[coffees56]

I’m taking FAR for the second time on Tuesday. My exam score the first time was a 74. Since then, I’ve been working the Sims and taken two mock exams (70, 81). I know these are typically good scores to get on the mock exams, however, I’m deathly afraid of getting a sim on consolidations. I was lucky enough to not get a sim on it last time, but I”m feeling like my luck might run out. Not sure why I’m even posting this, it seems like my fate has probably been decided. Just needed to vent.

[Recked]

Yea, I was always worried about posting stuff on the public forms that I really did not want to see.
Probably an irrational fear, but I get it. Hopefully you don't get anything on consolidations, but one bad SIM won't ruin your exam. You were so close the first time, I'm sure you'll get it this time through. Deep Breaths, stay focused, stay alive.

[coffees56]

Do they ever throw you multiple sims on the same topic? Like could I get 3 sims on consolidations/interco? It's mainly the interco part of consolidations that throw me off, mainly inventory. I'm cool w/ the CarIsBig stuff…

[Recked]

I found it helpful to write out the journal entries that would be associated with an inter-company sale to help me work out the overstated inventory.
It's not likely that you would have 3 SIMs on consolidations, and if you have everything but the inventory down pat, you should expect at least partial credit on any consolidation SIM you receive.
Mile wide, inch deep. Don't stress about one topic.

[Hank Scorpio]

I didn't study consolidations much and did fine. It is the luck of the draw. At this point you'd be better off just working MCQ and not losing sight of other important stuff. Good luck.

FAR - 10/3/16
BEC - 69 - 10/31/16
AUD - November 2016
REG - December 2016

[Ralphie Dos Nachos]

IF you get a sim on consolidations don't feel like it's the end of the world. I didn't feel amazing on the MCQ (unsure of maybe 10-15) and then the sims I felt good on maybe 3 and still pulled off a pass. So don't get bogged down on one topic as you can make up for it elsewhere.

[Jimmy Dugan]

Work through whatever consolidation sims you have in your review course and study the journal entries. I got the free trial of Surgent when I passed FAR and thought they did the best job of covering consolidations that I'd seen. Their mnemonic was AFV will SPICE up your GOODNIght

-AFV – ASSETS TO FAIR VALUE

-SPICE – STOCK, PAID-IN CAPITAL, RETAINED EARNINGS OF SUBSIDIARY ARE ELIMINATED

-GOODNI(ght) – RECORD GOODWILL AND NONCONTROLLING INTEREST, ELIMINATE INVESTMENT ACCOUNT

[ak_cpawannabe]

Without saying too much, first time I took Far I wasn’t getting consolidations either and decided to take a chance. Omg that was a bad idea!:)

Second time, I studied consolidations like my life depended on it and day before test opened videos on consolidations and did problems with teacher at the same time. It was a good idea! 🙂

Good luck on your test. Just review what you can before test.

[Author]

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