[CPAHOPE]

I dont understand how i only got 61 on my FAR exam. I used wiley 2019 to prepare for this test and to my shock i failed miserably when i thought i passed the test. Do you guys know if wiley 2019 have been updated? Based on FAR wiley 2019 you need to eliminate all the intercompany transactions in consolidation. Is this true? I really need some help

[Jex]

While I can't speak for Weiley, as I never used them, I can answer your last question. You do need to eliminate all inter-company transactions upon consolidating financial statements. Otherwise the financial statements would wrongfully be including “inside” transactions, which would then result in misleading information for financial statement users.

[KeepPushing]

I used Becker for FAR but my suggestion is going forward, look at your score report and try to master as much as possible those weak points by doing lots of MCQ and Sims! my second time around in studying far other things that didn't click the first times started to make sense! you will learn more the more you practice! I know its super frustrating but keep going and just use this energy to fuel your drive to study more! you got this!

[CPAHOPE]

Thanks for the inputs guys! Im still in shock that i only scored 61. I thought i was prepared enough to pass this test😥

[Painted_Jeans]

I used Wiley for FAR and then switched to Ninja.. I thought some parts Bob explained much better in those ancient videos :-))
I liked Wiley and used it for everything, just didnt work too well for BEC for me so i'm doing it with Becker now. Hope it works this time.

[Nate]

I hope I don't sound rude here, but based off of your post, if you are asking if it's true that you need to eliminate intercompany transactions for consolidate financial statements, then I don't think you're ready for FAR. I know it's a small sample size, but it sounds like perhaps you aren't fully understanding the concepts behind financial accounting and just trying to memorize the rules. I'm sure you're studying well and hard and are learning the material, just try to remember that FAR is more conceptual than rules based, despite what it seems. It's not about knowing that you need to eliminate intercompany transactions for consolidation, but rather why you need to, which Jex explained. Make sense? You'll get it done! If you study, you will eventually pass, become a CPA, and experience what true happiness really is!

[Sean]

Not sure if you want advice on how to study differently this time around, but this was my experience and I passed first try. I hope this helps you out!

[Warrior]

@Bkxtwin Thank you a lot for an amazing job you did. I am studing right now for this exam and your video is a great help. Congrats on your score. Wish you luck with the rest of exams.

[jyoung117]

It could be as easy as misinterpreting the sims question when you get a score in the 60s

[CPAHOPE]

Yeah i will check it out thnx!

[Author]

Replies