In this video, Kyle Ashcraft of Maxwell CPA Review shares his experience of scoring a 95 on the FAR (Financial Accounting and Reporting) CPA exam. He discusses the unique aspects of the FAR exam, including its extensive content and wide range of topics. Kyle emphasizes the use of Microsoft Excel during the exam and outlines his study approach, which involved 160 hours of studying over eight weeks. He also covers major topics such as governmental accounting, accounting for equity transactions, and accounting for foreign currencies. Finally, Kyle recommends downloading real-world financial statements to gain practical insights into the exam's theoretical concepts.
Here are the key facts extracted from the text:
**Video Introduction and Study Approach:**
1. The speaker's name is Kyle Ashcraft of Maxwell CPA Review.
2. He scored a 95 on the FAR exam.
3. The video will cover the FAR exam structure, study approach, major topics, and a useful tip for studying.
4. Kyle studied for FAR over eight weeks while working a full-time job, dedicating 160 hours to study.
5. He recommends using Microsoft Excel for the exam.
6. Kyle took the exams in the following order: FAR, BEC, REG, and Audit.
**FAR Exam Structure:**
7. The FAR exam covers the most content among all CPA exams.
8. It encompasses a wide range of topics, including governmental accounting, bank reconciliations, and business consolidations.
**Governmental Accounting:**
9. Governmental accounting uses fund accounting, including special revenue fund, capital projects fund, debt service fund, permanent fund, and general fund.
**Accounting for Debt and Equity Securities:**
10. There are three types of securities: trading securities, held to maturity securities, and available for sale securities.
11. Unrealized gains and losses are recorded differently for each type.
**Accounting for Equity Transactions:**
12. The method for accounting for equity transactions depends on the percentage of ownership in another company: adjusted cost method (less than 20%), equity method (20-50%), and consolidation (more than 50%).
**Accounting for Foreign Currencies:**
13. Accounting for foreign currencies involves recording currency, functional currency, and reporting currency.
**Tip for Studying:**
14. It's recommended to download real-world financial statements for for-profit companies, non-profits, and governmental entities to understand how theory is applied in practice.