FAR Study Group 2020 - Page 11

Viewing 30 posts - 301 through 330 (of 343 total)
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    Posts
  • #2961791 Reply
    Jinny
    Participant

    I also use GLEIM!!!

    Life is too short to be wasted, I should have known that.
    #2961830 Reply

    @Docj

    Here are two pages from the FAR NINJA Book that you might find helpful: https://www.dropbox.com/s/j677u4078o6xgky/Contingencies.pdf?dl=0

     
    Jeff Elliott, CPA (KS)
    NINJA CPA Review
    #2962379 Reply
    DocJ
    Participant

    Nice! 😀

    Also ugh, reading that now makes me realize I got some wrong (though can't remember). This mighta just been luck of the draw on my exam, but there was a LOT of contingency questions 😮

    #2962613 Reply
    Tncincy
    Participant

    Oh my God, it is so hard to stay focused. This corona and presidential debate and I have children in various states and out of the country trying to come home. My niece is in the military and scared to death. This world is in a chaos, but I still want to be a CPA. I guess I better turn off CNN and go study.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2962775 Reply
    DocJ
    Participant

    “guess I better turn off CNN”

    Well I mean, you should be doing that either way, not just cuz you gotta study :p

    #2964215 Reply
    Tncincy
    Participant

    So I hear there will be an nts extension due to the Virus. I am glad because I really couldn't concentrate anyway with so much going on. I guess I will keep up with what's going on and study as well. Hope everyone is staying safe.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2977472 Reply
    Tncincy
    Participant

    Is anyone else having trouble studying for Far since this virus/lock down/stay at home been going on? I am . I can't seem to find the energy to get it going because I just don't know when the centers will open again. HELP!!

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2977769 Reply
    Ashley
    Spectator

    My best advice for you is to attend classes or tutorials for this. You probably forgot the basics and the foundation on this subject. But don't let attending tutorials interfere with your focus and discipline on doing a self study for your preparation. I hope this helps.

    #2982314 Reply

    Happy Friday! For accountability/motivation, post your weekend FAR study goals below.

    Everyone loves a little incentive, so one randomly-chosen person will win a month of NINJA CPA Review Monthly.

    Feel free to invite your CPA-studying friends to join in.

    One winner per study group (please only post in one forum study group)

    Deadline to comment: Tonight @ 11:59pm (Pacific)

    Another chance to win in the CPA Exam Review Facebook Group (yes, in theory, you could win twice):

    https://www.facebook.com/groups/cpaexamreview/

     
    Jeff Elliott, CPA (KS)
    NINJA CPA Review
    #2982341 Reply
    bryan.franco
    Participant

    My weekend goal is to knockout as many MCQs as possible and review GOV’T and NFP books.

    #2982410 Reply
    zazaaa_07
    Participant

    My weekend goal is to complete 3 modules and review rev recognition.

    #2982563 Reply
    adelapp
    Participant

    My weekend FAR study goals are:
    1. To reschedule my 5/11 exam in NYC until after the current “NYC on Pause” date, 5/15,
    2. Email my dad all my FAR NINJA Notes/study material to print and mail to me, and,
    3. Plan out my study schedule through to my new exam date.

    I’ve been struggling to make myself study with no real end in sight to this virus lockdown – you’re not alone. One of my excuses for not studying is not having the physical pages in front of me. From passing REG this January, I know that being able to write notes directly on the material makes a huge difference for me and helps me stay on task.

    #2982620 Reply

    Congrats Bryan – you’re the winner! Please email jeff@another71.com. HIYA!

    Thank you to everyone who participated in the study goal challenge (I just named it that). I selected winners by counting the number of study goal posts in each group and then using a Randbetween Excel function to select the post number. I then counted down from the top of the screen. I wasn't real clear on where to post, so I counted people posting in the thread, as well as on the page. I'll do this again – probably Monday – and give people more time. Thanks everyone 🙂

     
    Jeff Elliott, CPA (KS)
    NINJA CPA Review
    #2985950 Reply
    Tncincy
    Participant

    Well tax season is about over, business is really slow so I guess I better study. I am going to start from the beginning (chapter 1 ). I'll take a evaluation quiz to see what I remember and get started. Even though I am not excited about Surgent, It's what I have, so I guess I'll use it. I think if I get started I won't feel so drab about it. I have not rescheduled far yet, I think the seat availability is still locked. But I plan to be ready.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2986637 Reply
    karla
    Participant

    @Tncincy sounds like a great plan! Hopefully Surgent works for you and/or you find a way to make it work. Good luck!!!

    Failing is not the end; keep trying. I will keep trying.
    #2992946 Reply
    C
    Participant

    Hi all,

    Having trouble getting through MCQs with Roger. I feel like I am doing fine with the lectures and the notes, and completely understand the examples they go through in the book and lecture. When I get through the section and go on to the MCQ practice tests, I do horrible. Anyone else have this issue? What's the best way to correct it? Just read the text more thoroughly ? Specifically for Section 3 – Investments in Debt and Equity Securities.

    #2993375 Reply
    f
    Participant

    I need to get back to studying soon and am finding it hard! Stuck at home all the time the last thing I want to do is study after a long day of working from home! Literally on my kitchen table 24/7. The thought of it is just…no.

    A-

    B- 82

    F-

    R-

    #2993894 Reply
    Tncincy
    Participant

    Hey, I feel you F. I jumped in on the mcq challenge. I didn't get 500 mcq's done but it felt good to just get going. But I felt productive. Here”s some suggestions, take a walk or jog before sitting down again to study. Or listen to study audio while walking or jogging. Take a two hour break of some sort before jumping in again. I've tried avoiding the kitchen table and it just don't work for me to study anywhere else. But hey, jump in because when things open up again, there probably won't be any seats available. That's going to be frustrating.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2996718 Reply
    f
    Participant

    Thanks @Tncincy I definitely just need to get started somehow lol. That's the hardest part. I'm going to set up a study schedule and hopefully start next week! Need to get in the zone…

    A-

    B- 82

    F-

    R-

    #2998227 Reply
    Tncincy
    Participant

    I am setting up a study marathon starting tomorrow morning early. I know the mcq challenge is done, but that doesn't stop me from having my own. I will update my progress.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #3018003 Reply
    jglypf
    Participant

    Can someone explain why the answer is 90,000 and what's the calculation? The answer doesn't tell me how they came up with all these numbers. I tried to search in the forum but it doesn't have the search function so I couldn't. TIA

    On January 1, Year 1, Polk Corp. and Strass Corp. had condensed balance sheets as follows:

    Polk Strass
    Current assets $ 70,000 $ 20,000
    Noncurrent assets 90,000 40,000
    Total assets $160,000 $60,000
    Current liabilities $30,000 $10,000
    Long-term debt 50,000 —
    Stockholders' equity 80,000 50,000
    Total liabilities and stockholders' equity $160,000 $60,000
    On January 2, Year 1, Polk borrowed $60,000 and used the proceeds to purchase 90% of the outstanding common shares of Strass. This debt is payable in ten equal annual principal payments, plus interest, beginning December 30, Year 1. The excess cost of the investment over Strass' book value of acquired net assets should be allocated 60% to inventory and 40% to goodwill. On January 1, Year 1, the fair value of Strass shares held by noncontrolling parties was $10,000.

    Stockholders' equity including noncontrolling interests should be

    $ 80,000
    $ 85,000
    $ 90,000
    $130,000

    This Answer is Incorrect
    In the consolidated balance sheet, neither the parent company's investment account nor the subsidiary's stockholders' equity is reported. These amounts are eliminated in the same journal entry that records the excess of cost over book value. The portion of the subsidiary's stockholders' equity that is not eliminated is reported as noncontrolling interest in the equity section of the consolidated balance sheet. Therefore, the parent's stockholders' equity ($90,000) equals the consolidated stockholders' equity plus the minority interest.

    Current assets + Non-current assets = Current liabilities + Non-current liabilities + Stock-holders' equity
    $102,000 + $138,000 = $46,000 + $104,000 + $90,000

    #3024153 Reply
    andrew
    Participant

    Glass Co. Had net income of $70,000 during the year. Depreciation expense was $10,000. The following information is available:

    Accounts receivable increase: 20,000

    Equipment gain on sale (sale price $100,000) 10,000 increase

    Nontrade notes payable increase 50,000

    Equipment purchases 40,000 increase

    Accounts payable increase 30,000

    What amount should glass report as net cash provided by investing activities in its statement of cash flows for the year?

    A. (40,000)
    B. 10,000
    C. 50,000
    D. 60,0000

    __________________

    Somehow the answer is D.

    I thought increase in notes payable provided 50,000 cash, equipment purchases of 40,000 reduces cash. So cash provided by investing activities is 10,000.

    Is the correct answer because equipment gain on sale provided 100,000 cash and you subtract the equipment purchases of 40,000 to get 60,000? Is that how the answer is 60,000? Is non trade notes payable increase not relevant in this question?

    REG - 79 (2/23/2019)

    AUD - 72 (6/9/2019), 77 (8/16/2019)

    BEC - 80 (11/14/2019)

    FAR - Grand Finale - Test taken 6/14. Scores out 7/9.

    #3024168 Reply
    April94
    Participant

    @andrew Notes payable is not an investing activity. The only investing activity here is the 100K sales price and the 40K equipment purchase, which results in a net effect of 60K for investing activity.

    "It takes as much energy to wish as it does to plan." -Eleanor Roosevelt

    FAR-72, 55, 82

    AUD-66, 92

    REG-71, 81

    BEC-TBD

    #3032250 Reply
    Juli
    Participant

    Hello everyone!!! Could you please recommend CPA studying course, I am currently leaning towards SurgentCPA but thinking about Becker . Please advise which one was better for you! I did try to take an exam before and was off by 1/2 points at that time I used Becker + Ninja, I was not very happy about Becker, but now I have read that they made some changes. I am paying for the materials myself therefore really wanted to get good preparation course). Thank you in advance!

    Juli
    #3032406 Reply
    Dorami JJ
    Participant

    I'm using Becker. Plan to sit for the exams in July

    #3032697 Reply
    pj2020
    Participant

    FAR score received 50 and took exam on June 9th. I had left 3 sims blank. Need more practices on sims for next time.

    FAR – 50 (6/9/2020)
    AUD –
    REG –
    BEC –

    #3032712 Reply
    pj2020
    Participant

    Is there any advice or strategy for FAR sims to solve with speed on exam ?

    #3044193 Reply
    Tncincy
    Participant

    Got my test date!!! I was having a hard time getting a seat since this pandemic has been hovering over my test location. Since I have a date, I am winding up tax season and I am setting my study schedule ( again), but hey it's good news for me.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #3044655 Reply
    Adam
    Participant

    Getting down to it- a little over 3 weeks out. How are my study habits

    I try to do 80 MCQ a day- 6 sims
    One practice exam in Wiley

    I fear I am getting really good at memorizing but not applying- are there any other sims out there? Would love to use them.

    Looking at the AICPA blueprint too-should I bother doing that practice test.

    Really want to make sure my review is good

    ADAM
    #3045171 Reply
    Tncincy
    Participant

    @Adam, I would supplement with Ninja mcq's. At least they are different and you could see where you are weak.
    Good luck to you.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
Viewing 30 posts - 301 through 330 (of 343 total)
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