FAR Study Group January/February 2013
January 8, 2013 at 4:38 pm #399588
@Nam – I definitely hear you on not being a morning person this morning. I AM SO TIRED. I studied from 5:30-6:30 and napped for the last half hour. Even coffee couldn’t help.
Plan today is to finish 1.5 hours of lecture from Government and 3 hours on NFP.
I’m kind of starting to worry since everyone who is taking the exam after me is already way ahead and I feel like there are so many more topics I need to solidify.January 8, 2013 at 8:08 pm #399589
@hustin: Dont stress !! 🙂 🙂 🙂
AND i am feeling so low today ..May be i am just nervous.
FOCUS FOCUS FOCUS – We can do it ..:-)
Deep breathhhhhhhhhhhhhh : today is a new day . I will try my best today. 🙂 ..January 9, 2013 at 1:40 am #399590
Okay guys so my retake is friday. I have went thru EVERYTHING twice and now am just doing progress test. I am getting in the 80s on 90 question progress test. What is everyone’s thoughts on the 2012 becker practice test? I took them last time but I don’t know if they are really helpful. I feel like they are really difficult and tend to just stress you out. Just looking for the best use of the next 2 days.January 9, 2013 at 3:56 am #399591
Proach: If you are scoring well on progress tests, you should be okay. That’s how I was during Audit. Make sure you don’t memorize the answers =]
I just took the Becker final exam #1 and I’m really discouraged. In MC, I got 80, 60, 70 and on simulations, on some I got 100, some I got around half, some I got 0. I’m going to review the test and the material again before I take the 2nd exam, which I heard is harder.
I heard that you should give yourself around 10~15 points more on what you scored on Becker for the real exam. Too bad I’ve been doing well on other sections’ final exam and got comparable scores. This makes me worried.January 9, 2013 at 4:18 am #399592
@hello_sol I tend to find the practice test way harder. It hurt me in BEC because it way over complicated things but I managed to pass so that was fine. I am going to take practice test 1 tomm and see how it goes. When do you take your test?January 9, 2013 at 5:08 am #399593
@Proach: I’m taking the test next Monday so I’m going to take Exam #2 on Saturday and review last minute stuff over the weekend before I take the exam. You should be okay on Exam #1 especially if this is your retake. This is my first time taking FAR and it’s also my last exam so I’m losing energy and motivation.January 9, 2013 at 2:11 pm #399594
T-2Days. hello_sol, I feel you. This is my last exam as well and I’ve been at this studying thing for a consistent 15 months. I’m tired. I’m weary. But I don’t want that to deter me from completing it. But going into this one, I don’t feel confident. I’m really struggling with remembering the material. My brain is fried and I can’t seem to hold anymore in. I royally screwed up the MCQs on not for profits last night, very discouraging. My flashcards are half memorized. I’ve gone over the material twice. I’m doing the simulations, I’m making stupid errors. Progress test after progress test. I’m not even going to mention how poorly I did on the first practice test. I haven’t even completed the second one. All two days before the exam. I’m giving it everything I’ve got. I almost fell asleep on the way to work this morning because of sleep deprivation.
I’ve got one more night of full study, I’m taking Thursday night off and will hopefully walk into prometric with a better perspective, even if I have to walk out crying. I’m so tired of this.January 9, 2013 at 2:28 pm #399595
@hello_sol and @katydid I feel you as this is hopefully my last time seeing a Becker book. I take this Friday at 8am.I took PTO this week before busy season starts next week for me. I plan to take practice exam 1 in 5 minutes, review it, do a 90 question practice test before dinner, another 90 question practice test after dinner and call it a night. Tomm i plan to take practice exam 2 and one 90 question progress test and then tomm night do a review of all questions i missed on practice exams and progress test get a good night of sleep and hopefully get my 75 on Friday. Good luck to both of youJanuary 9, 2013 at 2:39 pm #399596
Also guys per the FAR exam experience it appears JE’s are a big area(big shocker right). This is the reason i got a 71 and not a 75 last time. With that being said what is the best way to study for JE’s. They are sporadically placed throughout the becker book. I want to do a high level over view of all JE’s before my test on Friday. Any help would be much appreciated.January 9, 2013 at 2:48 pm #399597
Hey there proach33,
I’ve heard the same thing but when I took FAR I didn’t particularly notice a significant amount of JE stuff…but that’s just me.
In any event, I would say it depends which type of JEs you want to have down…and it appears that would be ALL lol…
I personally think good old fashioned flashcards are great! The following is an example of one of my JE flashcards:
FRONT OF CARD:
GRaSPP Gov’t Fund
JE to BOOK the budget
BACK OF CARD:
OPPOSITE SIE OF “T” ACCOUNT!
DR: Est. Revenue control
DR: Est. Transfers IN
DR: Budgetary fund balance SURPLUS
CR: Appropriations conrol
CR: Est. Transfers OUT
CR: Budgetary fund balance DEFICIT
Hope this helps : )January 9, 2013 at 2:57 pm #399598
Going for my retake on the 28th. Got a 58 the first time but only got through the material one time and got 58 and 60 on my practice tests. I am using CPAExcel and have printed out ALL of the multiple choice. I am currently going through them and making notes on the sections that I am having trouble with. My plan is to finish all the MC by the 13th and begin studying the individual sections on the 14th.
I am really, really awful at anything to do with bonds. That and the Governmental sections are the two that I think I need to focus on the most. It’s frustrating to say the least. I feel like I understand the material but when I go to review it it all just diappears. I’m hopeful that really understanding all of the MC can help me get over that 17 point gap.January 9, 2013 at 3:01 pm #399599
I feel ya…I think the best way to combat the “I feel like I understand the material but when I go to review it it all just disappears” syndrome that we sometimes experience is to do what I am now calling the “+1 review method”…it’s nothing too revolutionary…when I study each chapter thoroughly to a point where I am satisfied, I complete the homework for that chapter along with a sample of homework from ALL of the others chapters I’ve covered thus far.
Hope this helps…hang in there 🙂January 9, 2013 at 3:06 pm #399600
That’s exactly my plan once I go through the MC one more time (should be done on 1/13). Some of the sections will be quick review because I did fairly well on the exam but once I get through, say 10 sections and feel confident, I am going to go through the MC again and see just how I feel. Hopefully hitting the sections again and again will make it stick to this rock of a brain I seem to have.
There are only 230 sections so it shouldn’t be that bad. Right? Right!?
Either way, this studying is more than I did my first time around so if I don’t pass (fingers crossed that I will) I at least home to improve significantly.January 9, 2013 at 4:04 pm #399601
ok I think i forgot CH3 , CH4 and CH7. 🙁 Time to make notes again 🙁 cant wait to re write my notes again ( ya right!!!) urghhhh
Cpa4birtday :Thanks for the suggestion- 😀 😀 ,January 9, 2013 at 5:01 pm #399602
Really great suggestions CPA4birthdaypresent! I’m thinking I might do MCQ for each chapter and the same day do a sample of the ones in the book for prior chapters.
When is your birthday, anyway? What a great gift it will be 🙂
Blah, I fell off schedule a little. I still need to either do lecture or read F9 and do MCQ’s for ch 1 tonight. I did get into bed by 10:30 and slept in so that was nice.
Tonight, appointment after work then it is time for battle!!January 9, 2013 at 5:36 pm #399603
Any time…that’s what we’re all here for.
My bday is May 9th :)…I may not find out if I passed BEC (which will be my last section WHEN I pass FAR this second time around) until a couple of days after my bday…but I would’ve finished studying for BEC before the end of April…ahhhh i just can’t wait!!January 9, 2013 at 5:57 pm #399604
@cpa4bdaypresent Thanks for the advice. I do not have time to re write notes as my retake is in under 48 hours. I am doing practice test and will just look over the sims. Honestly there is no way to prepare for everything. Its the luck of the draw. I am hoping to just do a high level over view of journal entries the next 2 days to keep it fresh in my head for my lovely 8am rematch on friday.January 9, 2013 at 6:03 pm #399605
Good luck proach33!!!!!!!!!!!! Just take a deep breath and power through it!January 9, 2013 at 6:16 pm #399606
Good luck Proach!January 9, 2013 at 6:38 pm #399607
UGH!!!!! Update on test date for FAR
So I’ve been checking my state board’s website to see if they have sent me the payment coupon because the ATT was approved 12/22/12…after having waited all this time, I finally decided to call NASBA to see what the deal was. Apparently they already sent it to me…and I had accidentally deleted the email. So I basically waited all of this time to pay for and subsequentally schedule my exam when I could’ve done so a lonnnng time ago!!!
I’m an idiot. I checked prometric and it looks like I am no longer able to take FAR in Jan. (just cuz I wanted to do it on a weekend. Now I have to wait til Feb. 9th (provided that date is still available when I get my NTS).
If all goes well I’ll take BEC April 20th…**X-ing fingers and praying**January 9, 2013 at 7:30 pm #399608
On July 1, Lee Co. sold goods in exchange for a $200,000, 8-month, noninterest-bearing note receivable. At the time of the sale, the note’s market rate of interest was 12%. What amount did Lee receive when it discounted the note at 10% on September 1?
Answer is $190,000
Explanation: bank discount at 10% for 6 months, Where am I not getting it?.. ughJanuary 9, 2013 at 7:56 pm #399609
face amt ($200,000) for 8 mnts (Jul to feb next year)
yearly int =200,000*.10= 20,000 per year .
time left on note = Sep1 to Feb next year = 6 mnts
6mnth int = 6/12*20,000= $10,000
Discount = FV to PV i.e @ SEP (200,000-10,000) = $190,000
I hope this makes sense,,,,,January 9, 2013 at 8:13 pm #399610
Seems like the 190,000 = 200,000 – (200,000 x 10% x (6mos./12mos.))
9/1/x1 through 2/1/x2 is 6 mos.
Not sure if I’m right…but that’s what I gather.January 9, 2013 at 9:48 pm #399611
@Nam: I hate how easy it can be to forget some of these chapters! Chapter 3 and 5 aren’t too bad for me (unless you’re talking inter-company transactions and converting or a retiring a bond), but with 7, I’ll forget everything I learned the next day!January 9, 2013 at 10:54 pm #399612
So the 6 months of interest to be earned by the bank till it matures. I think I got it 🙂 ThxJanuary 10, 2013 at 12:49 am #399613
So, I haven’t made large progress, but I am consistently studying and learning more each night. I am pretty stoked about it. Things are going better than previous attempts!January 10, 2013 at 1:43 am #399614
Does anyone have a suggestion or method that works for them to study after work? I am getting about an hour to an hour half in before my brain just shuts down. I am happy with myself in that lately (knock on wood) I have worked out a routine for studying after work. But now concerned that my progress is too slow. Plus with busy season kicking up here in a week or two, will my brain even give me an hour after work?
I guess I am a little discouraged. I really wanted to get through consolidated acquisitions tonight and as I approached the BIG of CARINBIG, nothing is soaking in……January 10, 2013 at 1:45 am #399615
Just noticed my before and after studying attitude in the last two posts, night and day.January 10, 2013 at 1:46 am #399616
Took the second practice exam in Becker today. 77% for the MCQ and 83% for the Sims. Seems like I’m in good shape, although I felt like I was guessing on a lot of the MCQ. I got several wrong that I thought for sure I had right, and got a lot of the ones I guessed on or narrowed down to two answers right. Sims were absurdly short and relatively easy (screwed up bad on the foreign currency one, but the other 5 were very straightforward).
Going to hit the books hard tomorrow morning and early afternoon. Will report back with my thoughts on the exam later in the night (scheduled to end at 9:00, ouch).
Melans – just gotta keep at it. Keep plowing through the material, it all makes more sense in the end.January 10, 2013 at 2:17 am #399617
Hey guys… just finished up on BEC this weekend and started restudying for FAR. Planning on taking Feb 2nd. Trying to get it out of the way before busy season consumes my life. I thought studying during the summer was bad enough but busy season and FAR is absolutely miserable!!!! Anyone here retaking FAR? I’m not sure how I am going restudy yet.
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