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.
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