[Big Mike]

Just started studying FAR after taking Reg

The MCQ homeworks are killing me. Every question is harder than the next and every question seems harder than REG. How do I get this down?

[Big Mike]

Getting 50% of the Becker MCQ after watching the lecture, whereas with REG I was always around a 70%

[Cjsr]

I think 50% would still be considered within the normal range for first pass through FAR MCQs, even though you were doing better on REG. You'll get there!

BEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016

Becker FastPass with in-class videos

[M123]

It gets easier. It's a process of training the mind to accept. One of my go-to concepts is “five why” – to get to root cause. Check out FASB Concept number 8. That covers a lot of F1. Not necessary to read the whole thing but a few pages in plus scan and drill in to topics of interest may do wonders.

If you want to know why this stuff is important – go check out the Enron and Tyco cases.

The reason I say this is – you retain more when received out of curiosity than out of force feeding.

Your job in learning FAR is to learn how to prevent another Enron. Now go learn the h out of it because it's up to us. That may be more in the audit side but the FAR part will help with the Audit part of course. I think you see the point though?

[IGOTTHEKEYS]

Im exactly on the same boat. Just sat for REG, used becker and i was getting 75-80% plus on the MCQ. Just started FAR a couple days ago, and i'm getting 70-75 ish, definitely lower on some section.

Its because REG is more concept heavy and as long as you know the concepts, the calculation is very simple. With FAR, it is concept heavy but the thing is the F/S effect now. You really have to know how the transaction affect the F/S, that the key with this. REG was all about one thing, the tax return (Barely anything about schedules), mostly what was included on the return, deduction amounts, whats deductible and whats not, entities taxation, etc).

FAR is a whole new world and a beast.

Id say aim for a 70% or above on the quizzes, it probably wont be possible for every topic, but thats what im doing. Cant learn everything, but you just need to the know the meat of it.

Good Luck!

[Author]

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