FAR Journal Entries

  • Creator
    Topic
  • #200595
    justkeepswimming23
    Participant

    Someone here recommended having a long spreadsheet of all Journal entries. So I have been making one as I’m go along with studying and it’s really taking up my time. I write down everyone I see. I am halfway done with my review material and have almost 9 pages of Journal entries on word. Do you think this is helpful or should I ditch it?

    FAR: 78
    REG: 74, 75
    AUD:
    BEC:

Viewing 15 replies - 1 through 15 (of 17 total)
  • Author
    Replies
  • #761060
    justkeepswimming23
    Participant

    Did I say 9? I meant 15

    FAR: 78
    REG: 74, 75
    AUD:
    BEC:

    #761061
    EuroAddict
    Participant

    That's a lot of entries.

    -----------------------------
    BEC - 77, 03/2015 (first try)
    FAR - 79, 05/2015 (second try)
    REG - 83, 12/2015 (first try)
    AUD - 84, 03/2015 (first try)

    I got 99 problems but the CPA ain't one.

    #761062
    rp 12
    Participant

    Try this link:

    https://www.principlesofaccounting.com/illustrative%20entries/entrieslist.htm

    I got it from someone in this forum.

    "Success in life comes when you simply refuse to give up, with goals so strong that obstacles, failure, and loss act only as motivation"

    AUD: 68, 62, 77βœ” (expires 10/31/16)
    FAR: 53, 48, XX (retake 6/16)
    REG:
    BEC: 53

    #761063
    justkeepswimming23
    Participant

    Thanks!!

    FAR: 78
    REG: 74, 75
    AUD:
    BEC:

    #761064
    MrCPA511
    Participant

    You really should only be writing down JEs that give you issues or ones that you can't remember. However, as you are going through your problems, you should automatically be going through the journal entries in your head so you understand what is really going on. Memorizing journal entries will not help that much. At least for me, that was my light bulb moment that helped me pass FAR.

    FAR - 86 7/2014
    AUD - 95 10/2014
    REG - 87 1/22/15
    BEC - 84 7/2015

    #761065
    Claudia408
    Participant

    MrCPA511 – when you wrote down JEs, did you do that for literally each section? or just the “major ones”?

    BEC - 75 (3x)
    AUD - 78 (3x)
    REG - 67, 66, Aug 1
    FAR - 54, Sept 8

    #761066
    sva_123
    Participant

    I'm studying for FAR now. Thanks for the link above!

    AUD: Pass (July 2015)
    BEC: Pass (Nov 2015)
    REG: Pass (Feb 2016)
    FAR: Pass (June 2016)
    Ethics: 100%

    Becker self study and Ninja 10 pt combo

    #761067
    MrCPA511
    Participant

    @Claudia408 – I don't think every section required it and so I would say only the major ones. So my point I was trying to make was that if you are needing to write down JEs for every section, then you need to work on your foundation because you shouldn't need to be doing that.

    FAR - 86 7/2014
    AUD - 95 10/2014
    REG - 87 1/22/15
    BEC - 84 7/2015

    #761068
    RE2PECT
    Participant

    I would focus on bond JE's, especially retirements. Also SE JE's, cost and par value methods. Definitely know your gov/nfp as well. Opening and closing entries and budgetary entries. For nfp, know the entries for pledges.

    FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
    AUD: 73, 81
    BEC: 71, retake 8/29
    REG:

    #761069
    Stilgoin
    Participant

    This website came from another post and has some good stuff in it- just beware it could be outdated.

    https://sites.google.com/site/farnotes/

    B | 62, 78
    A | 73, 67, 79
    R | 82
    F | 59, 59, Waiting

    Ethics | 93

    "Success is not final, failure is not fatal: it is the courage to continue that counts."
    ~Winston Churchill

    β€œIn a world full of critics, be an encourager."

    #761070
    Anonymous
    Inactive

    Memorize as many as can fit in your brain. Not the examples themselves, but the accounts involved, whether the balance of the account is normally a debit or credit, the proper timing for the entries (CRITICAL), and how the entries would affect the financial statements.

    You will almost certainly get at least one Sim question that will require you to prepare journal entries. It may be for bonds or stock, government or not-for-profit, construction project entries, pensions, leases, consolidations, A/R and allowance for doubtful accounts/bad debt expense, or any of a million other scenarios.

    And make no mistake about it: knowing journal entries will help you on the MCQs, well. You may occasionally be asked to provide an actual debit or credit and associated amount in a MCQ, but it's more likely that being familiar with different accounts, their normal balance type, and how changes in their balances affect the financials will help you determine the answer to a question. As I did MCQs in my Becker and NINJA test banks, I wrote down the journal entries to record the transactions described in the questions, and on exam day, I had no trouble whatsoever with anything involving journal entries. I think this is especially important for people who are either recently out of school or do not prepare journal entries as a normal part of their work.

    #761071
    justkeepswimming23
    Participant

    Thanks everyone πŸ™‚

    FAR: 78
    REG: 74, 75
    AUD:
    BEC:

    #761072
    Anonymous
    Inactive

    I think it is very helpful and no you are not wasting your time. I did the same thing when I was studying FAR and I am convinced it's the reason I passed. They really like to test JE's on the sims so understanding how to do them will definitely help you score more points. Practice the governmental accounting JE's too. I would go through your excel sheet 1-2 times a day and try to block out the answers and quiz yourself. Do this at least 10 times before your exam.

    #761073
    justkeepswimming23
    Participant

    Congrats Ashia! and thanks

    FAR: 78
    REG: 74, 75
    AUD:
    BEC:

    #761074
    Rosco920
    Participant

    I ‘d say write down only the journal entries that give you trouble! First off, every journal entry will not be tested. Secondly, it would be more helpful to separate the journal entries or keep them with related questions. That would confuse the hell out of me lol. From an efficiency standpoint, I'd only write down unfamiliar JE's. That would save you time and headache!!

    But…..that's how I study. It's better for me. I can see a JE and remember it quickly if I am immediately applying it to a problem………..I'd pass out if I saw a 15 page list of JEs lol.

    BEC 80
    AUD 75
    FAR 78
    REG 87

Viewing 15 replies - 1 through 15 (of 17 total)
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