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Video – FAR Blueprint – Select Financial Statement Accounts

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Amir writes in, “I'm in desperate need of some advice on how to study for FAR, and specifically in the ASCPA content area of Select Financial Statement Accounts. I started stronger and comparable in all areas except this and Simulations. I find that time is my biggest hurdle, and that I'm very thorough and tend to read in great detail, and have a tendency to verify and re-read documents, and gain assurance that I am answering the questions correctly. Any advice would be appreciated.”

Alright, so Select Financial Statement Accounts, that's 30 to 40% of your FAR exam. And that's things like, cash, receivables, inventory, investments, PP&E, bonds, so pretty important stuff. And there's a whole section of that in the NINJA Book. I would read the NINJA Book, especially over that topic.

The only way to get stronger in that area: I would read the NINJA Book, “Nail the Concepts” there, and then I would hit that section really hard in the MCQ. It's a pretty simple answer…read the NINJA Book, do the MCQ. But, 30 to 40%, you have to take that section seriously, and the only way to do it is make sure that you're taking good notes. And especially on the MCQ, when you miss things, make sure that you really write them down.

 

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