When you run out of time

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    Topic
  • #192052
    y_u_no_pass
    Participant

    Could someone please share their strategy for how to prepare when they are out of time? I haven’t put enough time into FAR and I know now I won’t be able to get through everything. What should I do? I am going to try to get through the material I have never seen and/or am weak on- business combinations and government and not-for profit. Where else should I focus my efforts? just try to read the rest of the material without practicing? Or just practice without reading?

    Florida CPA!
    Took final exam 2/25/15.
    Sent in Application 3/12/15.
    Issued License 3/20/15.
    Used CPA Excel solely for all exams.

Viewing 7 replies - 1 through 7 (of 7 total)
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  • #657588
    Anonymous
    Inactive

    Based on your previous scores and the fact that you won't lose credit for anything for awhile, you'll be fine even if you fail this portion or don't take it now.

    If your NTS is about to expire, just study what you can and take the exam anyway. Maybe you'll get lucky. If your NTS won't expire until next quarter, push your exam back and spend the time studying.

    With that out of the way, you said you're weak on Government, NFP and Business Combinations. The bad news is that all 3 areas are HEAVILY tested on FAR. Government/NFP make up, on average, 20% of the exam. And as my Advanced Accounting professor told us, you WILL see business combination questions on the exam. Spend what time you can to review those subjects. If you're going to lose your NTS, take the exam anyway to see what is on it and maybe you'll pass it anyway. Otherwise I'd just consider pushing it back to April or May. Based on your other scores, you'll pass FAR once you've put in the study time so it's just a matter of when your NTS expires and / or if you're willing to eat the application fee.

    #657589
    y_u_no_pass
    Participant

    Thank you, Yeah that is basically how I feel. My nts is completely expiring. I had it extended in October, so it is really over expired. I was planning to take FAR in October and my father died and now some new almost as stressful life events have come up as well as it being tax season. But I will study as much as possible and hope, and worst case scenario I will just take it again when I can put the time I need in to it.

    Florida CPA!
    Took final exam 2/25/15.
    Sent in Application 3/12/15.
    Issued License 3/20/15.
    Used CPA Excel solely for all exams.

    #657590
    Anonymous
    Inactive

    All of the other tests build from FAR so since you know your shit on the other parts, that will make the jist of what FAR has to offer a bit easier.

    I took FAR first with no experience on these exams or study strategies. It ended up being my weakest score. I've never failed an exam (knock on wood for AUD) but I've always overprepared for each one.

    If i had to do FAR in a limited amount of time, I'd try to focus on the following

    -journal entries, corrections

    -like kind exchanges

    -Govt/NFP

    -Combinations

    #657591
    fuzyfro89
    Participant

    I would try and get through the basics for everything. Most study courses show you a lot of exceptions and other small topics. If you are short on time, hammer down the basics and make sure you understand that well. The new topics like combinations and government and nonprofit really aren't that difficult.

    #657592
    y_u_no_pass
    Participant

    Just wanted to update everyone. Thank you soo much for your tips. When I posted this I was only through about 20% of the material and had about 1 week left. With hard work, a little luck, and focusing on the most important areas (listed above) I pulled off a 90 in FAR! Thank you all so much! I made it!!!!!

    Florida CPA!
    Took final exam 2/25/15.
    Sent in Application 3/12/15.
    Issued License 3/20/15.
    Used CPA Excel solely for all exams.

    #657593
    Master the CPA exam
    Participant

    Hey y u no pass congratulations on passing, what areas did you focus on. I am currently studying now and feel that I should focus on bonds, notes payable, the framework, gov, NFP. Any other suggestions.

    AUD - NINJA in Training
    BEC - 76
    FAR - NINJA in Training
    REG - NINJA in Training
    without COMMITMENT you will never start, but more importantly without CONSISTENCY you will never finish. EASE is a greater threat to progress, than HARDSHIP.

    Keep moving, keep studying, keep WORKING, see you at work -DW

     

     

    FAR - May 2015 - 69
    BEC - TBD
    REG - TBD
    AUD - TBD

    Wiley CPA Excel, Wiley Test Bank, & Ninja Audio Notes

    "Fight through the pain, so you can live like a CHAMPION"

    #657594
    y_u_no_pass
    Participant

    On top of most of those you listed above I also focused on leases, taxes, business combinations, and non-monetary exchanges. I looked at pensions, but was not completely comfortable with them going into my test day.

    Areas I wished I had looked at included: IFRS, equity transactions (EPS, stock split, stock compensation), and warranties.

    I would like to note that I did very well in my financial accounting courses, so I had a pretty good base going into the exam.

    Florida CPA!
    Took final exam 2/25/15.
    Sent in Application 3/12/15.
    Issued License 3/20/15.
    Used CPA Excel solely for all exams.

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