CPA FAR Last-Minute Review: What to Study the Week Before Your Exam

Your Final Week Before FAR

The week before your FAR exam is not the time for learning new material. It is the time for reinforcing what you already know, shoring up weak areas, and building the confidence you need for exam day. This guide provides a structured approach to your final week of FAR preparation that maximizes retention without causing burnout.

Days 7-5: Review High-Weight Topics

Government Accounting Refresh

Review the major governmental fund types (general, special revenue, capital projects, debt service, permanent) and their measurement focus and basis of accounting. Confirm you know which funds use modified accrual and which use full accrual. Review the reconciliation items between fund financial statements and government-wide statements, including capital assets, long-term liabilities, and internal service fund adjustments. Make sure you can distinguish between governmental activities and business-type activities on the government-wide statements.

Revenue Recognition Key Points

Review the five-step model under ASC 606. Focus on the criteria for over-time recognition versus point-in-time recognition. Refresh your understanding of variable consideration constraints and the allocation of transaction prices to multiple performance obligations. Work through one or two revenue recognition simulations to keep the process fresh.

Lease Accounting Essentials

Review the classification criteria for both lessee and lessor accounting under ASC 842. Practice calculating the right-of-use asset and lease liability using present value calculations. Confirm you know the amortization patterns for operating leases (straight-line expense) versus finance leases (front-loaded interest expense plus straight-line amortization).

Days 4-3: Formula Review and Weak Area Drill

Critical Formulas to Review

• Basic and diluted EPS including the treasury stock method and if-converted method
• Effective interest method for bond premium and discount amortization
• Pension components: service cost, interest cost, expected return on plan assets, amortization of prior service cost, and amortization of net gain or loss
• Deferred tax calculations: identifying temporary differences, applying enacted tax rates, and evaluating valuation allowances
• Present value calculations for leases and asset retirement obligations
• Cash flow statement: indirect method adjustments from net income to operating cash flows

Target Your Weak Areas

Review your practice exam analytics to identify the two or three topics where you consistently score lowest. Spend focused time on these areas, but set a limit. If you have been struggling with a topic throughout your study period, an extra two hours in the final week will help, but eight hours will not produce a breakthrough. Allocate enough time to improve your understanding without abandoning the topics you already know well.

Days 2-1: Confidence Building and Logistics

Take a Mini Practice Exam

Two days before the exam, take a short practice set of 30 to 40 multiple-choice questions covering a mix of topics. The goal is not to identify new weak areas but to confirm that your knowledge is solid and your pacing is good. Aim to answer each question in 90 seconds or less. Review any questions you miss, but do not spiral into panic studying.

Review Key Journal Entries

FAR simulations frequently ask you to prepare journal entries. Review the entries for common transactions including bond issuance and retirement, lease commencement, business combination acquisition, stock compensation, and pension accounting. Having these entries at your fingertips saves time on simulation questions.

Government Accounting Mnemonics

If you use mnemonics, review them one final time. Common FAR mnemonics include the governmental fund types, the components of net position, and the reconciliation adjustments. Whatever memory aids you have built during your study period, refresh them so they are readily accessible during the exam.

Day Before the Exam

Stop studying by early afternoon. Review your exam logistics: testing center location, check-in time, acceptable identification, and what you can and cannot bring. Eat a good dinner, avoid alcohol, and get a full night of sleep. Your brain consolidates knowledge during sleep, so rest is more valuable than cramming at this point. Trust the work you have put in over the past weeks and months.

What Not to Do

• Do not try to learn new topics in the final week
• Do not take a full-length practice exam the day before (it causes fatigue and anxiety)
• Do not focus exclusively on your weak areas while neglecting strong ones
• Do not change your study methods or materials this close to the exam
• Do not read online forums about how hard FAR is

Your final week should feel like a controlled review, not a frantic catch-up. If you have been studying consistently, you are more prepared than you think. Use this week to refine and reinforce, then walk into the testing center ready to perform.