[userken8]

I have Yaeger Home Study with Cindy, but there’s got to be a Mnemonic or Acronym out there that somebody has devised that makes it easier to remember how to do a Mufti-Step Income Statement?

[T-rex]

I'm just remembering that operating rev & exp are separated from non-operating rev & exp, and from other gains & losses. Do you think we need to memorize the actual statement?

AUD - 95, BEC - 85
REG - 85, Rawrrrrrr FAR - 88
Used Becker for all sections.
CA candidate not residing in CA

[ttd]

I'm sorry that I don't have the answer to your question, but do you mind telling me a little about how Yaeger HomeStudy works? What exactly is the role of the Wiley books? Are you just supposed to have them for solving problems, or are they referred to during the lectures?

[userken8]

@T-Rex: Yaeger advises to memorize the formats of all of the financial statements. For example, the exam could ask you to prepare an adjusted financial statement. So if they give you a trial balance, then you do an adjusted trial balance to produce a financial statement. But Cindy of Yaeger did emphasize that memorizing the steps of the Multi-Income Statement and Singe-Step Income Statement are a must. The exam will most likely ask you about just the Multi-Step because it's the harder one. The more I think about it, I would just make an acronym by taking the first 1 or 2 letters of each line and memorize that. For example, Net Sales= NS, COGS =C, Gross Profit= GP. Or you can try and make a crazy mnemonic out of it. Whatever works for you. Not only do you need to memorize every line on the income statement, but you also need to know what type expenses go to “Other Expenses and Losses” and which go to “Operating Expenses.”

@ ttd: The Wiley textbook is used the whole time for Home Study because that's where the instructors base their lectures on, but they filter through only the pages of Wiley that you need to know for the exam. So the Wiley textbook is over 1000 pages long, Yaeger will filter it down to just what to focus on. Also, all the questions, sims during the Home Study DVD's and lectures are based strictly from Wiley textbooks. Yaeger does not make up its own questions, they only use Wiley's.

[T-rex]

Thanks, userken8! I appreciate the advice!

AUD - 95, BEC - 85
REG - 85, Rawrrrrrr FAR - 88
Used Becker for all sections.
CA candidate not residing in CA

[Anonymous]

You do not need to memorize the Multi-Step Income Statement. Worry more about understanding the concepts. There's very little to memorize in FAR. Most of it is concepts!!

[T-rex]

@CPAMan, Boy do I hope you're right. I'm good with concepts, but terrible with memorization. I can't even remember what I had for breakfast today.

AUD - 95, BEC - 85
REG - 85, Rawrrrrrr FAR - 88
Used Becker for all sections.
CA candidate not residing in CA

[T-rex]

I'm really not digging this remeasurement/translation stuff. Ugh.

AUD - 95, BEC - 85
REG - 85, Rawrrrrrr FAR - 88
Used Becker for all sections.
CA candidate not residing in CA

[Anonymous]

@T-rex- You did very well on the other 3 parts. IMHO, REG and AUD require A LOT more memorization.

[T-rex]

Thank you, CPAMan! You're FAR and AUD scores are fantastic! Nice job!

Good ol' AUD did require a ton of memorization. I rewrote those audit reports countless times in order to memorize them. It wasn't fun, but it did the trick.

I can barely keep my eyes open, so I'm going to bed. Have a good night!

AUD - 95, BEC - 85
REG - 85, Rawrrrrrr FAR - 88
Used Becker for all sections.
CA candidate not residing in CA

[Author]

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