Master the FAR Exam with These Tips and Strategies

TLDRLearn how to excel in the FAR exam with expert tips on the exam structure, study approaches, important topics, and more. Use Excel as a study tool and practice with real-world financial statements. Understand the structure of the cash flow statement, accounting for leases, consolidated financial statements, and earnings per share. Take your CPA studies to the next level with private tutoring.

Key insights

📚Utilize Excel as a study tool for the FAR exam to reduce errors and review calculations before submission.

🗒️Create a comprehensive outline of the FAR exam content to effectively retain the large variety of topics.

📈Understand the structure of the cash flow statement and categorize transactions correctly into operating, investing, and financing activities.

🔒Learn the difference between finance leases and operating leases and master the journal entries involved in accounting for leases.

📊Get familiar with consolidated financial statements and understand the key journal entry for eliminating intercompany transactions.

Q&A

How long should I study for the FAR exam?

—It is recommended to study for the FAR exam over the course of eight weeks, dedicating around 20 hours per week.

Should I use Excel for calculations in the FAR exam?

—Yes, using Excel for calculations in the FAR exam can reduce errors and allow you to review your calculations before submitting.

What are the most important topics in the FAR exam?

—The most important topics in the FAR exam include the cash flow statement, accounting for leases, consolidated financial statements, and earnings per share.

Should I practice with real-world financial statements?

—Practicing with real-world financial statements can help you understand how the FAR rules apply in a practical setting and enhance your comprehension.

Are private CPA tutoring sessions available?

—Yes, one-on-one private CPA tutoring sessions are available to help you take your CPA studies to the next level. You can find more information at MaxLCPAReview.com.

Timestamped Summary

00:00Introduction and expertise in the FAR exam.

03:58Structure of the FAR exam: 50 MCQs and 7 task-based simulations.

08:03Key insights on the FAR exam topics: cash flow statement, accounting for leases, consolidated financial statements, and earnings per share.

11:58Tips and strategies to excel in the FAR exam, including using Excel as a study tool and practicing with real-world financial statements.

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