Attacking weaknesses

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  • #3101051
    animalwithin
    Participant

    I've taken FAR 6 times now and my scores range between a 58 and a 71.

    I've identified my weaknesses and I'm looking at how best to attack them since they really haven't changed this entire time:

    -Accounts Receivable
    -Equity
    -Consolidations
    -Income Taxes

    These sections consistently bring my score down, whether in SIMS or MCQs. Bot Monett videos have definitely helped more than anything but I still struggle with these topics.

    Any suggestions any of you may have on how to properly educate myself on these topics would be very appreciated. If you've also struggled with these, anything that worked for you (videos, literature, audio, etc) would be insightful.

    #3101069
    CH89
    Participant

    I can relate to taking an exam multiple times, it took me 6 attempts to finally pass AUD. I'm glad you have been able to identify these areas and are ready to conquer them.

    Outside of those videos, have you tried looking at other material or sources? While I am not suggesting this, but switching from Wiley to Gleim helped me get over that hump. Maybe there's a video on YouTube that might better cater to your needs and understanding.

    I know when studying for FAR, consolidations and income taxes were definitely a struggle for me. I would practice Simulations non-stop on those sections and write down anything and everything that stood out that seemed important or a key part in either process. I would even print out the problem with the answer key and just work through it and see how it all came together. I'd say keep working on those questions, and even if you know the answer, force yourself to work through it to get to that answer. Probably not the greatest advice, but I hope it helps in some manner. Best of luck!

    AUD - 84
    BEC - 82
    FAR - 76
    REG - 79
    What a journey!

    Passed Exams: 8/25/2020

    Licensed: TBD

    #3101321
    animalwithin
    Participant

    Thank you for the info @CH89! I have the Gleim FAR question bank that I still need to go through so that might help me. I'm trying to finish Ninja first and then using Gleim to basically go through the material again.

    Perhaps I just need to spend a chunk of time on only these subject and not move on until I start getting the questions right.

    I have to pass this section this time!

    #3101525
    JFKGY
    Participant

    Try to use a different set of materials.

    Accounts Receivables – can you describe what the problem was? Perhaps give an example. Post any CPA questions that you wouldn't figure out the answer. Tell us your steps (on how to lead you to the wrong answer), and we can tell you what's wrong with it.

    Income Tax – If you are talking about individual income tax, take out your last 5 years tax return. Print out a bunch of 1040s, and do them ON PAPER. Read the IRS instructions line by line and actually take our a calculator to do the math. Find yourself some business and volunteer to file all your friends and family's tax return.

    NY - Passed CPA. In searching for the experience.
    #3101600
    animalwithin
    Participant

    For Accts Receivables, I get tripped up on the whole bad debt expense, allowance for uncollectible accounts, etc. Like when you start off with a debit or credit balance and then you have to figure out the ending balance.

    For income tax, it's basically the deferred tax stuff that gets me. It's easy to load those questions up with so much extra material. I lose track of what's a deferred tax asset or liability and how that figures into the tax for the year and there is many things they can ask for in those questions.

    I'll post questions on here that I have a hard time solving.

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