There are so many things they could test you on in FAR. My approach was not to waste too much time on the little things. If your review course, whatever you may be using, only has one question on, say, LIFO retail method, don't even worry about it! The odds of getting a question on that on your exam probably aren't great if the review didn't concentrate on it. Know the "big stuff."
FIFO/LIFO/weighted average
Periodic/perpetual,
Lower of cost or market
Depreciation methods
Amortizing bond discounts/premiums
Trading/available for sale/whatever that other one is that I forgot already
Stockholders' equity - cost/par methods, basic and diluted EPS
Cash flows
Government accounting
And so on and so forth
I think you get the idea...know every topic, but don't worry about all the little tiny things within each. If you have a good grasp on the big stuff, you'll be fine. If you get a question or two on little stuff within those topics, maybe you'll remember it, maybe you won't...but I doubt that'll make or break you. The big stuff will. For example, I didn't study all the financial statements of government/non-profit very much, but I did know all the government funds and which group they belonged to. I knew which ones used modified accrual and which ones used that other method I can't think of right now. I took that approach in just about every chapter. Know the stuff they stress, trust your review course, and you will have success.
Anywho, that was my approach. Good luck to you.
AUD 96 FAR 95 REG 94 BEC 88
