[MustPass1988]

I cannot understand interco eliminating transactions. It’s the only section in the entire FAR book that I just don’t get whatsoever…I’ve been working at it for nearly 3 hours, done all the MCQs in Becker, done the questions on CPAreview for free, listened to Rogers lecture, and relistened to Becker’s lecture as well as reread my notes and I plain and simple can’t wrap my head around it. I understand the very basics of this concept (i.e. eliminating dividends paid, eliminating receivables, depreciation on fixed asset etc) but anything related to interco inventory and my brains just melts on the spot. I completely understand the acquisition method so it’s even more frustrating that for some reason, I can’t get this down.

I know that the standard response is “you need to know everything in your FAR book” but I’m hoping that this concept is not going to be extensively tested. Does anyone have a good way to dumb this concept down or know of a good youtube video or some other source with a good explanation? This is my last resort before saying screw it and moving on to my final review.

AUD: PASSED [81]; Expired, retaking August 23rd
BEC: PASSED [83]; Expired, retaking July 11th
REG: PASSED [83]
FAR: FAILED [64]; Retaking May 23rd

[Pandarama]

Could you be a little more specific as to what you don't get?

i.e. I don't understand the effects on the income statement. I don't understand the journal entries. I don't understand why you need to eliminate intercompany transactions? Do you want an example of a company having to eliminate intercompany transactions?

BEC - 80
AUD - 64, 75 - credit lost, 90!!
REG - 73, 74, 83
FAR - 61, 72, 85

Feels good finishing on my best note. Time to watch the mailbox.

[Pandarama]

Could you be a little more specific as to what you don't get?

i.e. I don't understand the effects on the income statement. I don't understand the journal entries. I don't understand why you need to eliminate intercompany transactions? Do you want an example of a company having to eliminate intercompany transactions?

BEC - 80
AUD - 64, 75 - credit lost, 90!!
REG - 73, 74, 83
FAR - 61, 72, 85

Feels good finishing on my best note. Time to watch the mailbox.

[Ajaz0810]

As jeff always says, “if you want something to be on the exam don't study it”. I took the exam and failed with a 62, and all i can say is I wish i would know this inside and out.

FAR 62, 66, 78
AUD 66, 55, 74, 72
BEC 79
REG

[Ajaz0810]

As jeff always says, “if you want something to be on the exam don't study it”. I took the exam and failed with a 62, and all i can say is I wish i would know this inside and out.

FAR 62, 66, 78
AUD 66, 55, 74, 72
BEC 79
REG

[Pandarama]

Also, if you are struggling… take a step back. Don't continue to try and push something for too long. Move on and come back to in a few days… you'll be surprised how much you remember and how some things will suddenly make sense.

I failed FAR back in Oct and I'm re-studying for it now. It's amazing how much more sense things are making.

I'm also taking a governmental class for my work. We had a two week break. When I first left for the break, I couldn't understand why a number of things were done the way they were done, but then two weeks later I go back and suddenly everything clicked.

BEC - 80
AUD - 64, 75 - credit lost, 90!!
REG - 73, 74, 83
FAR - 61, 72, 85

Feels good finishing on my best note. Time to watch the mailbox.

[Pandarama]

Also, if you are struggling… take a step back. Don't continue to try and push something for too long. Move on and come back to in a few days… you'll be surprised how much you remember and how some things will suddenly make sense.

I failed FAR back in Oct and I'm re-studying for it now. It's amazing how much more sense things are making.

I'm also taking a governmental class for my work. We had a two week break. When I first left for the break, I couldn't understand why a number of things were done the way they were done, but then two weeks later I go back and suddenly everything clicked.

BEC - 80
AUD - 64, 75 - credit lost, 90!!
REG - 73, 74, 83
FAR - 61, 72, 85

Feels good finishing on my best note. Time to watch the mailbox.

[Author]

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