Pass the Exam. Be Home
for Breakfast.
Color-coded notes, mnemonic cheat sheets, and journal-entry walkthroughs — built by the accounting students who passed FAR, AUD, and ACCA on the first try, for the ones pulling all-nighters between school pickups.
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FAR · Apr 2026
62% of syllabus covered
🔥 14
day streak
Four steps. You're already studying by step two.
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CPA (FAR, AUD, REG, BAR, TCP), ACCA Applied Skills or Strategic Professional, or university intermediate accounting. Each has its own note pack, study calendar, and mnemonic deck.
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Chapter 4: Revenue Recognition under ASC 606
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Ledger Notes · FAR Section
Ch. 4 — ASC 606 Revenue Recognition
The Five-Step Model
Identify the contract with a customer
Identify the performance obligations
Determine the transaction price
Allocate the transaction price
Recognize revenue when (or as) obligations are satisfied
Example: Software License + Support Bundle
| Account | Debit ($) | Credit ($) |
|---|---|---|
| Accounts Receivable | 120,000 | |
| Revenue — Software License | 100,000 | |
| Deferred Revenue — Support | 20,000 | |
| → License recognized immediately (point in time); support recognized over 12 months (over time) | ||
🧠 Mnemonic
"I.I.D.A.R."
Identify contract · Identify obligations · Determine price · Allocate price · Recognize revenue
Examiner Insight
FAR MCQs frequently test Step 2 (identifying separate performance obligations). The license + support bundle is a classic exam scenario.
Relative standalone selling price method: always allocate based on SSP ratios, not contract price ratios.
"Over time" recognition requires one of three criteria. Most support/maintenance contracts qualify via the third criterion (no alternative use + right to payment).
This chapter covers
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47 mnemonics covering every topic examiners test repeatedly. Hover or tap to flip.
DEAD CLIC
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Debits increase: Expenses, Assets, Dividends Credits increase: Liabilities, Income, Capital
PEARLS
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Audit risk model components: Planning · Engagement letter · Assess risk · Risk response · Low-level tests · Subsequent events
When is revenue recognized "over time"?
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1. Customer simultaneously receives & consumes 2. Asset has no alternative use + right to payment 3. Entity's performance creates/enhances customer-controlled asset
ACCA F3: The Accounting Equation
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Assets = Liabilities + Equity → Equity = Share capital + Retained earnings → Retained earnings = Opening RE + Profit − Dividends
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From students who studied the same hours you have.
I studied for FAR in the hour after my kids went to bed. Ledger's notes cut my prep from 180 hours to under 110. The ASC 606 chapter alone saved me three study sessions I genuinely didn't have.
Priya Nair
CPA Candidate → Staff Accountant, Chicago
Mother of two · Studied 11pm–1am · Passed on first attempt
I came into AUD with zero audit background. The PEARLS mnemonic and the risk assessment walkthroughs are what got me through. Passed with a 79 on my second try — I genuinely believe I'd have needed a third without these notes.
Marcus Webb
Career-changer, Former Marketing Director
Career-changer at 38 · Balanced full-time work · Passed second attempt
The ACCA F3 mnemonic deck is the reason I passed my first paper. I'd been reading the BPP textbook for weeks and nothing was sticking. Ledger's cards clicked in two evenings. My tutor asked what changed.
Siobhán Gallagher
ACCA Student, Dublin → London
Part-time student · Full-time receptionist · Passed June sitting
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