you know you'll pass FAR if you…

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  • #202255
    Anonymous
    Inactive

    I noticed a lot of us are preparing for FAR.

    i have no experience with this section, and left it for last.

    I decided to make a thread that will hopefully yield tons of advice. this is inspired by Jeff Foxworthy’s “You know you’re a redneck if…”

    Hopefully this will turn out as informative as Foxworthy’s thing was humorous. again the criterion is:

    “you know you’ll pass FAR if you…[insert advice here]”

Viewing 15 replies - 1 through 15 (of 62 total)
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  • #778300
    jessica8926
    Participant

    Study journal entries especially reversing journal entries. Best advice someone can give for the FAR exam.

    AUD - 77
    BEC - 82
    FAR - 75
    REG - 81
    Illinois Certified Public Accountant 2016

    AUD - 69, 77
    REG - 74, 81
    FAR - 75!
    BEC - 71, 82

    IL candidate!

    Finally done (5/24/16)!! Yahooooooo!

    #778301
    okcpa2015
    Participant

    You can convert transactions from accrual basis to cash basis and vice versa.

    FAR - 91
    REG - 88
    AUD - 98
    BEC - 88

    #778302
    choffner
    Participant

    Jessica, congrats on passing.

    After Jessica's advice on journal entries, I'd say make sure you know government & Not-For-Profits very well. Based on what I've read on here, this area is often taken a little lightly, and Becker claims it's worth about 16-21% of your exam. I believe it's even higher that.

    BEC 75
    REG 81
    FAR 69, 75
    AUD 71, 74, 84

    #778303
    Nessie
    Participant

    Jessica! Congrats! Awesome news! You have such a great attitude and have helped so many on this site.

    Great thread. I am writing FAR June 10th. Actually, I struggle with JEs and somehow I can do accrual to as, but struggle the other way around. Please post any tips.

    AUD - 80
    BEC - 84
    FAR - 80
    REG - 88
    Using Becker Self-Study, Final Review and NINJA MCQs
    Sat for BEC Dec 6th, 2016 !!!! 84!!!!!

    REG Aug 20/15: 88
    AUD: Feb 29/16: 80
    FAR: Jun 10/16: 80
    BEC?

    Becker self-study, Becker Final Review & NINJA MCQS

    #778304
    Bear-Bear
    Participant

    1) Realize that govt/nonprofit is a good way to pick up “easy” points (compared to the rest of the hellish material) by knowing it inside and out.

    2) Practice Ninja MCQs until you want to vomit

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

    Done and licensed!

    #778305
    Sang
    Participant

    Congratulations on passing the CPA exams Jessica!

    I just took my first exam yesterday, and it was on FAR.

    I agree “A LOT” with Choffner's very “Last Sentence”.

    1. Know “EVERYTHING” about Government and Not-For-Profit
    2. Know “EVERYTHING” about Government and Not-For-Profit

    3. Know a lot about IFRS
    4. Know a lot about Stocks
    5. Know your Statement of Cash Flows.
    6. Know your Bank Reconciliation

    7. If your time is very limited, do a ton of MCQ over Government and Not-For-Profit

    FAR: (5/24/16) | (7/16/16)

    AUD: (9/07/16)

    BEC: TBA

    REG: TBA

    FAR: (05/24/16) | (07/15/16) | (10/22/16)
    AUD: (09/07/16) | (11/29/16) |
    BEC: TBD
    REG: TBD
    Using Roger CPA Review + Ninja (MCQs, Notes, Audio)

    #778306
    jessica8926
    Participant

    Thanks Nessie and choffner!!

    OP: here is a link that many have found helpful for Journal Entries:

    https://www.principlesofaccounting.com/illustrative%20entries/entrieslist.htm

    AUD - 77
    BEC - 82
    FAR - 75
    REG - 81
    Illinois Certified Public Accountant 2016

    AUD - 69, 77
    REG - 74, 81
    FAR - 75!
    BEC - 71, 82

    IL candidate!

    Finally done (5/24/16)!! Yahooooooo!

    #778307
    Nessie
    Participant

    Thanks Jessica, I was going to hunt that down today.

    AUD - 80
    BEC - 84
    FAR - 80
    REG - 88
    Using Becker Self-Study, Final Review and NINJA MCQs
    Sat for BEC Dec 6th, 2016 !!!! 84!!!!!

    REG Aug 20/15: 88
    AUD: Feb 29/16: 80
    FAR: Jun 10/16: 80
    BEC?

    Becker self-study, Becker Final Review & NINJA MCQS

    #778308
    Anonymous
    Inactive

    oooh this is awesome advice all in the first hour thank you lets keep em coming this is invaluable!

    #778309
    kenster7773
    Participant

    The key to FAR is as mentioned to start by hammering out government and NFP reporting. They are indeed heavily tested. Also, I echo the thoughts that journal entries are key. Do T accounts and/or journal entries in abundance and always make sure you understand WHY you got an answer right or wrong. Another hint is to try to get passionate about your studying and do it in intervals. Commit to say three 30 minute sessions in a day and really be ALL there when you are studying. This “chunking” is really the key to success. It allowed me to pass all parts without any fails. It helps to really desire to KNOW the knowledge you are learning for its own sake as much as possible. If you can fool yourself into really caring it helps a ton.

    AUD - 95 (89 1st time - expired)
    BEC - 85 (1st time)
    REG - 87 (1st time)
    FAR - 82 (1st time)

    #778310
    Anonymous
    Inactive

    @kenster i agreee with you. i try to keep motivated for FAR by pretending i am a controller of a fortune 500 company as i study. instead of looking at it as studying, i see myself “going to work” running this huge corporation. i need to know all this (foreign transaction stuff, cash flow statements, leases, etc etc) to help keep my company afloat. who knows maybe someday this will be true (and hopefully come with a 6 figure paycheck heheh) as goofy as it is it does make studying a little more entertaining.

    #778311
    Trele6
    Participant

    I had some gimmie points with Govt/NFP but man, some weren't, some were very far down into the details.

    B - 80 Jun16
    A - 74 Aug16, 77 Oct16
    R - 87 Nov15
    F - 79 Apr16
    Ethics - 98 Nov16
    Licensed in New Mexico Dec16

    First go at the CPA! Only using Becker
    Reg / Nov 2015 - 87
    Far / Apr 2016 - 79
    Bec / May 2016 - 80
    Aud / Aug 2016

    #778312
    wombataholic
    Participant

    Adding to what jessica8926 said about knowing the journal entries, know how those journal entries flow to the financial statements.

    AUD - 91
    BEC - 85
    FAR - 91
    REG - 92
    CPA, CFE
    Passed all 4 CPA exam sections with Ninja Notes/MCQ/Audio

    Licensed CPA
    Passed each section on the first try with Ninja Notes/MCQ/Audio

    #778313
    Nessie
    Participant

    eesti, I have no doubt you will go “FAR!”
    Didn’t you just write something in this scoring period? How did it go?

    AUD - 80
    BEC - 84
    FAR - 80
    REG - 88
    Using Becker Self-Study, Final Review and NINJA MCQs
    Sat for BEC Dec 6th, 2016 !!!! 84!!!!!

    REG Aug 20/15: 88
    AUD: Feb 29/16: 80
    FAR: Jun 10/16: 80
    BEC?

    Becker self-study, Becker Final Review & NINJA MCQS

    #778314
    Anonymous
    Inactive

    Don't underestimate or skip preparation for government and non profit.
    I used Gleim only. Studying 300 + hours, I'm not an accountant and have little to no practice in real journal entries. Ignored the Gleim study suggestion. Instead listened to audio countless times while commuting 2 hours a day. Read the entire Gleim book and took notes on anything I didn't know. Averaged 2 pages of notes per chapter, small print. Did 6 simulations per chapter and over 1500 MCQ, once averaging 80% I hit my trouble areas hard. Monetary and non monetary exchanges. Gov, non profit in depth and key terminology and history of regulating agencies.

    Started studying in February. Burned out at beginning of April. Took two weeks more or less off from studying. Then once refreshed took two weeks vacation from work and put in 9 hour days until I debated killing myself (sarcasm- you no doubt know the feeling) passed 88% although I had hoped for just a 75 since I felt overwhelmed during the exam when I opened the simulations and realized how hard they were I was convinced I had failed.

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