[Anonymous]

I understand the material when I watch the DVD, but then trying to remember all the steps of the 2 methods is driving me crazy. It’s going to take so much time for me to really get this down yet it’s a small section in the Wiley book with not many problems. So, just how important is this?

[HumanPiranha]

when i first went through the partnership section, i had a pretty terrible time trying to get the hand of it. but to be honest, the difference between the exact, bonus, and goodwill methods is something worth taking the time to learn. these can and should be easy points on the exam, because once you understand the process behind each method, the math and execution is simple.

[skioklahoma]

The study books I had for calculating goodwill method differed from the way I learned it in actual classes, so it was a little bit of an adjustment for me at first. In my opinion, the FAR exam covers a lot of material and not knowing one of the smaller sections may not kill you, but it's best to know all you can because you do not want to suffer the death of a thousand little cuts. I got the impression that not knowing a lot of small items can kill you: i.e. skimming through IFRS for intangibles, partnership accounting, or personal accounting may not result in a failing grade taken on their own, but collectively not knowing these sections may be enough to do the job…

FAR - 8/29/2011 (91!!)
AUD - 10/29/2011 (90!!)
BEC - unsched.
REG - unsched.

[KasiaS]

Definitely put in the time to fully understand this topic. Whether the topic is hit on your FAR exam is really luck of the draw but you definitely don't want to take a gamble on a topic this big. The AICPA likes to test this subject because it's so easy to test and make tricky.

FAR 88 (07/15/11)
BEC 83 (08/31/11)
AUD 81 (10/15/11)
REG 83 (11/26/11)

Used NIU Correspondence CPA Review

[Anonymous]

Thank you guys for all of the helpful info and insight! I'll make sure I spend some time extra time on this topic.

@skioklahoma – that's a great point you have about these little things adding up. I think have a very good understanding of the larger topics but it's all these little random things they throw out there that I'm scared are going to bring me down.

[See Pee A]

@apbandj: Don't focus your time on every single minor topic. Use the nature and amount of MC's in a section also to judge which areas to focus on. That said, the basis and accounting for everything for the different corporate structures is important to understand for the exam. You may only get one question, but if you take the time to learn it now, that's an extra point for you!

BEC 86 (08/30/11)
FAR 84 (10/13/11)
REG 88 (11/08/11)
AUD 86 (11/29/11)

Exam prep - Becker self-study

[Youngbizman]

I would say understanding the basic principles behind each of the three methods is important. The calculations are good to know as well, but there are usually really simple if you understand what each method is talking about

[Anonymous]

to build on top of what @See Pee A said, have you tried the MCQ's? partnerships were pretty difficult for me in college, but the MCQ's were actually fairly reasonable

[Anonymous]

I just noticed those 2 terrible grammatical errors I made in my previous reply – gasp! This exam is killing my brain cells!

@Youngbizman – there are 3 methods?? I thought there were only 2 – bonus and goodwill. What's the other one?

@ Cannotpassagain – I tried some MCQ's this evening to gauge where I stood on that content area. I did okay on the calculations where a new partner enters and when liquidation occurs, but did terrible on the ones where a partner exited. I really need to beef up my understanding of that.

Thanks to everyone for your help!

[Author]

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