Week 18:
19 days left until FAR. This week, I finished Beckers chapter 9 (Government-Wide Financial Statements and Not-For-Profit Accounting). In addition to wrapping that up, I went back and did MCQs and simulations on prior chapters. I logged 29 ¾ hours studying this past week.
I have been leaving work early whenever possible and spending 30-60 minutes reading flash cards during lunch, whenever possible. Ive found that reading prior chapter flashcards helps remind me of the little nuggets that can be so important.
Im not sure how the rest of you guys study, but I spent 6 hours in the library on Saturday and again on Sunday, but dont feel I get my most effective studying done during these long cram sessions. Unfortunately, it really works for my family, because coming and going throughout the day really keeps my wife and kids off balance, so its much easier if I leave at some point and come home 4 or 5 hours later. After that, I try to do a couple hours after the girls go to bed.
I feel I study much better at the 3-3.5 hour study clips that I log after work. Its usually tougher to focus after work, but I feel my time ends up being spent more effectively.
My 3 ½ year old daughter broke my heart on Friday night. I sat in traffic for over an hour getting home from work and got home just in time to get changed, take my books and run out to an appointment with my barber, before hitting the library. As I was kissing the girls and putting my coat on, the 3 ½ year old says, But Daddy, you just got home, you cant leave. This little comment just killed me. I know I have to stay mentally tough, but oh boy, what a tug on my heart strings.
First thing Saturday morning, I sat with them and watch cartoons and prepared Eggo waffles (which they love). Also planning on taking the 3 ½ year old skiing for the first time when I finish the FAR exam, so that will be some special time together.
I did not get a chance to get back and focus on Cash Flow Statements this past week, but planning on doing so in the coming week. In addition to that, I plan on doubling-back to Bond Amortizations, EPS, Treasury Stock Methods of Accounting, Consolidations and Pensions.
I think these are all areas they can really nail you with on a SIM, so have to practice a few long ones to ensure I am comfortable working through completely.
Sorry to any Steelers fans out there, but great job Pack. GO PACK GO! Best of luck to all in the coming week.
-Jay O
This is how I have learned the cashflow statement Operating section THIS IS THE RULE- CURRENT ASSETS INCREASE--->SUBTRACT THEM CURRENT ASSETS DECREASE--->ADD THEM CURRENT LIABILITIES INCREASE--->ADD THEM CURRENT LIABILITIES DECREASE--->SUBTRACT THEM THINK OF THE CASH FLOW STATEMENT AS OPERATING ACTIVITES RELATE TO THE I/S AND CURRENT LIABILITIES AND ASSETS FINANCING RELATES TO EQUITY AND LONG TERM LIABILITIES INVESTING RELATES TO NON CURRENT ASSETS I hope this helps!!!