CPAnet Forum: I’m Getting Killed on FAR CONCEPTS

Active Topics

Memberlist

Help

FAR STUDY GROUP
CPAnet Forum : FAR STUDY GROUP

Topic: I’m Getting Killed on FAR CONCEPTS (

Topic Closed)

Author

Message

<< Prev Topic | Next Topic >>

pchoi79
Newbie
Newbie

Joined: 11 Sep 2010
Online Status: Offline
Posts: 10

Posted: 13 Sep 2010 at 21:00 \| IP Logged

Hi, I have been looking at my diagnostics and see that I have been getting hammered on FAR Concepts on my exams I took twice. Can someone tell me which sections in Becker I should focus on to get this portion down. Is there any notes/suggestions/methods I should go about it to tackle this. Thanks!

Aesop
Major Contributor

Joined: 23 Feb 2010
Location: United States
Online Status: Offline
Posts: 318

Posted: 13 Sep 2010 at 23:01 \| IP Logged

FAR covers a vast number of concepts.

Start by understanding the definitions. Use the internet for a different explanation. Sometimes FASB will explain the concept better than the book.

Don't get down. My first practice exam in FAR was 19% and I passed on my second time through. I screwed up on time the first time through and almost did it again on the second time through.

For fun, post a couple of these concepts.

__________________
Aud: 020810 67; 042110 78
FAR: 011210 63; 072310 84
BEC: 021510 73; 081810 81
REG: 022410 80;
4/7 will win any World Series

No "Except for" on the CPA license.

KMirgAZ
Major Contributor

Joined: 01 Apr 2009
Location: United States
Online Status: Offline
Posts: 413

Posted: 14 Sep 2010 at 13:34 \| IP Logged

Aesop wrote:

FAR covers a vast number of concepts.

Start by understanding the definitions. Use the internet for a different explanation. Sometimes FASB will explain the concept better than the book.

Don't get down. My first practice exam in FAR was 19% and I passed on my second time through. I screwed up on time the first time through and almost did it again on the second time through.

For fun, post a couple of these concepts.

Hey Aesop, what did you do differently your second attempt for FAR?

I just took the exam last window and after 200 hours of studying I got a 69. I'm taking it again the end of November. I'm planning on going through Becker again but just reading the text and doing all of the questions. I'm also going to get Gleim questions. My main focus will be on the questions and nailing down the concepts I'm weak on. I put in a lot of time the first attempt but there were a lot of things that I really didn't understand. I also lost confidence while taking the exam because I knew I wasn't doing well.

Anyways, if you don't mind sharing what you did for your second attempt I'd like so input on what you did.

__________________
Kevin
-----
BEC: 79
AUD: 72,84
REG: 88
FAR: 69,77
Ethics: 01/2010

Aesop
Major Contributor

Joined: 23 Feb 2010
Location: United States
Online Status: Offline
Posts: 318

Posted: 14 Sep 2010 at 14:30 \| IP Logged

KMirgAZ wrote:

Hey Aesop, what did you do differently your second attempt for FAR?

Anyways, if you don't mind sharing what you did for your second attempt I'd like so input on what you did.

Wow, what didn't I change might be easier to answer. First I got new books. I had 5 year old books that I thought would work because what could change in accounting? Well enough so you won't pass.

I started using more T accounts to solve problems. I focused on the cash flow statement more. If you understand the cash flow statement you understand about 75% of FAR. It just encompasses almost all of FAR because you are going from Accrual to cash and vice versa. Further are using the income statement and the BS statement depending on approach.

Let me tell you a valuable lesson I learned. On the first attempt I got hung up on capitalizing interest. That just wasted an enormous amount of time. I kept saying to myself, I know this, I know this. Well I didn't. During my second study session I just drilled every single concept until I really knew it. I cannot express how important it is not to just glance over a topic and say oh I know that. Work the problem until you can practically do it in your head. Its a lot of work I know but it will be worth it.

After doing all that work and after countless hours of studying I came to understand why CPA's are so valued.

Allow me to add one more thought for your situation. When I started studying for my second time through I had to guard against getting numb to the same material or basically just going through the motions. So I asked myself questions like, what did I just read. How is the question different from a similar question. At times I would write a broad general statement on how I should be thinking when approaching a certain topic.

Hope this helps.

__________________
Aud: 020810 67; 042110 78
FAR: 011210 63; 072310 84
BEC: 021510 73; 081810 81
REG: 022410 80;
4/7 will win any World Series

No "Except for" on the CPA license.

CPASTONE
Contributor

Joined: 12 Jul 2010
Online Status: Offline
Posts: 95

Posted: 17 Sep 2010 at 23:58 \| IP Logged

I salute you Aesop :)

__________________
CPASTONE
FAR- 7/30/10 -pass
Audit-05/26/10 -pass
Reg-05/21/10- pass
Bec-08/31/10-pass

Page of 2 Next >>

Printable version

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot delete your posts in this forum
You cannot edit your posts in this forum
You cannot create polls in this forum
You cannot vote in polls in this forum