Progress Report: Week 5
This week I studied for about 12 hours. I felt like I started to get through the homework a bit quicker than average this week, because I knew how to do the questions, and didn’t have to spend as much time reading the answers to figure out how I should have answered the question.
So, Krupo asked me on my last Progress Report to “add value” by explaining more about the exam. So, here are some specifics about what topics I covered in the last week.
Topics in FAR
Right now I’m studying for FAR, (Financial Accounting and Reporting), which covers what I learned in 3 semesters of “intermediate accounting” classes, as well as some topics I will not cover until next year in the “advanced accounting” class that is part of my master’s program.
This week I covered accounting for and reporting intangible assets, bonds, leases, liabilities, receivables, and pensions. I still have to do the homework problems for liabilities, receivables, and pensions, but I have reviewed the topics.
How Studying Went
I struggled with bonds when I initially tried a few homework problems, although I have always felt fairly comfortable with bonds. After watching Roger CPA‘s review video for bonds, I managed to make it through the bond homework problems with very few errors. I think an important factor in this improvement is becoming familiar with how the questions are written and the best way to approach them on the CPA exam versus how I would approach this problem in a regular class.
We’ll see how the pension questions go when I start on those. I had a very good grounding in them in Intermediate Accounting 3, but before watching the CPA review video, I probably couldn’t have remembered enough to make it through a single question. The review covers just the right amount of the topic so I think I’ll remember the steps to account for a pension when I get started on those problems.
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Thanks for the explanation!
I’ve concluded that you’re probably challenged harder on pension questions than we are up north. It comes up but unless they’ve changed things in the past few years, usually not in any significant depth.
I wonder if you have to deal with Consolidation accounting too? That was always a fun topic, though I don’t think they tested us too hard on that one either. Everything else, on the other hand, oh man.