[Anonymous]

So before every exam, I like to grab an empty notebook, and put in there the “must memorize” content for that particular exam. I understand there’s much more I have to know, but I like to have a notebook full of the content that must be memorized, like formulas, etc

This is what I have for FAR, I was hoping the A71 community could give me a hand in spotting anything I have missed, which given the content of the FAR exam, I’m sure there are a bunch of:

– Cash Basis to Accrual Basis formula

– Primary Qualitative Characteristics & Enhancing Characteristics

– Fair Value Hierarchy (Level1, 2, 3)

– Statements Required for Adoption of IFRS

– SEC Filing Dates for 10K & 10Q

– Funds (which funds the General, Proprietary, and Fiduciary Funds contain)

– Make up of Other Comprehensive Income

– Statement of Cash Flows – what each section contains and what transactions effect them

– Formula for Pension Expense

– Ratios (Liquidity, Equity, Operational, etc)

– Bond Amortization Table

Thanks!

[troppy]

Generally there's just a lot to remember and it's just odds on what you actually get asked…

My thoughts are:

– Flip through different types of non-standard (ie, anything other than a 10Q or 10K) SEC reports and generally be familiar with them.

– Gov and NFP make up about 25% of the exam. Have a good understanding of journal entries the different entities would be using.

– Include IFRS vs GAAP comparison in your final review. If you're using Becker, it has a great Appendix for this after F10.

Your other stuff looks good! Good luck!

Becker Self Study
AUD Oct 2014: 94
BEC Oct 2014: 90
FAR Nov 2014: 84
REG Jan 2015:

[troppy]

Also – know the financial statements for each type of government and NFP (titles, composition, etc).

Becker Self Study
AUD Oct 2014: 94
BEC Oct 2014: 90
FAR Nov 2014: 84
REG Jan 2015:

[Anonymous]

awesome, thanks!!

FAR is crazy over whelming, as I'm sure you're aware. I find myself forgetting stuff from when I first begun studying much more so than REG,AUD, & BEC; frustrating

[Anonymous]

^Definitely what troppy said. Gov. and NFP for DAYS

[Anonymous]

Here’s my, suggested, list of “must know” topics. Keep in mind that this list is NOT comprehensive.

– Government and NFP Accounting (20% of your exam on average)

– Non-Monetary Exchanges (with and without commercial substance)

– Accounting for Consolidations

– Equity Method Investments (You bought an investment for X and the following events took place Y, what is the value of the investment at the end of the year?)

– Pensions

– Bonds

– Statement of Cash Flows (Be prepared to do a full statement using both the Direct and Indirect method)

– Construction Accounting (Percentage of Completion)

– Installment Sales

– Value of Inventory (You’ll want to know the basics like FIFO, Weighted Average, etc. but make sure you can do differences for Lower of Cost or Market between U.S. GAAP and IFRS and Dollar Value LIFO in your sleep)

Of the topics that you listed, I would place less emphasis on the ratios and SEC reporting dates. I’m also not sure what you’re referring to with Fair Value Hierarchy.

My last piece of advice is this: While FAR has a TON of material on it that you need to study and be ready to handle, the AICPA is not trying to “trick” you or test on really obscure material in an attempt to play “gotcha.” Yes it may seem like that at times but they really aren’t. They’re testing to make sure you have a good grasp of the fundamentals of accounting. So the more obscure the topic, the less likely it is to appear on the exam. So if I had to take FAR again (God I hope I never do), the topics I listed above would be where I’d be spending a lot of my time.

Good luck.

[acctaks]

The truth is that you can get a question over anything in that book. You obviously can't memorize the entire book but in FAR just knowing the calculations inside and out is sufficient to get you through. In my experience the MC questions were much easier and less wordier than Becker. There was nothing that was super detailed or too tricky. I ran out of time but still managed to pass. Audit was a completely different story. Becker didn't go into the fine details that I was questioned on. As I go through the book (I'm still studying anticipating failure) I keep finding questions that I got wrong. Totally different type of test.

F-Pass
A-Pass
R-Pass
B-Pass

I'm a CPA!

[Rocky123]

I ended up getting some obscure questions about disclosures. I am hoping they were pretest. No way anyone would know the answer unless they read a FAR book cover to cover.

I guess in the grand scheme of things, if you know enough of the material, you will pass. I mean, it's really hard to get every single question right.

Govt/NFP for sure. Know them inside and out.

I would recommend doing a lot of multiple choice for FAR. There are so many questions they can draw material from.

The tallest oak in the forest was once just a little nut that held its ground.

AUD-PASS
BEC-PASS
REG-PASS
FAR-PASS

Rocky123, CPA

[Anonymous]

Based on what I have heard from other people:

– Gvn't and NFP (seriously, do this)

– Bonds

– Cash Flows

– Pension

– Inventory

– Income Statement

– Marketable securities

– Leases

– Income tax accounting

– IFRS

These are what I focused on. Because these were the items everyone swore people needed to know. And they were right, they do need to know them. Because these categories showed up on enough people's tests that there was a consensus of “you must know them”.

My test? I didn't get asked a single question on the majority of them. I was tested mainly on three but if I knew nothing of those three areas I would have been toast. What I am trying to say is study it all. If it's a “small” item, then treat it as such. Review it and answer a few questions. If it's bonds then treat it as if you are studying for bonds. I have Becker and it's completely formulated around this idea. The weighting of the topics pretty much tell me in themselves how serious I should take them.

But really though, GVN'T and NFP. Know, know, know. This is the one where everyone agrees.

[Anonymous]

Awesome, thanks everyone !!

[Troblin]

Thanks. This is very helpful. Bookmarking if I have to schedule a retake.

FAR: 85(11/22/2014) - Becker(full)/Ninja MCQ (5 day cram)
AUD: 79 (2/1/2015) -Becker/Ninja MCQ/Ninja Notes
REG: 84(4/19/2015) -Becker/Ninja MCQ/Ninja Notes
BEC: 83 (7/13/2015) -Becker/Ninja MCQ/Ninja Notes

Date I Got My Life Back!: 8/4/2015 🙂

[Author]

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