FAR Study Group 2019

This topic contains 164 replies, has 83 voices, and was last updated by  fsin1328 2 days, 22 hours ago.

Viewing 30 posts - 91 through 120 (of 165 total)
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  • #2270811

    cpatobe1234
    Participant

    I just started to study FAR about 2 weeks ago and I am starting on M4 this week, but I was wondering when going through each unit with regards to do the sims- do you do them when you finish a unit, wait to go through them until your reviewing, skip them or do a few? I have found myself doing every other one at the end of finishing a module because I think the sims are different from the MC and sims are usually my weak area since i found i sometimes do really well and under the MC, but I don't do so well with the sims. I know everyone is different with study techniques, but I was wondering what everyone else does with the sims for FAR?

    AUD - NINJA in Training
    BEC - 75
    FAR - NINJA in Training
    REG - 77
     

     

    #2270940

    nicholasloprinzi25
    Participant

    Just received a BEC passing score tonight ! All I have left is FAR & I’m starting on it tomorrow, hoping to take it in late May. Any advice for someone just starting to study?

    AUD - 75
    BEC - 79
    FAR - NINJA in Training
    REG - 76
    Pushing through one step at a time!
    #2277921

    grassdancejetta
    Participant

    Question on pensions-

    doing a problem where the journal entry is:

    dr comp expense (service costs for the year)
    cr net periodic pension cost
    cr. pension liability

    what is the difference between pension expense and net periodic pension cost? becker says nppc increases the pbo for the period, so it is a liability account?

    #2292144

    Suhsang
    Participant

    Hey guys, I have a quick question.

    Do we have to know the full names of all the bodies for the exam? For example, do we have to know that FAF = Financial Accounting Foundation, or is it enough to just know the abbreviated names? Of course in addition to their responsibilities, functions, etc.

    Thanks!

    AUD - 77
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    for halmoni !!
    #2296740

    Rach
    Participant

    Hi all – retaking FAR in mid-April after failing with a 66 back in December. I've been studying for about 6-7 weeks now while working, feeling about the same as I did when I took it in December. Using Ninja and Becker, and anything online to help with the tough concepts. My BEC credit expired in February during busy season, so really looking to catch a break here with FAR so I can take BEC again and move on with my life. There are SO many topics and I can get most of them while working through questions, it's just difficult to remember every little thing. Good luck to everyone else studying and taking this quarter!

    BEC: 77 (expired), 83

    AUD: 72, 72, 77

    REG: 57, 75

    FAR: 23 (hail mary lol), 66, 81

    ETHICS: 91

    #2301165

    Alex
    Participant

    test

    AUD - 76 (Ninja only)

    REG - 79 (Ninja + Becker)

    BEC - 80 (Ninja + Becker)

    FAR - Last one!

    #2303001
    SIDIEULEVEUT
    SIDIEULEVEUT
    Participant

    Hey guys,

    Taking FAR in 2 weeks. Finished all modules on Monday (minus SIMS for F8, F9, and F10). Currently speed reviewing (with outlines, notes, 2x speed skills practice, 10 MCQs) for each chapter before taking my first Mock exam on Monday. After the first mock exam and based on my weakness areas, ill start the final review with Becker focusing on my weakest areas and take the 2nd and then 3rd mock exam. For some reason, I'm SO scared about taking the mock exam and realizing that Im not ready. I feel like if I do bad on the mock exam, my confidence level is going to crash. Any tips on staying motivated through the last 2 weeks and not panic? I'm using Becker. What score on the mock exams tells me that I'm ready vs not ready? I've heard most mock exams are harder than the real exam. Thanks!

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 85
    REG - NINJA in Training
    Future CPA over here. HOW BAD DO YOU WANT IT??????
    #2303349

    nicholasloprinzi25
    Participant

    During my final review (2-3 weeks leading up to the exam) I stayed away from the mocks. I took one & my confidence was killed. In my opinion they’re extremely hard & kind of pointless. I passed the other three parts by doing 150 MCQ, 2-3 SIMs & writing notes each day for the last 2-3 weeks. This seems to have helped me the most, especially the NINJA MCQs.

    AUD - 75
    BEC - 79
    FAR - NINJA in Training
    REG - 76
    Pushing through one step at a time!
    #2315766

    Tony
    Participant

    Hello All,

    I am starting my 2nd month of studying with Roger CPA for the FAR exam. While I still have tons of practice MCQs and TBS, I've noticed that some MCQs have taken me past the 1:20 mark that's recommended (mostly due to the calculations that need to be done). Maybe I am overthinking it since I am only about 30% into the course outline, but I feel that those MCQs with calculations are hard to do within 1:20.

    I was wondering if anyone has any tips on how they dealt with that at the exam or how they plan to deal with it when they take the exam?

    I will keep practicing the MCQs over and over again so I can get faster but it's hard to remember all the formulas that need to be employed to answer the MCQs.

    I was told by a coworker, who passed all 4 parts at first try, that MOST of her MCQs in the FAR exam did not contain calculations that needed to be done. Not sure if others had the same experience.

    AUD - 75
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    CPA 2020
    #2316669
    SIDIEULEVEUT
    SIDIEULEVEUT
    Participant

    Hey there,

    I'm currently studying for FAR as well. Taking it at the end next week (omg it's scary to even say that). Like you, I felt like it was taking me longer than the 1:20 time limit per question. I was so scared but I just took my first mock exam today with Becker. I got a 76 and finished within 3 hours which I was super surprised about. The first testlet took me some time but once I got a hang of it, I was going through the questions quicker. While some questions took me longer to figure out, some questions took me 10 seconds. So don't panic or look at the time too often. If you feel like you are spending too much time on one question, move on and come back to it later. I will work on my weak areas and take the second and third mock exam before the real one. Hopefully I do better and faster.

    Best of luck! We got this 🙂

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 85
    REG - NINJA in Training
    Future CPA over here. HOW BAD DO YOU WANT IT??????
    #2318043

    Katherine
    Participant

    Hi everyone! I'm Katherine, I'm scheduled to take FAR on 5/20/19. So glad to be coming out of another busy audit cycle, so I can get some extra study time in. This will be my first time sitting for a part. Good luck in your studies all!

    #2322174

    Motivated2019
    Participant

    Hey Guys, A quick question about this:
    At December 31, 20X1, Bren Co. had the following deferred income tax items:
    A deferred income tax liability of $15,000 related to a noncurrent asset
    A deferred income tax asset of $3,000 related to a noncurrent liability
    A deferred income tax asset of $8,000 related to a current liability
    Which of the following should Bren report in the noncurrent section of its December 31, 20X1, balance sheet?

    I though the answer would be A noncurrent asset of $11,000 and a noncurrent liability of $15,000. But Surgent has the answer as “A noncurrent liability of $4,000”. Does anyone know if the deferred assets and liabilities can be reported as net on Balance sheet? If so, why?

    #2323293
    SIDIEULEVEUT
    SIDIEULEVEUT
    Participant

    Hey
    1) DTA and DTL are always noncurrent on the balance sheet
    2) You combine all DTA and DTL on the balance sheet
    so for example DTA = 1000 and DTL = 3000, so you get a DTL = 2000 you'll record a noncurrent liability of 2000
    if DTA = 5000 and DTL = 4000, so you get a DTA = 1000 you'll record a noncurrent asset of 1000
    3) so in this problem you have DTL = 15000 DTA = 3000 and DTA = 8000 so total DTL = 15000 and total DTA = 11000 so you have DTL of 4000 so you have a noncurrent liability of 4000.

    Hope this helps!

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 85
    REG - NINJA in Training
    Future CPA over here. HOW BAD DO YOU WANT IT??????
    #2328156

    Rach
    Participant

    Test is tomorrow – feeling meh. Trending is like 65%ish on Ninja but I actually feel more prepared than what my scores are telling me.

    Curious about something – does everyone go into the test feeling fully prepared, like you know every single concept? I KNOW that I don't know everything and I know my weak areas that I just honestly can't get down and it doesn't seem worth it to spend time to figure out. I just want to know if people have skipped over some topics and still came out with a passing score? Obviously not the best strategy and it all depends on what kind of questions you get. For my other tests that I've all barely passed, I felt like I knew mostly everything and still barely skated through. I honestly just can't do this anymore and need to be done with this. Pretty sure my friends and family have forgotten that I exist.

    Hoping that FAR is different and I can know the basic concepts and that will be enough this time around…

    BEC: 77 (expired), 83

    AUD: 72, 72, 77

    REG: 57, 75

    FAR: 23 (hail mary lol), 66, 81

    ETHICS: 91

    #2328423

    OnlyBelieve
    Participant

    I'm studying for FAR and was wondering if there is anybody/study group studying for this part in the Denver, Colorado area?

    #2328486

    yawampofoh1
    Participant

    I'm studying for FAR and was wondering if there is anybody/study group studying for this part in the Denver, Colorado area?

    #2330841

    Motivated2019
    Participant

    @sidieuleveut, thank you for clarifying that. I somehow thought that DTA and DTL would need to be reported separately, but it makes sense.

    @willpasseventually, I've never felt fully prepared, and also never can estimate my score after the test. Given that there is so much details on each area, I don't think it's possible to feel confident about all the topics. Hoping that you will do well!!

    #2340660
    BrightLIght
    BrightLIght
    Participant

    ranting deleted

    This sucks and I quit
    #2341392

    Thisby
    Participant

    Maybe a silly question, but…
    I'm trying to understand what the journal entry would be for a note payable issued at $1,000,000 if there is no asset or cash being received. For example, what if a company is paying $50,000 per year for 20 years to the winner of a contest? I'm crediting notes payable for the $1,000,000, but what is my debit?? Thanks!

    #2341602
    BrightLIght
    BrightLIght
    Participant

    Thisby -Promotional/marketing expense?

    This sucks and I quit
    #2343066

    Thisby
    Participant

    Yes, that makes sense. Don't know why I didn't think of that. Thanks!

    #2343750

    Lizzzy
    Participant

    Hello Guys and Gals,

    I just received my NTS and scheduled my first FAR exam which is also my first exam from the four. I am excited to kick this exam's behind in June and move on to the next. The study material I am using is Becker and plan to add the Ninja audio to listen while I am at work.

    “May the odds be in your favor.”

    #2349396

    fsin1328
    Participant

    Hi All

    I take FAR on May 3rd, I completed all my 20 ch in Gleim and now I am doing mega review for the next few days before my exam. A lot of the concepts I learned towards the beginning chapters are fading away. I have studied for FAR 3 months in total and I still feel like I am not prepared for this exam in 2 weeks, SIMS are my weakness ( and that is a major part of the exam). ( FYI Gleim's SIMS are hell :(, not sure if others feel the same.. ) I been doing about 100 MC a day and SIM reviews these past couple of days for a refresh .. any advice / focus areas you guys suggest I should do before I sit for this exam. Any advice is greatly appreciated.

    Good luck to you all/ congrats to anyone who has already passed.

    THANKS again for any help,
    Fran

    #2355303

    Kostas
    Participant

    For those who're scared of taking the Mock Exams. I don't know if it will help you but I must share my story. I used Becker and I took FAR in February.
    -15 days before I take FAR, I took my 1st mock exam and I scored 51%. (Disappointed)
    -10 days before the Exam, I took the 2nd Mock Exam and I score 57%. (Disappointed)
    -2-3 days before the Exam date (it was on Friday night. Monday morning I was taking the exam, which means 2-3 days before the exam) I took the 3rd Mock Exam and scored 51% again. (VERY UPSET!)

    Well, guess what. I passed it with 75 on my first attempt.

    Moral of the story: Don't let Mocks Exams to let you down. They're more difficult compared to the real test, you should not be disappointed by a bad score on Mocks.

    Good luck everyone!!

    #2357958

    woobie
    Participant

    Hey all,

    Just started studying I'm in F1 (M3) Revenue Recognition. I got this question/rule correct, but only intuitively.

    Landlord collected $500 bucks “nonrefundable” for rent agreement, then the problem went the typical direction (x amount per month for x months, how much revenue can client recognize etc…).

    Why is the “nonrefundable” amount broken down into monthly segments? I thought the obligation was satisfied because it is “nonrefundable”?

    #2364501

    tbizzle
    Participant

    Just took a FAR retake today. Sending out good vibes to everyone getting ready to sit yet this quarter!

    #2364513

    nicholasloprinzi25
    Participant

    Hopefully the score treats you well! Any tips you could give someone who is taking FAR for the first time? Topics to focus on or study habits in the final week or two? Thanks!

    AUD - 75
    BEC - 79
    FAR - NINJA in Training
    REG - 76
    Pushing through one step at a time!
    #2367585

    TNTTN
    Participant

    Scheduled to take FAR on July 1st.
    Finished chapter 7 of Becker review
    Currently reviewing all previous chapters before going to the non-profit & government accounting
    Man, I feel like I haven't retained anything so far TT___TT
    Have been struggling with SIMs are some of the instructions are very vague & I don't know what I'm supposed to do.

    #2370078

    nicholasloprinzi25
    Participant

    I felt the same exact way once I finished Becker. I decided to buy the Becker Final Review and I'm currently reviewing using the NINJA MCQ's. The Becker Final Review was eh, but it helped me remember certain things. I'm really starting to remember most of the information right now as I am going through the NINJA MCQ's. Don't get discouraged right away, just power through the Becker lectures and then do a ton of MCQ's (preferably from NINJA) leading up to the exam and everything will come back to you!

    AUD - 75
    BEC - 79
    FAR - NINJA in Training
    REG - 76
    Pushing through one step at a time!
    #2376342

    sdollen64
    Participant

    Took FAR this morning and walked out feeling confident that I did well on the MCQs and totally blew it on the sims. And, this isn't one of those deals where you feel like you didn't do well and you actually do. I know I blew chunks. 1 out of the 8 was a research…the other 7 were all fill in the blank and was heavy on leases and consolidations. I did a few sims that are offered through Ninja and a few through surgent but didn't focus on them. Not sure even if I had that it would have helped. The format of the sims on the test isn't even CLOSE to what you see on the test. WTH???

    Mentally preparing to have to study for a retake when the scores come out on May 23rd. Kinda don't want to start studying on anything else until I get FAR done and out of the way as I feel pretty confident it's going to be the biggest obstacle for me.

    Good luck to everyone studying!

    My teenage son to me "If you don't pass, it isn't like you'll die or anything."  True.  Very true.  Just do your best, it's all you can do.
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