[jeff]

Welcome to the Q1 2016 CPA Exam Study Group for FAR.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[Larry]

Hello again, gonna be in this forum until the score release on 12/9. It will determine whether I stay or move on to Audit. I pray for a nice gift from santa.

AUD - 83
BEC - 76
FAR - 78
REG - 82

Licensed in Florida

REG - 82
FAR - 78
BEC - 76
AUD - 8/27/16

[Anonymous]

@ Papogator24, I am praying for the same but I think I will be back to study. The SIMS were long and run out of time

REG:77
BEC:73/74/81
AUD:58/76
FAR:11/30, praying praying

[Tuthegreat]

Can someone tell me what is the proper way to fill out the SIMS for a Journal Entry.

On the Ninja CPA review: you must put a zero in the debt/credit side that is unused. Should I be doing that for the SIMS on the exam?

EX:
DR CR
A/D 0 -100
Depre 100 0

Or should I answer it the old fashion way

A/D -100
Depre 100

Im just so confused when it comes to the SIMS for FAR..just tell me what you want me to do CPA GOD

[marjorika]

Hello!
I wanted to see if anyone has developed a good tactics of memorizing a structured bulk of information they could share.
My FAR's scheduled in a month, and while I'm doing fine with any calculation-based problems, things like NFP, Gvrmt acct and anything I can't picture in my mind or rationalize – don't hold in my memory for too long. As soon as I switch to a different topic – they're gone 🙂 I'm self-studying using Becker, and using their mnemonics and acronyms, but that does not always help.
Anyone has a good tip on memorizing AND retrieving information at the right moment? 🙂

Thank you!

FAR - 75
REG -77
AUD - 6/10/2016
BEC - 79

[ruggercpa2b]

@Tut on exam day the question will tell you if you need to either enter a zero or enter the numbers as negative.

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

AUD - 1/6/18
FAR - TBD
REG - TBD
BEC - TBD

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[Anonymous]

@majorika — I used Becker self study and had the same problem. Nothing from Govt or NFP seemed to stick. The short Blitz video I watched on the topic really concisely put it all together for me. Jeff's tips were easier to remember and understand and he really eliminated a lot of the unimportant stuff. On my last attempt at FAR, Govt was heavily tested, so you definitely don't just want to skip over them.

[topenga87]

Hi there! Just started studying for FAR today! eek!

I studied 4 years ago and haven't really studied since, wish me luck!

Started studying in 2010, life got in the way majorly.
Starting over Dec 2015
FAR
AUD
REG
BEC 6/7/16 - 67 Retaking on 9/7

[seattle_ninja]

Hello all,

I just signed up for this forum and looking forward to contribute and learn, and this is my very first post so I apologize for the long post.

A little bit about my CPA journey, I got a BA in Sociology but eventually years later I went back to school to get enough Accounting and business credits to take the CPA exam. I took my first exam REG in May and from the horror stories I read I basically studied like crazy, mainly going over Ninja MCQs, and Fast Forward Academy, which I wouldn't recommend getting both since the MCQ's were the same. I also had Ninja Audio and Flashcards. Anyways, after taking REG, I thought for sure I failed especially the SIM section where I didn't even get the research question right. I got a 78 and was in complete shock I passed, I was in tears 🙂

However passing my first exam was bad in a way in that it didn't give me a sense of urgency since I thought I was going to need to retake REG anyways. For a variety of reasons I pushed my second section back until this past Monday. I took AUD, and since I didn't major in Accounting, I never even took an Audit class before so it was a real struggle to even start. I used Fast Forward Academy, and I ended up buying Ninja MCQ because of access to Blitz promo, and I had Ninja Audio and Notes. I think some resources that helped me a lot were youtube videos by Amanda Loves to Audit, which explained it well. I ended up getting really behind on my studying and just crammed like crazy the week prior, I went into the test feeling very unprepared, but as I took the test, I felt better than after I took my REG exam, and I'm 99% sure I got the research SIM right. But I also heard when you think you did ok you probably failed, so just hoping for the best!

So now, I'm at my FAR exam, I plan to use Fast Forward Academy because I bought all 4 sections with them. I'm not going to buy Ninja products this time since money is tight and like I said I think Ninja MCQ and FF MCQ is the same. I do have Ninja flashcards though which I'll use. I'm also going to find other ways to study, hopefully good youtube videos like I found for Audit. If any of you know good study material I can find online, I'm all ears!

I'm scheduled to take my FAR exam 2/3/16 giving myself 2 months to really study, and I know I'm going to need extra motivation and support to get through this.

If you read this far, thank you and I hope we all pass!!!

[Anonymous]

I started studying for this last week and I am struggling a lot! This is my last exam and I dont know if I am running out of energy or the material really is super tough. I am coming back from AUD where it was all conceptual and these number questions are killing me! Please someone tell me that I am not alone struggling..

[RashmiRaghu]

Hi, I will be taking FAR on 4th Jan 2016 as my first ever attempt on my first ever CPA exam. Would anyone know how important is intercompany transactions topic?

[Larry]

@akduran, you are not alone. Many of us struggle during our time in studying for FAR. This section is definitely a beast of a monster.

AUD - 83
BEC - 76
FAR - 78
REG - 82

Licensed in Florida

REG - 82
FAR - 78
BEC - 76
AUD - 8/27/16

[Larry]

@Aguspesci, we are definitely praying. I hope you pass and be done with your journey. I am praying for a nice gift from santa to see a passing score so I can start to enjoying the wedding process as I am getting married in January.

AUD - 83
BEC - 76
FAR - 78
REG - 82

Licensed in Florida

REG - 82
FAR - 78
BEC - 76
AUD - 8/27/16

[sarah40460]

Hello, all. I will be joining you for FAR assuming I find out I passed AUD next Wednesday.

The waiting for score release is as hard (if not harder) than studying for the exam. Ugh.

AUD - 95
BEC - 90
FAR - 88
REG - 89

Illinois CPA!

AUD: 95 (11/2015)
FAR: 88 (02/2016)
REG: 89 (06/2016)
BEC: 90 (07/2016)
Ethics: 93

I'm never studying for anything ever again!

[Anonymous]

@Papogator, Thank you! They said the power of prayer sometimes can make a miracle happen! I've been trying to get the test out of my head but I can't not think of anything else.

Enjoy your wedding time!!! I've been praying for of all us in this journey!

[Broag]

A company enters into a three-year operating lease agreement effective January 1, year 1. The amounts due on the first day of each year are $25,000 in year 1, $30,000 in year 2, and $35,000 in year 3. What amount, if any, is the related liability on the first day of year 2?
a.
$60,000
b.
$0
c.
$5,000
d.
$65,000
Explanation
Choice “c” is correct. Operating lease expense must be recorded equally over the life of the lease. The average annual lease amount is $30,000 per year, or $2,500 per month. In year 1, the lease would be accounted for as follows:
Beginning of Year 1:
Debit (Dr) Credit (Cr)
Prepaid rent $ 25,000
Cash $ 25,000
Monthly AJE's for first 10 months:
Debit (Dr) Credit (Cr)
Rent Expense $ 2,500
Prepaid rent $ 2,500
Monthly AJE's for final 2 months:
Debit (Dr) Credit (Cr)
Rent Expense $ 2,500
Rent payable $ 2,500
After recording monthly AJE's for both November and December, our rent payable is $5,000 by 1/1/Y2.

Why do you create a liability in the final two months? Why do the JE's change in November? I'm just not connecting the dots on this one. Thanks in advance!

REG - 79
FAR - ?
AUD - ?
BEC - ?

[Author]

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