basis. During Year 2, Ward collected $200,000 in fees from clients. At December 31, Year 1, Ward had accounts receivable of $40,000. At December 31, Year 2, Ward had accounts receivable of $60,000, and unearned fees of $5,000. On an accrual basis, what was Ward's service revenue for Year 2?

    a.

    $215,000

    b.

    $225,000

    c.

    $175,000

    d.

    $180,000

    Explanation

    Choice “a” is correct. $215,000 service revenue for Year 2.

    Accounts

    Receivable

    Balance at Dec. 31, Year 1 $ 40,000

    Revenue – Squeeze ? $ 215,000

    Subtotal 255,000

    Collections (195,000)

    Balance at Dec. 31, Year 2 $ 60,000

    Note: Collections are $200,000 less $5,000 of unearned fees collected.

    #657250
    Jasminekoko
    Participant

    This is how I work on cash to accrual conversion, found the formula on my old accounting book and added CEAU as mnemonics. C is cash collection as you can see below. My method is to remember always start with a plus so E is plus Ending, A is account receivable, then the beginning AR is a minus. U is unearned and opposite to AR so minus ending unearned and plus beginning unearned. Works every time.

    Service/Sale revenue computation: (CEAU )

    Cash receipt from customer

    + End AR

    – Beginning AR

    + Beg. Unearned revenue

    – End. Unearned revenue

    ___________________________

    Sale revenue –accural

    #657251
    Anonymous
    Inactive

    Thanks a lot Jasmin

    I have another question: Its just a general question that why we are discounting the notes rec? I jsut cant get that part. thanks

    FRANCHISE ACCOUNTINGI LLUSTRATION OF ENTRIES FOR INITIAL FRANCHISE FEE

    If there is reasonable expectation that the down payment may be refunded and if substantial future services remain to be performed by Jollibee Inc.,

    the entry should be:

    Cash1,000,000 dr

    Notes Receivable 4,000,000 dr

    Discount on Notes Receivable1,803,680 cr

    Unearned Franchise Fee 3,196,320cr

    #657252
    Lillian
    Participant

    notes receivable should be recognized at the face value of the entire note (just like we do with bonds payable where we always recognize the bond liability at the face. The cash account is debited for the actual amount of cash received. I not completely sure that I understand your question fully….but the credited accounts are based on the actual amount to that the company will receive from the note. (I.e. the amount that of the installment times the number of payments to make). I hope that I do not further confuse you.

    On my way to a CPA

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