The speaker, Kyle Ashcraft, shares his experience scoring a 95 on the FAR exam, focusing on its structure, study approach, and key topics. He highlights the extensive content and diverse topics covered, emphasizing the use of Excel during the exam. Kyle details his eight-week study routine while working full-time, and the order in which he took the CPA exams. He delves into major FAR topics like governmental accounting, debt and equity securities, accounting for equity transactions, and foreign currencies. Lastly, he recommends downloading real-world financial statements as a valuable study tool.
Sure, here are the key facts extracted from the text:
1. The speaker's name is Kyle Ashcraft from Maxwell CPA Review.
2. Kyle scored a 95 on the FAR exam.
3. The video covers topics like the FAR exam structure, study approach, major topics, and a useful tip.
4. The FAR exam covers the most content compared to other exams.
5. It encompasses a wide range of topics including governmental accounting, bank reconciliations, and business consolidations.
6. Excel can be used during the FAR exam through a limited version provided by the test software.
7. Kyle studied for FAR over eight weeks while working full-time, allocating about 160 hours for preparation.
8. He took the exams in the following order: FAR, BEC, REG, and Audit.
9. Governmental accounting involves five different funds, including special revenue, capital projects, debt service, permanent fund, and general fund.
10. Accounting for equity transactions depends on the percentage of ownership: less than 20% (adjusted cost method), 20-50% (equity method), and more than 50% (consolidation).
11. Accounting for foreign currencies involves recording currency, functional currency, and reporting currency.
12. Real world financial statements from for-profit, non-profit, and governmental entities are helpful for studying FAR.
Is there anything else you'd like to know?