AFAR Suggested Study Guide for October 2022 LECPA

(Designate a specific day of the week devoted for AFAR)

Suggested steps to master AFAR

Read the concept notes in the REO app to gain a bird's eye view of topic coverage and to recall the
1
basics
2 Watch the recorded lectures on discussion of concepts
3 Answer the MCQs/exercises in your handouts (hardcopy)
Watch the recorded lectures on discussion of MCQs/exercises simultaneously with the handouts
4
(hardcopy)
Answer on-line quizzers to test your proficiency and to develop your speed, accuracy, and
5
endurance.
Attend bi-monthly consultations to validate learnings and to clarify topics you deem difficult. Make
6
sure you answer the bi-monthly drills before the live session.
Take the preboard and attend to discussion of preboard to validate learnings and to clarify topics
7
you deem difficult.
8 Feel free to message your reviewer for further concerns.
9 Avoid excusitis!!! Kung gusto may paraan, kung ayaw maraming dahilan!

Note:
ü Before doing the above steps, watch the Introductory Video
The above steps can be modified based on your personal learning styles. You know what will work
ü best for you.
ü Always check "Updates and Corrigenda" under the AFAR Concepts for any updates
ü Always check app notification for any updates or announcements
ü Please refer to AFAR Study Guide - Summary for the total hours that you need to complete AFAR.
ü Please refer to AFAR Study Guide - Details, you can use this as your checklist or todo list.
Since there are a lot of topics in AFAR and we lack precious time, the following is the suggested
ü completion of the topics. You can modify a bit while you progress.

FAST PACED
Month Week # Topic
Introduction to AFAR
1
April Partnership Formation
Partnership Operation
2
Partnership Dissolution
Partnership Liquidation
3
Corporate Liquidation
4 Revenue Recognition (PFRS 15)

May 5 Revenue Recognition (Appendix: SME and Others)

6 Decentralized Operation
7 Business Combination
8 Separate and Consolidated FS (1/2)

June 9 Separate and Consolidated FS (2/2)

10 Joint Arrangements
11 Forex and Hyperinflation
12 Derivatives and Hedge Accounting

July 13 Not-for-Profit Organization

14 Government Accounting
15 Catch-up back-log on the topics covered
16 First Pre-board

August 17 Go over the first pre-board

18 Job Order Costing
19 Process Costing
20 Backflush & Activity-Based Costing

September 21 Joint and By-Products & Service Cost Allocation

22 Service Concession Arrangement & Insurance Contracts
Catch-up back-log on the topics covered
23 Focus efforts on mastering weak areas
24 Final Pre-board

Go over first pre-board

Answer all preweek materials
October 25 Pre-week
Self-study
26 LECPA!!!
27 Enjoy while waiting for the LECPA results!
28 Enjoy while waiting for the LECPA results!
 AFAR Study Guide - Summary

Read Answer Watch Answer

Concepts in MCQs in Video in Exercises in Total TOTAL vs
TOS Quizzers
REO app handouts REO app REO app (hours) (in %) .
No. Topic Description (hours) (hours) (hours) (hours)
0 Introduction to AFAR 1.15
1. Partnership 0.67 4.13 9.52 2.00 16.32 13.44% 14.29% 65
2. Corporate Liquidation 0.17 0.67 1.77 0.50 3.10 2.55% 5.71% 16
3 Revenue Recognition (PFRS 15 and SME) 1.33 1.50 12.67 1.83 17.33 14.28% 14.29% 85
4. Decentralized Operation 0.17 1.50 4.02 2.00 7.68 6.33% 5.71% 35
5. Business Combination 0.50 1.67 4.67 2.50 9.33 7.69% 8.57% 40
6. Separate and Consolidated FS 0.50 2.00 6.87 4.17 13.53 11.15% 12.85% 50
7. Joint Arrangements 0.33 0.67 3.55 0.67 5.22 4.30% 5.71% 21
8. Forex and Hyperinflation 0.33 1.33 5.10 1.50 8.27 6.81% 35
10.00%
9. Derivatives and Hedge Accounting 0.33 1.00 4.17 2.00 7.50 6.18% 37
10. Not-for-Profit Organization 0.50 0.50 1.85 0.67 3.52 2.90% 2.86% 30
11. Government Accounting 0.67 0.67 3.13 0.50 4.97 4.09% 2.86% 10
12. Cost Accounting 1.67 2.83 11.85 5.33 21.68 17.86% 14.29% 114
13. Insurance Contracts 0.17 0.33 0.60 0.42 1.52 1.25% 10
2.86%
14. Service Concession Arrangement 0.33 0.17 0.70 0.25 1.45 1.19% 10
Total 7.67 18.97 71.60 24.33 121.42 1.00 1.00 558.00
 AFAR STUDY GUIDE - DETAILS

In
Minutes Hours
INTRO INTRODUCTION TO AFAR 69 1.15

TOPIC 1: PARTNERSHIP
Subtopic 1: Partnership Formation
A. Read concepts in the REO app/website 10 0.17
B. Watch "Partnership Formation Concepts Lecture" 45 0.75
C. Answer MCQs in the handout 38 0.63
D. Watch "Discussion of MCQs" 48 0.80
E. Answer Exercise No. 1 in the REO app/website 30 0.50

Subtopic 2: Partnership Operation

A. Read concepts in the REO app/website 10 0.17
B. Watch "Partnership Operation Concepts Lecture" 52 0.87
C. Answer MCQs in the handout 60 1.00
D. Watch "Discussion of MCQs" 127 2.12
E. Answer Exercise No. 2 in the REO app/website 30 0.50

Subtopic 3: Partnership Dissolution

A. Read concepts in the REO app/website 10 0.17
B. Watch "Partnership Dissolution Concepts Lecture" 28 0.47
C. Answer MCQs in the handout 60 1.00
D. Watch "Discussion of MCQs" 159 2.65
E. Answer Exercise No. 3 in the REO app/website 30 0.50

Subtopic 4: Partnership Liquidation

A. Read concepts in the REO app/website 10 0.17
B. Watch "Partnership Liquidation Concepts" 28 0.47
C. Answer MCQs in the handout 90 1.50
D. Watch "Discussion of MCQs" 124 2.07
E. Answer Exercise No. 4 in the REO app/website 30 0.50

TOPIC 2: CORPORATE LIQUIDATION

A. Read concepts in the REO app/website 10 0.17
B. Watch "Corporate Liquidation Lecture" 37 0.62
C. Answer MCQs in the handout 40 0.67
D. Watch "Discussion of MCQs" 69 1.15
E. Answer Exercise No. 1 in the REO app/website 30 0.50

TOPIC 3: REVENUE RECOGNITION

Subtopic 1: PFRS 15 Revenue Recognition
A. Read concepts in the REO app/website 60 1.00
B. Watch "Revenue Recognition Concepts Lecture" 220 3.67
C. Answer all Exercises in your handout 60 1.00
D. Watch "Exercise 1 to 6" 42 0.70
E. Watch "Exercise 7 to 12" 41 0.68
F. Watch "Exercise 13 to 16" 27 0.45
G. Watch "Exercise 17 to 18 Construction Contracts" 43 0.72
H. Watch "Exercise 19 and 20 Contract Modification" 22 0.37
I. Watch "Other Recognition Issues 2" 27 0.45
J. Watch "Exercise 24 to 28 Other Revenue Recognition Issues" 32 0.53
K. Answer Exercise 1 and 2 in the REO app/website 60 1.00

Subtopic 2: Revenue Recognition (SME and Others)

A. Read concepts in the REO app/website 20 0.33
B. Watch "Revenue Recognition SME & Others Concepts" 60 1.00
C. Answer all Exercises in your handout 30 0.50
D. Watch "Discussion of Exercises" 58 0.97
E. Answer Exercise 3 and 4 in the REO app/website 50 0.83

TOPIC 4: DECENTRALIZED OPERATION

A. Read concepts in the REO app/website 10 0.17
B. Watch "Decentralized Operation Concepts Lecture" 30 0.50
C. Answer all MCQs in the handout 90 1.50
D. Watch "Discussion of MCQs" 240 4.00
E. Answer Exercise Nos. 1 & 2 in the REO app/website 120 2.00

TOPIC 5: BUSINESS COMBINATION

A. Read concepts in the REO app/website 30 0.50
B. Watch "Business Combination Concepts Lecture" 111 1.85
 C. Answer all MCQs in the handout 100 1.67
E. Watch "Discussion of MCQs" 169 2.82
F. Answer Exercise No. 1 to 3 in the REO app/website 150 2.50

TOPIC 6: SEPARATE & CONSOLIDATED FS

A. Read concepts in the REO app/website 30 0.50
B. Watch "Separate Financial Statement Concepts" 20 0.33
C. Watch "Consolidated Financial Statement Concepts" 170 2.83
D. Answer all MCQs in the handout 120 2.00
E. Watch "Discussion of MCQs" 240 4.00
F. Answer Exercise Nos. 1 to 4 in the REO app/website 250 4.17

TOPIC 7: JOINT ARRANGEMENTS

A. Read concepts in the REO app/website 20 0.33
B. Watch "Joint Arrangements Concepts" 64 1.07
C. Answer all MCQs in the handout 40 0.67
D. Watch "Discussion of MCQs" 149 2.48
E. Answer Exercise No. 1 in the REO app/website 40 0.67

TOPIC 8: FOREX & HYPERINFLATION

A. Read concepts in the REO app/website 20 0.33
B. Watch "Forex and Hyperinflation Concepts" 135 2.25
C. Answer all exercises/MCQs in your handout 80 1.33
D. Watch "Discussion of MCQs" 160 2.67
E. Answer Exercise Nos. 1 to 3 in the REO app/website 90 1.50

TOPIC 9: DERIVATIVES & HEDGE ACCOUNTING

A. Read concepts in the REO app/website 20 0.33
B. Watch "Derivatives Concepts" 35 0.58
C. Watch "Hedge Accounting Concepts" 38 0.63
D. Answer MCQs in your handout 60 1.00
E. Watch "Discussion of MCQs" 160 2.67
F. Answer Exercise No. 1 & 2 in the REO app/website 120 2.00

TOPIC 10: NOT-FOR-PROFIT ORGANIZATION

A. Read concepts in the REO app/website 30 0.50
B. Watch "Not-for-Profit Organization Concepts" 30 0.50
C. Answer MCQs in your handout 30 0.50
D. Watch "Discussion of MCQs" 80 1.33
E. Answer Exercise Nos. 1 & 2 in the REO app/website 40 0.67

TOPIC 11: GOVERNMENT ACCOUNTING

A. Read concepts in the REO app/website 40 0.67
B. Watch "Government Accounting Concepts" 100 1.67
C. Answer MCQs in your handout 40 0.67
D. Watch "Discussion of MCQs" 70 1.17
E. Answer Exercise No. 1 in the REO app/website 30 0.50

TOPIC 12: COST ACCOUNTING

Subtopic 1: Job Order Costing
A. Read concepts in the REO app/website 20 0.33
B. Watch "Job Order Costing Concepts" 30 0.50
C. Answer all Exercises in your handout 40 0.67
D. Watch "Exercise 1 Job Order Costing Basics" 28 0.47
E. Watch "Exercise 2 Job Order Costing Reconstructive" 16 0.27
F. Watch "Exercise 3 & 4 Rework and Spoilage" 42 0.70
G. Watch "Exercise 5 Overtime Premium" 12 0.20
H. Answer Exercise No. 1 in the REO app/website 40 0.67

Subtopic 2: Process Costing

A. Read concepts in the REO app/website 30 0.50
B. Watch "Process Costing Concepts" 31 0.52
C. Answer Exercise 1 to 3 in your handout 30 0.50
D. Watch "Exercise 1 One Department - WAVG vs FIFO" 42 0.70
E. Watch "Exercise 2 WAVG - Two Departments" 35 0.58
F. Watch "Exercise 3 FIFO - Two Departments" 42 0.70
G. Watch "Process Costing Spoilage Concepts" 21 0.35
H. Answer Exercise 4 to 9 in your handout 60 1.00
I. Watch "Exercise 4, 5 and 6 Spoilage - Discrete vs Continuous" 63 1.05
J. Watch "Exercise 7 Discrete - Normal and Abnormal Spoilage" 51 0.85
K. Watch "Exercise 8 Reconstructive Problem" 32 0.53
L. Watch "Exercise 9 Operations Costing" 10 0.17
M. Answer Exercise Nos. 2 & 3 in the REO app/website 150 2.50
Subtopic 3: Backflush Costing
A. Read concepts in the REO app/website 15 0.25
B. Watch "JIT and Backflush Costing Concepts" 21 0.35
C. Answer all Exercises in your handout 20 0.33
D. Watch "Exercise 1 Backflush Costing Entries" 4 0.07
E. Watch "Exercise 2 Backflush vs. Traditional Costing Entries" 8 0.13
F. Watch "Exercise 3 Backflush Costing" 4 0.07
G. Watch "Exercise 4 Backflush Costing" 7 0.12
H. Answer Exercise No. 6 in the REO app/website 20 0.33

Subtopic 4: Activity-Based Costing

A. Read concepts in the REO app/website 15 0.25
B. Watch "Activity-Based Costing Concepts" 20 0.33
C. Watch "Acvity-Based Costing Concepts" 18 0.30
D. Answer all exercises in your handout 15 0.25
E. Watch "Discussio of exercises" 32 0.53
F. Answer Exercise No. 4 in the REO app/website 50 0.83

Subtopic 5: Joint and By-Products

A. Read concepts in the REO app/website 15 0.25
B. Watch "Joint and By-Products Concepts" 21 0.35
C. Answer all Exercises 30 0.50
D. Watch "Exercise 1 to 5 Joint Cost Allocation" 29 0.48
E. Watch "Exercise 6 to 8 Joint Cost Allocation with By-Products" 52 0.87
F. Answer Exercise No. 7 in the REO app/website 40 0.67

Subtopic 6: Service Department Cost Allocation

A. Read concepts in the REO app/website 5 0.08
B. Watch "Service Department Cost Allocation Concepts" 10 0.17
C. Answer all Exercises 20 0.33
D. Watch "Discussion of Exercise 1 to 2" 30 0.50
E. Answer Exercise No. 7 in the REO app/website 20 0.33

TOPIC 13: INSURANCE CONTRACTS

A. Read concepts in the REO app/website 20 0.33
B. Answer all Exercises & Review Questions in your handout 20 0.33
C. Watch "Insurance Contracts" 42 0.70
D. Answer Exercise No. 1 in the REO app/website 15 0.25

TOPIC 14: SERVICE CONCESSION ARRANGEMENT

A. Read concepts in the REO app/website 10 0.17
B. Answer all Exercises & Review Questions in your handout 10 0.17
C. Watch "IFRIC 12 Service Concession Arrangement" 36 0.60
D. Answer Exercise No. 1 in the REO app/website 25 0.42

TOTAL 7,251 121