are there still Partnerships in FAR?

  • Creator
    Topic
  • #1619756
    Parthamis
    Participant

    I am using Becker primarily to study FAR on 9/08.
    becker no longer has a section for partnership accounting, however there is a Ninja audio file for it… so I am confused as to whether or not it is on there.

    Parthamis Prime

    AUD - 73, 75... and done.

    FAR - 80 (UNBELIEVABLE)

    BEC - 78

    REG - 81

Viewing 13 replies - 1 through 13 (of 13 total)
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    Replies
  • #1619762
    Operation_CPA
    Participant

    I thought I read somewhere that it is no longer tested on the FAR exam. Someone correct me if I am wrong.

    FAR - 76 (Lost credit), 76
    AUD - 80
    BEC - 76
    REG - 75

    Truly I tell you, if you have faith as small as a mustard seed, you can say to this mountain, "Move from here to there," and it will move. Nothing will be impossible for you.

    #1619773
    studysled
    Participant

    That would be pretty sweet. Although time spent studying the goodwill, bonus BS would've been wasted.

    BEC - 79 (5/13/16)

    REG - 76 (7/1/17)

    FAR - 89 (9/9/17),  (73 on 3/7/17)

    AUD - 80 (11/20/17),  (73 on 5/8/17)

     

     

     

     

    #1619792
    Superdude3000
    Participant

    I also noticed Becker doesn't have a section for it. Rogers has a small section on it still, they're always good about updating their ‘updates & errata' too so I'm not sure if it's still tested either. Roger mentions that it's always been a super lightly tested topic though, regardless.

    REG - 92 (1/17)

    BEC - 82 (2/17)

    AUD - 89 (5/17)

    FAR - 94 (9/17)

    Rogers Elite + Becker mcqs/sims for all 4 exams

    WA State Ethics Exam - 83, 83, 90 (9/17)

    AICPA Ethics Exam - 95 (9/17)

    1-year of work - complete (11/18)

    Licensed WA State CPA

    #1619831
    diabloargentino
    Participant

    Jeff – could you or anyone confirm this? I didn't think I saw this on the Ninja list of items that have gone away (such as Extraordinary Items) but it'd be good to know if I could skip this in my review. Thanks.

    #1622398
    diabloargentino
    Participant

    any word on this? @jeff?

    #1622458

    I don't have the latest Becker textbooks, just 2000/2008/2010/2014 editions. I recently took 4 sections, AUD (22Aug2017); FAR (25Aug2017); REG (29Aug2017) & BEC (31Aug2017).

    Based on above 4 exams, the contents of 2014 textbooks are still fully usable, with the exception of IT materials. I really believe non of CPA reviewers can cover all the ‘latest IT terms' that AICPA is testing us. This seems more like IT is a wild card for AICPA. But I am not surprise, since once we become a fully CPA, we have a choice to specialize in: https://www.aicpa.org/Membership/Join/Pages/credentials.aspx#tab-4

    Anyway, as to your question, make sure to be comfortable with ‘Partnership' topics in REG & BEC. With FAR, be comfortable with corporation, especially stockholders' equity. If you happened to have a partnerships topic in your textbook, just read it briefly.

    Furthermore, make sure the difference between allocation of partnerships for ‘accounting'(FAR) and for ‘tax'(REG) purposes, it's very important, especially the ‘basis' during admission, share of income/losses, termination of partnerships or partners, distributions of partnership interests, etc.

    Good luck.

    AUD - 49
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 55
    Passed: AUD (75%'08/77%'17), REG (76%'09) & BLaw(77%'99); highest on FAR (63%'11/'15) & BEC (63%'11). Credit Hours: USA(PH)-BCom'85(4yr-grandfathered); UBC-(DAP'02/'19); DC-(BBA-Acctg.'22-4th yr)=over 150 hrs credits
    #1640894
    Parthamis
    Participant

    i was on my profile page and saw this topic I started way back,

    well… after taking/passing FAR, and I can confirm Partnerships and Partnership accounting are NOT on the FAR exam in case anyone is still wondering.

    Parthamis Prime

    AUD - 73, 75... and done.

    FAR - 80 (UNBELIEVABLE)

    BEC - 78

    REG - 81

    #1640935
    Bourne
    Participant

    What do you mean by Partnership accounting in FAR? Some examples please?

    AUD- 82
    REG- 86
    FAR- 86
    BEC- 88
    #1640939

    Though this comes from another source, FAR's Partnership Accounting is like this topic: https://higheredbcs.wiley.com/legacy/college/kimmel/0470377852/appendixtxtbk/appg_g01-g20.pdf

    Becker MCQ example like this one:
    https://www.foxweek.com/topics/partnership-accounting-becker’s-mcq

    Partnership topic is very much alive in REG & BEC.

    AUD - 49
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 55
    Passed: AUD (75%'08/77%'17), REG (76%'09) & BLaw(77%'99); highest on FAR (63%'11/'15) & BEC (63%'11). Credit Hours: USA(PH)-BCom'85(4yr-grandfathered); UBC-(DAP'02/'19); DC-(BBA-Acctg.'22-4th yr)=over 150 hrs credits
    #1641266
    PNS2CLT
    Participant

    I'm pretty confused on as well. I just purchased Ninja, and the notes indicate that personal financial statements, debt with conversion features and liquid financial statements were removed from the 2017 exam; there's still a section on partnership accounting.

    But according to a thread from a few months ago:

    Partnership Accounting- FAR

    btw, joint ventures (partnerships) is included on the do not study list Jeff provided for the ninja MCQ! For those that missed it:

    Do Not Study Summary:
    1E 1: Personal Financial Statements (11)
    1E 3: Liquidation Basis Financial Statements (3)
    2E 4: Joint Ventures (11)
    2E 6: Investment Property (8)
    2I 3: Debt with Conversion Features and Other Options (9)
    2M 2: Deferred Compensation Arrangements (3)
    3 Q: Related Parties and Related Party Transactions (9)

    No mention of this on the MCQ now, so I assume the MCQ have been updated but the Notes and Flashcards haven't? Can anyone confirm?

    #1641716
    jeff
    Keymaster

    Partnership Accounting is still on the FAR exam.

    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
    #1642979
    maverick87
    Participant

    It's still on the exam. It will probably be a mcq according to the AICPA blueprint. I'd guess you might get 1 question on that topic. It's like bankruptcy for REG. I never got a bankruptcy question but it is still covered.

    Licensed CPA January 2018
    #1643003
    Q
    Participant

    In Becker review materials, partnership is not covered.
    Also, it was rarely tested on the actual exam.
    FAR exam focus only on basic topics that an accountant with 2 years work experience can do. In short, complicated topics are not tested. I passed FAR last quarter. But I prepared too much for this exam, and quite disappointed about the exam topics.

    In my opinion, you can pass the cpa exam easily knowing the basic concepts.

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