March 14, 2020 at 2:03 pm #2961791March 14, 2020 at 3:33 pm #2961830
Here are two pages from the FAR NINJA Book that you might find helpful: https://www.dropbox.com/s/j677u4078o6xgky/Contingencies.pdf?dl=0March 15, 2020 at 3:58 pm #2962379DocJParticipant
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 😮March 15, 2020 at 10:32 pm #2962613
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.March 16, 2020 at 5:38 am #2962775DocJParticipant
“guess I better turn off CNN”
Well I mean, you should be doing that either way, not just cuz you gotta study :pMarch 18, 2020 at 2:09 pm #2964215
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.April 8, 2020 at 4:46 pm #2977472
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!!April 9, 2020 at 4:49 am #2977769AshleySpectator
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.April 17, 2020 at 4:07 pm #2982314
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/April 17, 2020 at 5:08 pm #2982341bryan.francoParticipant
My weekend goal is to knockout as many MCQs as possible and review GOV’T and NFP books.April 17, 2020 at 8:03 pm #2982410zazaaa_07Participant
My weekend goal is to complete 3 modules and review rev recognition.April 18, 2020 at 1:05 am #2982563adelappParticipant
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.April 18, 2020 at 10:51 am #2982620
Congrats Bryan – you’re the winner! Please email firstname.lastname@example.org. 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 🙂April 23, 2020 at 10:00 pm #2985950
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.April 25, 2020 at 1:54 am #2986637karlaParticipantMay 3, 2020 at 12:47 pm #2992946CParticipant
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.May 4, 2020 at 12:46 am #2993375fParticipant
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.May 4, 2020 at 6:22 pm #2993894
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.May 7, 2020 at 3:54 pm #2996718fParticipantMay 8, 2020 at 10:58 pm #2998227
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.June 4, 2020 at 5:02 pm #3018003jglypfParticipant
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:
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
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 + $90,000June 12, 2020 at 11:32 am #3024153andrewParticipant
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?
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?June 12, 2020 at 11:38 am #3024168April94Participant
@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.June 22, 2020 at 11:35 am #3032250JuliParticipant
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!June 22, 2020 at 2:31 pm #3032406June 22, 2020 at 8:00 pm #3032697pj2020Participant
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)
BEC –June 22, 2020 at 8:25 pm #3032712pj2020Participant
Is there any advice or strategy for FAR sims to solve with speed on exam ?July 7, 2020 at 1:47 pm #3044193
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.July 7, 2020 at 9:14 pm #3044655AdamParticipant
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 goodJuly 8, 2020 at 2:25 pm #3045171
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