Learning FASB Codification & MCQ Tips

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    Topic
  • #177068
    Randomness
    Member

    Hi All,

    I just started studying for the CPA exam last week. My first section is going to be FAR, and I plan to take it around late May (if I feel prepared), but more likely it will be in July. I’m relatively new to everything regarding the CPA exam itself.

    Also, I am using CPAexcel to study.

    So my two main questions for this thread are:

    1)Codification. There is a section in CPAexcel that says “It is important that you practice using the Codification before the exam so that valuable time is not wasted struggling with the interface during the exam. However…they don’t list any resources to go along with that advice.

    Where would you suggest I go to learn about using the codification, and do you have any tips in regards to it? (Such as should I memorize the major sections, etc).

    2)MCQ Tips. I have taken some of the Past Exam questions, and all I can say so far is that the wording can be VERY tricky. Again, are there any good resources for learning “how” to read, interpret, best guess, MCQs?

    Thanks in advance for all the help. This forum seems like a nice community, and I hope I can start contributing myself sometime soon.

    FAR - Studying [4/1/2013 - ???] Test [??/??/????]
    AUD - [Who Knows]
    REG - [Don't Panic]
    BEC - [Can't think that far ahead]

Viewing 5 replies - 1 through 5 (of 5 total)
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    Replies
  • #408962
    PL CPA
    Member

    Here is a link where you can see the FASB codification:

    https://asc.fasb.org/help&cid=1175804733771

    You have to register for fee to browse by topic, unfortunately you can't search because you need the Professional View for that (which costs $850).

    Get in contact with your school's library, they might have an account that you can use.

    On the exam (I believe) you are able to search by keyword and point to the relevant topic.

    BEC - 89
    REG - 89
    AUD - 95
    FAR - 90

    Becker

    #408963
    Futile
    Member

    As a CPA exam candidate, you can get free access for 6 months to the FASB ASC and the Auditing standards. You will need to have a NTS. Go here: https://www.aicpa.org/BecomeACPA/CPAExam/ForCandidates/HowToPrepare/Pages/literature.aspx

    However, the format of the literature program pretty much renders it useless. (What the hell were they thinking?) You could, instead, try it out by using the CPA exam sample test on the AICPA website. Or by doing simulations in CPAexcel. Note, however, that the CPAexcel database is limited and different than the actual exam.

    I would suggest just knowing the general placement of things (that is, the topics).

    CPA exam: Done!

    Thank You, Lord.

    #408964
    Tncincy
    Participant

    CPAexcel can get a little tedious, I would suggest getting the ten point combo if you don't already have it to supplement and maybe cut some of the fat even. or at least the wiley test bank.

    It begins with a 75
    Been here too long as a cheerleader....ready to pass

    #408965

    1) Just do the SIM research questions. They will get you ready for any codification/authoritative literature you need. You just need to do a proper word search to find exact answer.

    2) The actual exam MCQs are slightly less wordy than CPAExcel. This review course is very similar to the stuff you will see on the actual exam.

    CPAExcel definitely got me ready for exam time. If I fail, I will get Ninja Audio or Wiley from this site…

    #408966
    Randomness
    Member

    Hey PL CPA, Futile, tncincy, and Getting a CPA…thanks for all of the info!

    FAR - Studying [4/1/2013 - ???] Test [??/??/????]
    AUD - [Who Knows]
    REG - [Don't Panic]
    BEC - [Can't think that far ahead]

Viewing 5 replies - 1 through 5 (of 5 total)
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