[Anonymous]

Hey everyone,

I am about to make some flashcards for FAR journal entries. For those of you who have taken it already, can you please let me know the most important journal entries that I absolutely must know. Obviously I know that they are all important but if I had limited time, which ones should I focus on the most? Thank you!

[ICanHasCPA]

It's hard to say what's important since the stuff tested changes for each candidate. Make sure to have the basics covered. If you think about the different SIMs that could show up, almost anything could be tested. Some ideas: bonds(discounted and premium), non-monetary exchanges without and with commercial substance, debt restructuring, receivable factoring,

non-profit & govt entries: (opening and closing budget-activities-encumbrances), recording donations(unconditional-conditional, etc.)

[jenuno01]

@ICanHas be careful with Exam disclosures my doode

Class of 2012

[ICanHasCPA]

While I did take the exam, that was my pre-exam approach from what I can remember. I didn't do note cards, but I looked over any entries I was unsure of and picked a couple main entries to focus on from each section. Some others: investments(trade, AFS, held to maturity), cost/equity method and consolidation entries, formation and liquidation of a partnership.

If this is too risky, mods please do delete.

[Author]

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