[xmas]

– Understand all topics but know which one’s you do NOT need to go in depth

– Religiously understand Jeff’s notes. If possible do a numeric problem on each of the bullet points he covers

– Seems like MDS material can benefit the exam takers quite a bit if you are looking for a change from other branded CPA reviews. Its condensed material – so know it inside out and you have greater chance to answer more questions right when used along with Jeff’s Ninja notes

– Simulations are nice – positive way of looking at them 🙂 Some need presence of mind and ability to separate wheat from chaff. Practice lengthy (compared to mcq) problems to answer these kind of questions — for instance Bond amortization, Lease liability etc. Do at least one from each chapter.

— Do one comprehensive problem from each chapter. For example, pick a comprehensive EPS/Diluted EPS (or) and practice it. It should have all the combinations you can think off – T/S, Splits, convertible etc.

— Know JE’s. Just pick 5 from each chapter and understand them well. When you open an a/c , know how to close it.

— Do JE’s for entire life cycle. Example: When an P/O is open , receiving supplies to closing budgetary accounts. Sometimes you may receive the supplies the next year.

— Prepare mnemonics for GOV/ NFP and rehearse them every day.

— Know how to apply the concepts. This is important. Some examples below:

— GAAP vs IFRS tells you the difference in depreciation for components. Do a problem on this topic that applies the concept.

—- You do not just look at whether an “scenario” is correction vs principle change. Rather, what adjustment would you do to correct the existing error. Adjustment may or may not be needed. Just thinking a bit more than what you read certainly helps.

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When you do SIRAGE problems, know how to calculate fair value of plan assets.

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Check out real world Gov statements and see which ones go where.

— Know all the statements “visually” in Gov/npv. Create a one pager (legal size) for GOV and include the entire flow –> from MDS to OSI.

— In last one week, just keep on going through your notes that you prepared using about strategy.

Hope this helps!