FAR Study Group Q1 2019

CPA Exam Review CPA Exam Forum FAR FAR Review FAR Study Group Q1 2019

This topic contains 18 replies, has 13 voices, and was last updated by  Dev12 4 days, 14 hours ago.

Viewing 19 posts - 1 through 19 (of 19 total)
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  • #2069546

    jeff
    Keymaster
    #2070161

    drcpa
    Participant

    Hello Guys
    this is my second try i'm using surgent review with becker if needed and considering Ninja MCQ
    Good luck for everyone

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 72
    REG - NINJA in Training
    If You Fail to Plan, You Plan to Fail
    #2071211

    Ekta
    Participant

    Hi guys, I took REG this month and plan to test for FAR in January end. I am studying with Gleim.

    #2071310

    BORN TO WIN
    Participant

    Can someone please chime in and help me understand the flow and calculations behind this problem?

    Pine Corp. is required to contribute, to an employee stock ownership plan (ESOP), 10% of its income after deduction for this contribution but before income tax. Pine’s income before charges for the contri­bution and income tax was $75,000. The income tax rate is 30%. What amount should be accrued as a contribution to the ESOP?

    A. $7,500

    Correct B. $6,818

    C. $5,250

    D. $4,773

    The solution per NINJA is provided below.
    The contribution has to be 10% of the income after deducting the contribution amount. The income prior to the contribution is $75,000. Thus, the contribution amount, C, is:

    0.1 (10%) × $75,000 – C
    Solving the equation for C:

    C = $7,500 – 0.1C
    1.1C = $7,500
    C = $7,500 ÷ 1.1 = $6,818

    Do NOT quit! There's more in you and if you quit you'll never see it. Show you that you can do it.

    AUD Passed
    BEC  Passed (lost credit) Oct 2018
    FAR
    REG

    #2071370

    BORN TO WIN
    Participant

    Can someone please help me? According to Becker's pass key, NFP organizations do not present funds. However, within the text it states, “fund accounting is not used for external financial reporting, although separate funds may be maintained for internal purposes”. How would I know which funds are allowed? This is confusing.

    A not-for-profit hospital issued long-term tax-exempt bonds for the hospital’s benefit. The hospital is responsible for the liability. Which fund may the hospital use to account for this liability?
    A. Enterprise

    B. Specific purpose

    C. General

    D. General long-term debt account group

    Do NOT quit! There's more in you and if you quit you'll never see it. Show you that you can do it.

    AUD Passed
    BEC  Passed (lost credit) Oct 2018
    FAR
    REG

    #2072498

    Lili
    Participant

    Hello,
    This is my 1st try and my 1st exam of the all 4, I'm using Ninja only, and my exam date is Feb 23rd, 2019
    Good luck everyone! 🙂

    * FAR -- 02/23/2019  NINJA IN TRAINING

    * Nothing is so strong as gentleness and nothing so gentle as real strength -- St. Francis de Sales

    #2072651

    drcpa
    Participant

    Lili Good luck

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 72
    REG - NINJA in Training
    If You Fail to Plan, You Plan to Fail
    #2102889

    4dkids
    Participant

    My hope is that this is a simple answer and I am overlooking the obvious. How many stocks were issued at what price?
    Common stock (.10 par) $15,000
    APIC $110,000
    I am to understand that it is 50,000 shares at .30 per. Please help me understand how I would discern this with the info given? Much thanks and many nummy holiday cookies wished upon you.

    #2102940

    4dkids
    Participant

    I believe I've figured it out. The info was found in comparing last years stock issue and APIC to the following year. ;0)

    #2102994
    Bunny
    Bunny
    Participant

    Hello everyone! I just got approved and my notice to sit. Exam date is scheduled for January 3, 2019. I'm using Wiley CPAExcel and will probably use additional material on here. This is my first CPA Exam Section and I decided to go for FAR first ^_^.

    FAR - Studying (Sit on Jan 3rd 2019)

    AUD - TBA

    BEC - TBA

    REG - TBA

    #2103195

    4dkids
    Participant

    Hi Bunny! I am sitting Aud now but looks like we will be climbing that FAR mountain together. I hope to sit beginning of Feb as I cannot study through holidays.

    #2104545

    SeanW
    Participant

    Taking FAR in Jan-Q1. Last exam!!! I've used Becker for all 3 exams to date and will use for FAR.

    BEC – 89
    REG – 89
    AUD – TBA (12/10)
    FAR

    #2104797

    Jazzy87
    Participant

    Welp, I'm here….lol I am reading the Ninja book and doing Yaeger lessons. I think someone said “climbing the FAR mountain” yup! Mm too! but it's more like Everest lol I hope to be done with FAR book by the end of December and then crank out MCQ's. Good luck everyone!

    #2107959

    Mel
    Participant

    Sitting for FAR on Feb 2.

    FAR: (Feb 2, 2019)
    AUD: 79 - lost credit (retest Feb 23, 2019)
    BEC: 81 - lost credit (retest Mar 9, 2019)
    REG: 64, 84 - expiring March 31, 2019.....
    #2108430

    Swan
    Participant

    I am sitting for FAR on January 5th. This will be my 4th time! I made a 74 on all 3 tries. I am currently using Becker. I am not sure what the problem is, any suggestions on how to study and get over this hump? I watch all the lectures, read the text, do the mcq, and even make my own flash cards. I study all weekend and about 3 hours every weeknight. :/

    AUD - NINJA in Training
    BEC - 76
    FAR - NINJA in Training
    REG - 84
    "Strength and growth come only through continuous effort and struggle"
    #2109402

    SeanW
    Participant

    I've used Becker for all three of my exams and while I can't tell you this will work for you, I can tell you it worked for me.

    1. I read every chapter 1st, making notes and highlighting major points.
    2. Second, I listen to the lecture, adding additional notes.
    3. For areas that are new, meaning, I've never seen it before; I will make hand written notes.
    4. I take the practice exam.

    When I've done this for every section, I will go back to section 1, module 1 and retake every single test and track the score for each exam in a spreadsheet. This gives me an idea of where I'm strong and where I'm weak. I'll take them all again and average the two grades. For every section that is still below 75, I run back through my notes again. If I'm really doing bad, I'll re-read the whole section again. Again, this is just what has helped for me. That being said, there have been quite a few questions on the CPA Exam that were not in my notes, lectures or practice tests. I know some questions on the exam are experimental and won't count too.

    Also, I know that I am a visual learner and I have to remove all distractions from my personal space. I usually study after work, in a quiet place where the only light source is my computer and desk lamp. This removes all other distractions and allows me to focus solely on what's in front of me. It may be useful to determine what kind of learner you are and study accordingly. It helped me in College and now on the CPA. Good Luck. You're almost there.

    BEC – 89
    REG – 89
    AUD – 87

    First tries, using Becker CPA Review.

    #2109540

    Swan
    Participant

    Thanks! I may have to start doing more MCQs and mix them up. I think my problem is having to re-study and now I feel like I am just memorizing the questions and answers instead of fully understanding the concept. I'll give your tip a try! Thanks a lot 🙂

    AUD - NINJA in Training
    BEC - 76
    FAR - NINJA in Training
    REG - 84
    "Strength and growth come only through continuous effort and struggle"
    #2112165

    wmclafi
    Participant

    Hi – I’m studying for FAR using CPAexcel. I’ve passed Reg and Aud and have to retake BEC :(.

    I tried to schedule FAR in Texas during Q1 2019 but surprisingly all the locations in TX have the same exact availability. Is that a coincidence where all the locations in the state have only Feb 1st available ? Or they haven’t yet opened all the slot? I’m just surprised how all the locations have the same open slots in feb (feb1) and nothing in March!

    Wmc
    #2113302

    Dev12
    Participant

    Starting with FAR today, using Beckers. Would like to test on Feb 28th. Waiting for AUD results to be out on Dec 19th. I hope I passed. *Fingers crossed*

    AUD - NINJA in Training
    BEC - 79
    FAR - NINJA in Training
    REG - 84
    BARF - 4 sections of the CPA Exam!
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