Brent is a NINJA CPA Blogger.
Still getting at it and into my fifth week of studying for FAR. Just a little under 20 days to go before I sit for the exam.
I want to start by saying that my mood while prepping for this exam has increased due to actually understanding the material that I have been covering this week. Its nice to know that there is sunlight at the end of the tunnel and that this exam can be beaten.
The topics that I covered relate to fixed assets and inventory. The fixed asset portion included topics on depreciation, impairment, amortization and costs to include as capitalized costs.
The majority of this information was things that I covered in my college course and it came as a relief that I actually still remembered most of it. I was also able to go back and complete some of the multiple choice problems that I skipped in the earlier chapters.
While answering the questions I noticed that I was not getting stressed out as much compared to the first time I attempted answering them.
Overall, I feel that I am starting to gain a better understanding of how transactions, adjustments, gains and losses, etc. affect the financial reporting process and how it all comes together which makes it easier to understand.
I had a similar experience with AUD when I had a hard time putting things together in the beginning but by the time I had reached the end of my review material, things just seemed to make more sense.
After fixed assets I went on to Inventory and the different methods of valuation. One of the topics that is giving me the most trouble understanding is the differences between LIFO, FIFO in obtaining the cost of inventory for periodic and perpetual inventories. I remember back in college having a hard time with this also.
I feel confident with the weighted average method and even lower of cost or market but I just cannot grasp which units and there corresponding prices to use when question calls for using FIFO vs LIFO for both periodic and perpetual.
I know this is going to be an important section for the exam and with my luck I will probably have a simulation on the exam for it, so I will make sure this is something I come back to in my final review stage.
This weekend, while my friends are out celebrating Mardi Gras in downtown St. Louis on Soulard Street, I am plugged into my laptop listening to my next lecture on leases. My time preparing for this exam is dwindling down and I want to make sure I can get as much of the material in my brain as possible.
Tax season is here and work is picking up, not allowing much study time at the office so I have had to use the majority of my personal time. Regardless, I am staying positive, motivated, and reassuring myself that I will conquer this exam!
Time to get back to the books, no time can be wasted. Best wishes to everyone out there studying. Remember, you are not alone and you too can conquer this exam!
