This is something you will typically figure out as you go.
Some things will work for you, some won't.
I'd recommend you follow their guidelines to start, try not to cut any corners, and see what works for you.
It's quite normal to feel completely lost and overwhelmed. All part of the process.
Eventually it will start to click.
Depending on how long you have been out of school, you might have to relearn how to effectively study.
Any you might learn that certain portions of your program are more helpful for you.
Some people learn best by reading, other learn best by watching (videos), and others learn best by doing (MCQs), and some find note taking to be extremely helpful.
Your individual most effective study methods will start to show as you progress through the course.
For FAR I was watching the videos, reading the books, taking notes and doing the MCQs.
By my last exam I was just watching the videos and hammering MCQs, and only referring to the book for problem areas that I couldn't grasp.
Good luck and keep going!
Memento Mori - Kingston NY CPA & EA (SUNY Albany 2002)
Keep a bag packed with your stuff in case you want to go off and study somewhere. Consistency is the key, and if your bag is ready, you're better off. In my bag I have my laptop, water, a granola bar, pens/highlighters, notebook, laptop, headphones, and my UWorldRoger CPA book. If the kids get rowdy, I just march out the door to the library with bag in hand. Again, study consistency is the key.