July 23, 2019 at 8:02 am #2577006
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.July 23, 2019 at 8:47 am #2577105
@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.July 23, 2019 at 9:06 am #2577183
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).July 23, 2019 at 11:47 am #2577375
@Tncincy – thank you so much! I skipped the lecture and usually go straight to the text. Good luck tackling those mcq’s 💪July 23, 2019 at 11:50 am #2577378
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 😫July 23, 2019 at 12:05 pm #2577396
So I figured out where to find the focus notes on Wiley!July 24, 2019 at 9:52 am #2579217SaraParticipant
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?July 24, 2019 at 11:28 am #2579481HannahParticipant
@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!July 24, 2019 at 5:16 pm #2580354
@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.July 26, 2019 at 12:40 pm #2583660
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.July 28, 2019 at 12:01 pm #2587479
Taking FAR tomorrow! Hoping this is the end of the road for me. Is anyone in here waiting for the score release August 6th?July 28, 2019 at 6:07 pm #2588052MercenaryParticipant
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.July 28, 2019 at 7:41 pm #2588133
@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 wellJuly 29, 2019 at 5:50 am #2588562Captain AwesomeParticipant
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?
You answered: B. The correct answer is: A
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?July 29, 2019 at 9:34 pm #2590473
@CaptainAwesome – Because the depreciable base includes the residual value (guaranteed) already , so you don't need to subtract it.July 30, 2019 at 4:18 pm #2591226HannahParticipant
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?
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??July 31, 2019 at 8:25 am #2592876
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!July 31, 2019 at 8:37 am #2592918ArielParticipant
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.July 31, 2019 at 9:09 am #2593041
Well I decided to take the exam early 😆July 31, 2019 at 2:23 pm #2594091kms1234Participant
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!July 31, 2019 at 8:20 pm #2595069MercenaryParticipant
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.August 1, 2019 at 9:45 am #2596728
Good luck to you Mercenary. Sounds like the test is getting no easier so I guess I better go study.August 4, 2019 at 3:09 pm #2606067MichelleParticipant
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?August 4, 2019 at 3:10 pm #2606079MichelleParticipant
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?August 5, 2019 at 4:55 pm #2609208April94Participant
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.August 6, 2019 at 8:34 am #2610717
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.August 6, 2019 at 9:18 am #2610957TonyParticipant
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.August 6, 2019 at 9:42 am #2611002April94Participant
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).August 6, 2019 at 2:39 pm #2611854srpParticipant
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?August 6, 2019 at 2:42 pm #2611866nicholasloprinzi25Participant
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!
FAR Study Group 2020 - Page 8
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