FAR Study Group 2020 - Page 8

Viewing 30 posts - 211 through 240 (of 343 total)
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  • #2577006 Reply
    Parker
    Participant

    Under one week until possibly my last exam! (Taking it next Monday). Any last bits of advice would be great. Feel like I am pounding my head into the ground at this point, I have been studying since my last exam 6/10/19.

    AUD - 82
    BEC - 91
    FAR - NINJA in Training
    REG - 87
    Keep the faith
    #2577105 Reply
    Tncincy
    Participant

    @Kaithepug, I am suggesting reading the book or lectures if not too many. When I was using Wiley I didn't like the over abundance of material so I got the focus notes and the flash cards and used the test bank. It shortened the study a lot even though I didn't pass. Don't get me wrong, wiley is a good course, but just too detailed for me. You can get the flash cards and focus notes from the company or amazon. Study hard.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2577183 Reply
    Tncincy
    Participant

    No work today, the weather is great and I am going out on my deck and study. I am getting through the material and starting to write my notes. This evening study I hope to start mcq's. (I am so afraid to tackle the mcq's).

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2577375 Reply
    kaithepug
    Participant

    @Tncincy – thank you so much! I skipped the lecture and usually go straight to the text. Good luck tackling those mcq’s 💪

    #2577378 Reply
    kaithepug
    Participant

    I’ll be working out of town 4 days this week and then heading to Toronto to visit my sister on the weekend! I will still be studying while on the road 😫

    #2577396 Reply
    kaithepug
    Participant

    So I figured out where to find the focus notes on Wiley!

    #2579217 Reply
    Sara
    Participant

    Hey Guys. I need advice. I am taking FAR for the first time in 14 days. Have only done 3 chapters in Roger. If I now put in 10-12 hours a day, do you think I can pass? I am a crammer by nature, which is why I left it for the last minute. I'm studying full time now, so is it possible. Should I just do MCQ?

    #2579481 Reply
    Hannah
    Participant

    @sara – I am using Roger too. There is a lot of content for this test, and I can't imagine getting through it all in 14 days. I can't cram, but I have also never taken a test so I don't know if cramming will work for the CPA. I have heard over and over that practice questions are key to studying and the TBS. Good luck!

    "Where the loser saw barriers, the winner saw hurdles"
    #2580354 Reply
    Tncincy
    Participant

    @Sara, use the how to pass in 20 days (ninja). You don't have 20 days but you're gonna have to do mcqs until your literal eyes bleed.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2583660 Reply
    Tncincy
    Participant

    Starting study today. No work today or the week end so I am doing a marathon. Going over notes and swallowing the dread of mcq's. I was suppose to jump in a few days a go, but got side tracked. This week end is going to be a good study week end. Hope study is going well for everyone. Oh, my goal is 100 mcq's per day. Total 300 or more the week end.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2587479 Reply
    Parker
    Participant

    Taking FAR tomorrow! Hoping this is the end of the road for me. Is anyone in here waiting for the score release August 6th?

    AUD - 82
    BEC - 91
    FAR - NINJA in Training
    REG - 87
    Keep the faith
    #2588052 Reply
    Mercenary
    Participant

    Thursday is the big day for me. Not sure how ready I am as sometimes Ill get 10 or 20 MCQs in a row right and other times only like 6 or 7 out of 10. But on my Gleim practice test I got an 82 so hopefully I am ready. First time doing an exam.

    AUD - 85
    BEC - 86
    FAR - 91
    REG - 84
    CMA Part 1 - 420

    CMA Part 2 - June 2020

     

    #2588133 Reply
    Parker
    Participant

    @mercenary That sounds a lot like me so you should be good to go. Its a rollercoaster but thats pretty much how my MCQ go as well

    AUD - 82
    BEC - 91
    FAR - NINJA in Training
    REG - 87
    Keep the faith
    #2588562 Reply
    Captain Awesome
    Participant

    Can someone help me understand residual value? My impression is that it's another name for salvage value and some of the online guidance I found suggests the same, but the following question is throwing me for a loop:

    On January 1, year 1, Eber Co. leased equipment under a four-year finance lease. The present value of minimum lease payments is $348,680. The equipment had a five-year economic life and a $20,000 guaranteed residual value. The equipment reverted to the lessor at the end of the lease. What amount should Eber report as depreciation expense at December 31, year 1?

    A.
    $87,170
    B.
    $82,170
    C.
    $69,736
    D.
    $65,736

    You answered: B. The correct answer is: A
    Explanation:

    The correct answer is (A).

    The present value of minimum lease payments is $348,680. Depreciation expense on December 31st, year 1 will be $348,680 / 4 = $87,170. There is no title transfer or bargain purchase option in this finance lease. The asset will be depreciated over the shorter of either the lease term or useful life, which in this case is the 4-year lease term compared to the 5-year useful life.

    Why would I not deduct the residual value in determining depreciable base, i.e. $328,680?

    AUD - 80
    BEC - 80
    FAR - 82
    REG - 82
     

     

     

    #2590473 Reply
    kaithepug
    Participant

    @CaptainAwesome – Because the depreciable base includes the residual value (guaranteed) already , so you don't need to subtract it.

    #2591226 Reply
    Hannah
    Participant

    Hi all, got a question on this:
    A company is preparing its year-end cash flow statement using the indirect method. During the year, the following transactions occurred:
    Dividends paid $300
    Proceeds from the issuance of common stock 250
    Borrowings under a line of credit 200
    Proceeds from the issuance of convertible bonds 100
    Proceeds from the sale of a building 150
    What is the company's increase in cash flows provided by financing activities for the year?

    A.$0 [2%]
    B.$150 [5%]
    C.$250 [88%]
    D.$550 [5%]
    Explanation:
    Proceeds from the issuance of common stock, borrowings under a line of credit, and proceeds from the issuance of convertible bonds are cash inflows from financing activities.
    So if the convertible bonds are part of this calculation, then why is the answer not 350??

    "Where the loser saw barriers, the winner saw hurdles"
    #2592876 Reply
    kaithepug
    Participant

    I finally got my nts, but my planned date is not available. Should I take it early (thinking August 26)? I’m only 20% done with Wiley and August 26 is the latest date available before the blackout dates. If I take it in October, is that too much time? I’ve heard that you shouldn’t be studying that long. Thanks!

    #2592918 Reply
    Ariel
    Participant

    @Hannah –
    I calculate it like this:
    Proceeds from the issuance of common stock + borrowings under a line of credit + proceeds from the issuance of convertible bonds – dividends paid = $250
    Proceeds from the sale of a building is an investing activity, all of the others are financing activities.

    REG - 89 (June 2019)

    FAR - 91 (July 2019)

    AUD - 91 (August 2019)

    BEC - 90 (October 2019)

    #2593041 Reply
    kaithepug
    Participant

    Well I decided to take the exam early 😆

    #2594091 Reply
    kms1234
    Participant

    Hi all,

    I am going to take FAR in a couple of days and would like some advice. I have scored 82/83 on the Becker practice exams and have noticed that I am weak in the NFP area. Are there any other resources that can help me in this area, or should I just re-do all of the Becker materials? I have no previous exposure in this area, which is the cause of my struggle!

    🙂
    #2595069 Reply
    Mercenary
    Participant

    Took the exam. I feel it could go either way. 1st testlet felt hard, like harder than any previous aicpa released hard questions and harder than testbank stuff. 2nd set felt on par with testbank stuff.
    The sims seemed mostly okay with a couple odd things that made no sense but I still may have gotten right, no idea.

    The whole borrow a caluculator worked but then since Excel is implemented now it seems unnecessary. Didnt even use the scratch paper. Full excel integration makes it the same as practicing at home.

    AUD - 85
    BEC - 86
    FAR - 91
    REG - 84
    CMA Part 1 - 420

    CMA Part 2 - June 2020

     

    #2596728 Reply
    Tncincy
    Participant

    Good luck to you Mercenary. Sounds like the test is getting no easier so I guess I better go study.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2606067 Reply
    Michelle
    Participant

    I have my FAR exam scheduled for Tuesday but I've been sick with a virus the whole week. I'm nervous to take it on Tuesday in the event that I'm still under the weather & it will be hard to concentrate and also may still be coughing away & disrupting other test-takers. I really, really do not want to pay the $80 rescheduling fee to move the exam to the end of the week. Has anyone had experience with Prometric waiving the fee, given special circumstances?

    #2606079 Reply
    Michelle
    Participant

    I have my FAR exam scheduled for Tuesday but I've been sick with a virus the whole week. I'm nervous to take it on Tuesday in the event that I'm still under the weather & it will be hard to concentrate and also may still be coughing away & disrupting other test-takers. I really do not want to pay the $80 rescheduling fee to move the exam to the end of the week. Has anyone had experience with Prometric waiving the fee, given special circumstances?

    #2609208 Reply
    April94
    Participant

    It is official! I finally passed FAR on my 3rd attempt with an 82! So happy!! Good luck to all those studying/taking FAR soon.

    "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

    #2610717 Reply
    Tncincy
    Participant

    Congrats April94!!! So tell us what did you do different since there was success on the third try.


    @Michelle
    , Prometric is NOT going to waive the fee (very slim chance I would say), so either go in there and take the test or pay the money. We hope you feel better. My husband made me an apple cider vinegar, garlic, onion and honey potion and it got rid of my summer cold but I must warn you the smell is strong.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2610957 Reply
    Tony
    Participant

    Need some advice:

    I am currently scheduled for the FAR exam on 8/17. However, I am thinking about rescheduling it to 10/5 instead. The reason being is that I want to continue working on getting faster with the MCQs and TBS. I am using Roger CPA and while I've made significant progress, I do feel that going all over again the incorrectly answered questions (which is a TON) could help me to do better the day of the test.

    I've been studying for almost 6 months now. I know most people recommend to take no more than 6 months but FAR is a monster of learning materials and with work, I can only study weekends and week nights and sometimes during work.

    Any recommendations would be appreciated.

    AUD - 75
    BEC - 79
    FAR - 84
    REG - NINJA in Training
    CPA 2020
    #2611002 Reply
    April94
    Participant

    Tncincy I use Roger CPA Review and I had 4 weeks to study for my 3rd attempt, so instead of wasting time re-watching the Roger CRAM videos (I had paid for the online CRAM course on my 1st AND 2nd attempts), I read through the entire book and took notes. I also left little bookmarks on pages that I knew would be tested or topics I struggled with. I think the biggest game changer was taking handwritten notes and using the Wiley test bank. I purchased the test bank for my 3rd attempt and noticed the questions (both MCQ and SIMS) were much more difficult than Roger. I was scoring in the 80s on Roger MCQ and SIMS but in the 50s-60s with Wiley. I did about 700-800 MCQs in the last 2 weeks before the exam. Took 1 practice exam 3 days before the actual exam and scored a 70. Reviewed the practice exam then went through the topics I struggled with (i.e. reviewed my notes and did more MCQs on those topics. Also, instead of reading 1 chapter then doing the MCQs, I went through 4-5 chapters and THEN did MCQs.

    I will definitely be using this method going forward. I wouldn't recommend Roger CRAM because it didn't help me much on either of my attempts. And the videos aren't really different than the main course videos. I would 100% Wiley test bank for FAR – there's over 1000 questions! The day before the exam, I went through all my written notes and flashcards (flashcards were good for a refresher on topics I felt confident on).

    "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

    #2611854 Reply
    srp
    Participant

    Hi Guys

    I am using Becker Review for my upcoming FAR exam and I found out that the lease portion has changed in the test book, however the practice MCQ's contain many questions from the previous portion. Must I still practice them? Or just stick to learning the text book?

    #2611866 Reply
    nicholasloprinzi25
    Participant

    Hi all,

    Just got FAR back & I failed for the second time. I received a 73 the first try & a 70 this past try. I looked at the score form today & it seemed I did better the second time, which confuses me. First time around I was weak on 2/4 topics & the MCQ’s while everything else was comparable. This time I was weak on 1/4 topics & SIMs, while everything else was comparable. I was confused why my score went down this time around.

    Would anyone have clarification on this? Also, any advice for the third try around? FAR is my last test & I would love for this process to be done & over with. Thanks!

    AUD - 75
    BEC - 79
    FAR - NINJA in Training
    REG - 76
    Pushing through one step at a time!
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