The Financial Accounting and Reporting (FAR) section of the CPA Exam is a test of endurance and commitment. FAR is acknowledged as the most comprehensive section of the CPA Exam. Many consider FAR the longest and most difficult section. The successful CPA candidate will have to put in the time necessary to understand the material.
This section requires CPA candidates to have a solid grasp of US GAAP. That means the CPA candidate must have a strong knowledge of concepts and standards for financial statements. The test also demands that candidates understand typical items in financial statements as well as specific types of transactions and events.
Knowledge also is required of accounting and reporting for governmental and nongovernmental entities and not-for-profit organizations. CPA candidates will be required to demonstrate the skills needed to apply the financial reporting knowledge required of CPAs.
It’s generally recommended that CPA candidates take FAR first before any of the other three CPA Exam sections. Here’s why: The long study time that is necessary for the Financial Accounting and Reporting section does not count against your 18-month window if you take this section first. Take as much time as you need to study before you set the clock ticking on the 18-month window.
Take Financial Accounting and Reporting first because this is considered the most difficult section. The other sections will seem easier by comparison. FAR is the only section with material that overlaps the other three. You are preparing for the other three sections when you study for Financial Accounting and Reporting. You set a standard for studying the other three sections by concentrating on FAR first.
The FAR Exam is four hours long. This section consists of 66 Multiple Choice Questions (MCQs) and eight Task-Based Simulations (TBSs). You are not required to use all four hours available to take the test,
CPA Exam Financial Accounting and Reporting (FAR) Notes
The best FAR notes will outline course review study materials in a summary that is both concise and highly organized. Make the best use of them by reviewing at least five times during the final two weeks before your exam. Another71 suggests using this strategy with the NINJA Notes FAR. You can find these notes in the Another71 Scout package.
CPA Exam Financial Accounting and Reporting (FAR) Test Bank
You’ll want a test bank that offers an amazing number of questions. You’ll also want a test bank that adjusts MCQs according to what you know and what you don’t know. That’s the customization that’s offered by adaptive learning technology. You’ll find that kind of software in NINJA MCQs FAR in the Another71 Scout package.
CPA Exam Financial Accounting and Reporting (FAR) Study Guides
Juggling study, work and family demands a FAR study guide that keeps you on track and making the most effective use of your time. You need a study guide to keep you organized as you review material on the CPA Exam Financial Accounting and Reporting section. You’ll find the organizational help you need in the Another71 Scout package study guide. The NINJA study planner comes at no charge with the free study weapons from Another71.
