[Anonymous]

Hi, everyone-

for those who took FAR and passed-what is the best way to review/study/practice JEs? I have a handle on the basic ones (I am after all an accountant by trade) but a lot of it is counter intuitive and not something I see every day, so I forget, etc…What’s the best way to systematize that knowledge? Do separate flash cards on JEs? Do more JE SIMS? Any and all advice is appreciated!

[Anonymous]

bump

[M123]

This site was as important for passing as Becker and Ninja: https://www.principlesofaccounting.com/illustrative%20entries/entrieslist.htm

The other answer is practice, practice, practice.

Most business JEs are rather simple. There are two types of questions in FAR – “BASE” (Beginning + adds – subracts = Ending) and JE. A typical JE question can look like a BASE question except it will be completely out of left field. The trick is to start plugging numbers. A question might be company x had sales of y and has a 7% allowance for non-payment; what's the price of tea in China? There you just start plugging numbers and it will usually become obvious what the answer is.

Where it gets bananas is in gov. You have to know all the “transactions” of modified accrual – from the inception of an idea to buy something all the way to paying for that thing. Review as many encumbrance examples as you can and expect to have to know which gov entities require mod accrual v. accrual 🙂

AUD - 77
BEC - 81
FAR - 77
REG - 81

REG - 1. Becker only - fail (forgot to study depr - oops); 2. Becker only - Pass
FAR - 1. Becker only - fail; 2. added Ninja Notes and MCQ - Pass
AUD - 1. Becker videos; Ninja Notes, Audio, MCQ, Becker Notes - Pass
BEC - 1. Ninja Notes, Audio, MCQ, Becker Notes - Pass

[Recked]

I hate to state the obvious but be sure you have a good handle on T accounts, and whether a debit or credit increases or decreases the given account type, and what should be the normal positive carrying balance for the t account.
I switch things around sometimes, perhaps a touch dyslexic, so I tend to write out the t account.
The contra accounts are still a bit of a challenge.

My advice would be to try and write out the journal entries for every problem that you do. It will take you longer to work through the problems, but it will help to cement the concepts for you.

Memento Mori - Kingston NY CPA & EA (SUNY Albany 2002)

FAR-93 11/9/17 (10wks, 250 hrs, Roger 1800+ MCQs, Gleim TB 600+MCQs, SIMs)
AUD-88 12/7/17 (3 wks, 85 hrs, Roger 1000 MCQs no SIMs hail mary)
REG-96 1/18/18 (6 wks, 110 hrs, 1400 MCQs, no SIMs)
BEC-91 2/16/18 (4wks, 90 hrs, 1240 MCQs)

[Anonymous]

Thanks guys! @M123-I have that website saved, will start utilizing it more!
@ReckedRacing-luckily T-accounts and dr/cr is not an issue for me. I actually use T-accounts quite a bit when I have to figure things out. and

[Author]

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