[Elizabeth]

@luke
Typically there isn't MCQs asking what is the ASC section for lets say… leases? At least, I have never seen any. Where I have seen them is in research questions, but you use the authoritative guidance to find a code section based on a given scenario.

@ everyone…
As I am nearing my test date, what do y'all do to prepare just before the exam (i.e. the final review, work MCQs, SIMs, etc.)?

AUD - 77
BEC - 82
FAR - NINJA in Training
REG - 84

It's a great day to have a great day!

[Elizabeth]

Hi!@syu1087. I try and make T charts for things I am unsure of. I also try to picture what the journal entries would be in my head. For example, if we have sold goods, but not been paid….
Dr: accounts receivable
Cr: sales revenue

Here, there is no cash, but you have to accrue for the revenue. Therefore, that year, revenue would be higher under the accrual method because Net Income is ultimately higher (more revenue is recorded)

AUD - 77
BEC - 82
FAR - NINJA in Training
REG - 84

It's a great day to have a great day!

[Elizabeth]

Hi all. I am studying for FAR, and am taking it March 7th for the first time. I am using Becker to study!

I was wondering if anyone could possibly give me a ‘lesson for dummies' on two topics!

1. Leases (Becker Ch. 6 Module 2 (and 1, but I found 2 harder)). They have changed and I do not follow the Becker lecture as compared to the MCQs
2. Not for Profit revenue recognition (Becker Ch. 8 Module 5). What is the best way to think of these?

AUD - 77
BEC - 82
FAR - NINJA in Training
REG - 84

It's a great day to have a great day!

[Author]

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