[Oimie]

I am currently studying for FAR and as I do the MCQs, I realize one of my problems is remembering the treatment of “anything” because there are so many “items” and each has it’s own rules. Now I am not trying to be captain obvious but I made the thread to ask you guys if there is actually an easy way to remember them? Specifically how items should be recorded when bought/sold/financed and etc. At cost? At book value? Fair value method? Amortization method? At net realizable value? At present value of future cash flows? And are gains/losses reported in comprehensive income? Earnings for the period? Retained earnings?

Is there a much more compact rule of looking/remembering it? Maybe categories that I have not yet realize? Maybe certain items can be grouped because they are treated exactly the same? Or does anyone happen to have a chart? Cause as of now, I am almost remembering each item’s rules by itself. And I am not even seeing a pattern or the logic of why certain items are treated the way they are. I often run in questions that ask me how an item should be recorded and I can’t even lean towards any of the answers because I don’t see the patterns and logic.

I am about to make a chart myself.

FAR 85 June 2015
AUD 80 Nov 2015
REG 83 Nov 2015
BEC 79 Feb 2016

[Anonymous]

So there's a lot of questions buried in there but the best advice I can offer is to do 1000s of mcqs, meaning over 5000. I promise you by the end of it you'll be able to sort through all the FAR noise.

[Anonymous]

And when you do those MCQ's write, in your own words, an explaination of the correct answer. Even if you get the same type of problem wrong 50 times, write your explaination 50 times. This works!!!

[Vern -No what I mean]

I agree with Dave and Kricket.

Have a legal pad in front of you while doing MCQ's. The more MCQ's you do, the easier it becomes to know what the question is asking, what the concept is, and why all the other answers are wrong. Don't let yourself memorize the answers though. Ask yourself two things after each questions: 1) what concept is this problem testing 2) Why did I get it right/wrong. Make note of the questions missed or that you struggled with. This becomes your review notes.

Also, what works for me is to attach stupid stuff to terms I struggle to remember.

AUD - 90
FAR - 71, 76
REG - 75
BEC - 76 (bubble sucks)

Becker + Ninja MCQ's

[Oimie]

Thanks guys! And yes I've been reading and learning from the explanations as well as taking down notes. I was just wondering if there might be a more general rule when it comes to FVs, NRVs, BVs and etc. so this way if I really do not remember during the exam, at least I can guess “better”.

FAR 85 June 2015
AUD 80 Nov 2015
REG 83 Nov 2015
BEC 79 Feb 2016

[Author]

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