You are allowed a one page cheat sheet for FAR, what do you put on it?

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  • #191359
    ewalk728
    Member

    Taking my test on Monday and I’ve taken FAR once before and when in with somewhat of an idea of what to initially write down on my piece a paper/scrap. So what would you put on yours if you only had one sheet to take in with you.

    This could help a lot of people taking the FAR exam this period.

Viewing 9 replies - 1 through 9 (of 9 total)
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  • #638400
    Anonymous
    Inactive

    For me it would probably be bond amortization, stock calculations w/ JE, non-monetary exchange rules and %'s (i.e. 25% rule), key IFRS rules, and probably inventory calculations. Plus any complex JE that would be tough to remember on exam day.

    What size font are you talking? 😛

    #638401
    Skynet
    Participant

    My Tinder Profile for the cute Prometric girl.

    #638402
    Anonymous
    Inactive

    First thing I would put on my “cheat sheet” is a simple reminder: “Read the effing question!” This means paying attention to dates and other key words that will change an answer from one thing to another.

    Here's my list of “Must Know” topics for FAR:

    Non-Monetary Exchanges (with and without commercial substance): My advice for these are to know the journal entries inside and out. On the MCQ, it makes it much easier to see if everything balances and to visualize it.

    Inventory: You want to know everything about inventory valuation. This includes Lower of Cost or Market (both U.S. GAAP and IFRS). You want to know all the methods of calculation (FIFO, Weighted Average, LIFO). Also make sure you know Dollar Value LIFO and how to calculate several years worth of layers. Finally know the major differences between U.S. GAAP and IFRS.

    Depreciation: Should be easy and straight forward but make sure you can do all methods (straight line, double declining, sum of years digits).

    Consolidation: All I'll say is make sure you can do a consolidated Balance Sheet, Income Statement and Statement of Retained Earnings. Understand the concepts of what should be eliminated.

    Equity and Investment Method of Accounting: You own an investment valued at X on Jan 1. The following events take place. What is the investment valued at on Dec 31 if you own 5% of the outstanding shares? What about if you own 30%?

    Government and Not For Profit Accounting: If you don't understand these concepts, push your exam back until you do. You will not pass if you can't do this in your sleep.

    Other Comprehensive Income: What is included

    Pensions: Even though they're dying off, you still need to understand the accounting for them.

    Construction in Progress and Installment Sales: These two always get lumped together. Make sure you know how to do them as well as Completed Contract method of Construction.

    The Financial Statements (particularly Statement of Cash Flows): You need to know how to prepare the all. Cash Flows is also heavily tested and you need to be able to identify the differences between Direct and Indirect in your sleep.

    Converting from Cash Basis to Accrual Basis: XYZ made $100,000 using the cash basis of accounting. The following events took place. What was their income based on the Accrual basis of accounting? You need to know this.

    Bonds and Leases. Earned Amortization Schedules are a must know.

    OK. There's, definitely, more but this is a good start. Is it a comprehensive list? No, it's not. Is it a long list? Unfortunately, yes it is. FAR is known as “the beast” for a reason. There's just so much damn material that is testable and you really need to understand it all. You might not see a single question on certain topics but you'll get 5 or 6 questions on another topic. If you're not ready for anything, Murphy's Law says that those 5 or 6 questions will come from an area you're not ready for while you will see 0 questions on the topic you are comfortable with.

    #638403
    hunter32
    Member

    Skynet has his priorities in line, maybe she'll give you a good pat down.

    BEC - 80 (Becker)
    AUD - 92 (Becker+NINJA MCQ)
    FAR - 87 (Becker+NINJA MCQ)
    REG - 90 (Becker+NINJA MCQ and Audio)

    #638404
    ewalk728
    Member

    @angelwatch

    I think I'll write on mine “Read the Whole Question” this is a huge problem with me as I'm going through my MCQs now. Thanks for the list I'll be working on mine more tonight as I make the final preps for the 2nd round with FAR

    #638405
    Anonymous
    Inactive

    I'd include the Statement of Cash Flows, key IFRS vs. GAAP differences, and a few governmental JEs. Those are all things that have tripped me up on past exams that I've made a point of focusing more attention on now. The Statement of Cash Flows in particular drives me crazy because there's always something I can't remember…

    #638406
    Determined CPA
    Participant

    amandilee – I'm the same way with cash flow! Idk if I confuse GAAP and IFRS but I can NEVER really, with confidence, decide what goes into financing versus investing.

    Good luck to you!

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    #638407
    Leach2587
    Member

    I took FAR for the second time on January 11th and I can honestly say if I had a cheat sheet it would all be governmental and not for profit. I had so many MCs on that topic I thought I was taking my fund accounting final all over again. I think I can reason through other questions but those questions are outrageous.

    #638408
    Jenny
    Participant

    For some reason (Too lazy to actually learn it), I always struggled with Diluted EPS, Defined Benefit Obligations, Construction Contracts, & Cash Flows. Once I finally decided to master those, I finally passed.

    Oklahoma Candidate
    AUD - Pass (8/14)
    FAR - Pass (11/14)
    REG - Pass (2/15)
    BEC - Pass (11/15)
    Ethics Exam - Pass (12/15)

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