[rana_cali]

I’ve read a lot on the forum that u need to know journal entries well for the FAR exam. The only thing is that there are SO many JEs that u can’t learn them all. For those who recommend learning them, any idea what would be the most important topics? I know adjusting entries is one of them, but adjusting entries for what exactly??

Any help would be greatly appreciated!

AUD: 84
FAR: 75
BEC: 78
REG: 75

DONE-ZO!!!!!!!!

REG: Used Becker 2014 book, NINJA MCQ, Ninja notes, ninja audio
_______________________________
CFE since Oct. 2013.

[Anonymous]

Telling which JE's to know is pushing the non-disclosure rule so no one needs to be specific here. My advice is to understand the JE's and know how to do the T-accounts. Setting up the T-accounts will give you the JE. But to memorize a specific JE is just asking for trouble, in my opinion. You may many not RTFQ and end up putting the debits and credits on the wrong side. Good Luck!

[Anonymous]

Telling which JE's to know is pushing the non-disclosure rule so no one needs to be specific here. My advice is to understand the JE's and know how to do the T-accounts. Setting up the T-accounts will give you the JE. But to memorize a specific JE is just asking for trouble, in my opinion. You may many not RTFQ and end up putting the debits and credits on the wrong side. Good Luck!

[LatinoTurkCPA]

Just learn the concept behind journal entries and you'll be fine. Here it is:

Basic Accounting Equation:

Assets = Liabilities + Equity

Expanded Accounting Equation:

Expense + Assets = Liabilities + Stockholders Equity + Revenue

Another way to think about the Accounting Equation:

Use of Funds (expense/assets) = Source of Funds (liabilities/equity/revenue)

Now… When you debit an account, if it is an Use of funds account (expense or assets) it increases those accounts. When you credit those accounts, you decrease it. Vice versa with a Credit.

Does anyone find this helpful?

F: 76 8/31/13 Wiley Test Bank
A: 77 11/4/13 Wiley Test Bank
R
B

MBA 06/2012 - ?

[LatinoTurkCPA]

Just learn the concept behind journal entries and you'll be fine. Here it is:

Basic Accounting Equation:

Assets = Liabilities + Equity

Expanded Accounting Equation:

Expense + Assets = Liabilities + Stockholders Equity + Revenue

Another way to think about the Accounting Equation:

Use of Funds (expense/assets) = Source of Funds (liabilities/equity/revenue)

Now… When you debit an account, if it is an Use of funds account (expense or assets) it increases those accounts. When you credit those accounts, you decrease it. Vice versa with a Credit.

Does anyone find this helpful?

F: 76 8/31/13 Wiley Test Bank
A: 77 11/4/13 Wiley Test Bank
R
B

MBA 06/2012 - ?

[Anonymous]

@Rana_cali I made a question few weeks ago about something similar. Though Kitty mentioned something smart, base your study strategies according to the heaviest areas first (those that have more questions on WTB) and then continue with the rest. I'm doing this in my study and I find it very helpful. You will spend time but once that you get them, to study the other areas is easier because they have not so many questions on WTB.

Hope this is helfpul!

[Anonymous]

@Rana_cali I made a question few weeks ago about something similar. Though Kitty mentioned something smart, base your study strategies according to the heaviest areas first (those that have more questions on WTB) and then continue with the rest. I'm doing this in my study and I find it very helpful. You will spend time but once that you get them, to study the other areas is easier because they have not so many questions on WTB.

Hope this is helfpul!

[stoleway]

You can also use DEA || LOR

your left hand side is DEBIT and right hand side is CREDIT

An INCREASE in the following items below will cause the accounts to be Debited

Depreciation

Expenses

Assets

An INCREASE in the following items will cause the accounts to be Credited.

Liabilities

Owners Equity

Revenue.

Remember what happens in one account affects other accounts in the opposite way.

For eg, when you buy goods on account, you will debit inventory since you're increasing an asset and credit AP because your liabilities have increased.

Hope this helps??

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[stoleway]

You can also use DEA || LOR

your left hand side is DEBIT and right hand side is CREDIT

An INCREASE in the following items below will cause the accounts to be Debited

Depreciation

Expenses

Assets

An INCREASE in the following items will cause the accounts to be Credited.

Liabilities

Owners Equity

Revenue.

Remember what happens in one account affects other accounts in the opposite way.

For eg, when you buy goods on account, you will debit inventory since you're increasing an asset and credit AP because your liabilities have increased.

Hope this helps??

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[rana_cali]

Thanks for all your inputs! Of course knowing the accounting equation is essential, but I was wondering if all the detailed journal entries had to be memorized, because there's so many of them and they start to get confusing after awhile!

Kinda like this:

Treasury stock – Par value method goes something like this:

Dr. RE

Dr. APIC (treasury)

Cr. Common stock

Cr. APIC (par)

AUD: 84
FAR: 75
BEC: 78
REG: 75

DONE-ZO!!!!!!!!

REG: Used Becker 2014 book, NINJA MCQ, Ninja notes, ninja audio
_______________________________
CFE since Oct. 2013.

[rana_cali]

Thanks for all your inputs! Of course knowing the accounting equation is essential, but I was wondering if all the detailed journal entries had to be memorized, because there's so many of them and they start to get confusing after awhile!

Kinda like this:

Treasury stock – Par value method goes something like this:

Dr. RE

Dr. APIC (treasury)

Cr. Common stock

Cr. APIC (par)

AUD: 84
FAR: 75
BEC: 78
REG: 75

DONE-ZO!!!!!!!!

REG: Used Becker 2014 book, NINJA MCQ, Ninja notes, ninja audio
_______________________________
CFE since Oct. 2013.

[Author]

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