FAR Study Group 2019

This topic contains 250 replies, has 107 voices, and was last updated by  AndreA 3 days, 2 hours ago.

Viewing 11 posts - 241 through 251 (of 251 total)
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  • #2611866

    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!
    #2611932

    CH89
    Participant

    Sorry to hear about your score release for FAR. Keep pushing forward! If I had to guess why your score went down but your score form seems better is based on how the grading of the questions are. Remember, your score isn't a percentage and if I understand correctly MCQs are based on difficulty. You could have done well, but just missed on some of the more difficult questions. For what's it worth, I would take that form with a grain of salt. I believe it even says on there that they take a sample of questions and compare it to other candidates who scored a 75-80. It is likely that they could have chosen questions that you got more correct than wrong which would make it seem like you did better in certain topics.

    #2612781

    stan
    Participant

    I will strongly suggest that you prepare yourself with updated material. Anything that is outdated please stay away. It won't do you any good. And true be told you will not use it on the work place. I just passed FAR and I can tell you focus on what will be tested. Follow the blueprint and take AICPA sample tests. I believe becker update their material and they are good at removing what is not tested from their course.

    Stand
    #2614026

    Tncincy
    Participant

    Oh I am dreading those mcq's. Maybe I read more. I'm just anxious. I need to pass!!!

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2627133

    AndreA
    Participant

    What would be the journal entry in this case for Company A?
    Assume No Commercial Substance, exchange of old truck Company A for a new truck Company B (no cash payment has been made)

    Company A
    FV?
    CV 100,000
    Depreciation 40,000

    Company B
    FV 50,000
    CV 70,000

    Dr: Equipment (new) 50,000
    Dr: Accum. depr. 40,000
    Dr: Loss 10,000?
    Cr: Equipment (old) 100,000

    Is that correct?

    FAR 73,

    AUD

    REG

    BEC

    "Of course it’s hard. It’s supposed to be hard. If it was easy, everyone would do it. Hard is what makes it great."

     

    #2627235

    AndreA
    Participant

    Just took FAR

    I hope the hard stuff was pre-test.

    Good luck everyone!

    FAR 73,

    AUD

    REG

    BEC

    "Of course it’s hard. It’s supposed to be hard. If it was easy, everyone would do it. Hard is what makes it great."

     

    #2627700

    Tncincy
    Participant

    @andrea, thanks for the heads up. What course are you using?

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2641032

    Tncincy
    Participant

    Has anyone used the Ninja MCQ Audio? Trying to find things to keep my attention when I have to switch from notes and mcq's. I would like to use the plus videos, but I am not sure about content. I used them for Reg, but not too sure for Far.

    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #2641161

    fsanacor
    Participant

    I just finished the Becker book (lectures, mcqs, sims), going to be reviewing from now until my Sept 9th test with 3 practice exams mixed in. This is my last test and I am beyond stressed over this one. Way more then the other 3. The amount of material is overwhelming and I can't seem to master any one part. Any tips on which parts I should concentrate on a little more? I'm not going to have enough time to nitpick at every section from now until then. I read these blogs and some people say they have been testing Becker 3 & 4 a lot (assets and investments) and others say that more Becker 1, 8-10 (conceptual framework/financial reporting, nfp and governmental), so I'm at a major crossroads. I'm being trying to do as many mcq's a day until I can't physically focus anymore, but I'm not sure that it is the proper way of handling this exam. It's a much different animal then the other 3. Any tips would be greatly appreciated.

    #2644881

    Hannah
    Participant

    Can someone explain to me how these two questions are different? Because one takes out outstanding checks and one doesnt…
    Philipp Co.’s monthly bank statement shows a balance of $54,200. Reconciliation of the statement with company books reveals the following information:
    Bank Service Charge $10
    Insufficient Funds Check $650
    Outstanding Checks $1,500
    Deposits in transit $350
    Check deposited by Philipp and cleared by the bank for $125, but improperly recorded by Philipp as $152.
    What is the net cash balance per books after the reconciliation?
    A.$52,363 [4%]
    B.$53,023 [5%]
    C.$53,050 [88%]
    D.$53,077 [3%]

    Alton Co. had a cash balance of $32,300 recorded in its general ledger at the end of the month, prior to receiving its bank statement. Reconciliation of the bank statement reveals the following information:
    Bank service charge – $15
    Check deposited and returned for insufficient funds check – $120
    Deposit recorded in the general ledger as $258 but should be $285
    Checks outstanding – $1,800
    After reconciling its bank statement, what amount should Alton report as its cash account balance?
    A. $30,338 [4%]
    B. $30,392 [11%]
    C. $32,138 [4%]
    D. $32,192 [81%]

    AUD - TBD

    BEC - TBD

    FAR - Studying

    REG - TBD

    #2645019

    AndreA
    Participant

    I think, 1 question asking you to do a bank reconciliation and 2 question asking you to do a book reconciliation.
    Can someone explain to me how these two questions are different? Because one takes out outstanding checks and one doesnt…
    Philipp Co.’s monthly bank statement shows a balance of $54,200. Reconciliation of the statement with company books reveals the following information:
    Bank Service Charge $10
    Insufficient Funds Check $650
    Outstanding Checks $1,500
    Deposits in transit $350
    Check deposited by Philipp and cleared by the bank for $125, but improperly recorded by Philipp as $152.
    What is the net cash balance per books after the reconciliation?
    A.$52,363 [4%]
    B.$53,023 [5%]
    C.$53,050 [88%]
    D.$53,077 [3%]

    Alton Co. had a cash balance of $32,300 recorded in its general ledger at the end of the month, prior to receiving its bank statement. Reconciliation of the bank statement reveals the following information:
    Bank service charge – $15
    Check deposited and returned for insufficient funds check – $120
    Deposit recorded in the general ledger as $258 but should be $285
    Checks outstanding – $1,800
    After reconciling its bank statement, what amount should Alton report as its cash account balance?

    FAR 73,

    AUD

    REG

    BEC

    "Of course it’s hard. It’s supposed to be hard. If it was easy, everyone would do it. Hard is what makes it great."

     

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