FAR Study Group – Q1 2018 - Page 16

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  • February 9, 2018 at 12:10 pm #1710288
    Anonymous
    Inactive

    DR: Satisfaction of program restrictions, Donor-Restricted XX
    CR: Satisfaction of program restrictions, Without Donor Restrictions XX
    #to record satisfaction of donor-restricted contributions used for scholarships

    Question: Which of the two JEs above is the asset and/or liability account?

    February 9, 2018 at 12:36 pm #1710297
    Anonymous
    Inactive

    ^^^Can't say for certain without referencing the book, but I thought that goes on the statement of activities and transfers from one “bucket” to the other? 🙂

    February 9, 2018 at 1:04 pm #1710319
    Sal
    Participant

    ah thank you. I was just burned out ! I see what your saying they couldv just done
    124000 12/12 = 124000
    5000 6/12 = 2500
    total = 126500
    I was just trying to follow the monkey see monkey do approach lol, and 6/30 5,000 x 6 = 30,000 totally threw me off.

    February 9, 2018 at 1:15 pm #1710336
    Anonymous
    Inactive

    I’d like to know if this “Satisfaction of Program Restrictions [SOPR]’’ account is a debit or credit account.

    February 9, 2018 at 2:56 pm #1710453
    Tim
    Participant

    @Cruz818

    I wasn't confident on all of the sims but I didn't leave any blank. I came out of the exam hoping for a 75. It was my first exam so I didn't really know what to expect but I thought there was a possibility I failed. I think it's normal to feel dejected after your first exam.

    February 9, 2018 at 7:19 pm #1710556
    Anonymous
    Inactive

    ^^It's normal to feel dejected after each and every one of these exams:) LOl
    @Amor-I believe that it's two income statement accounts so if you satisfied donor restrictions, then you are crediting the contributions with donor restrictions and debiting the one without restrictions to effectively transfer the contributions into the “without restrictions” bucket. at least that's how I understand it. The change in the net assets goes on the B/S….

    February 9, 2018 at 9:25 pm #1710631
    Ambi
    Participant

    HI There
    Will Partnership Accounting be tested in Q1 2018. IS it an important Topic.
    Was it tested in q1 2018. can anyone taken up the exam let me know

    February 10, 2018 at 3:07 am #1710709
    Anonymous
    Inactive

    Thanks, Anyatver. I’m still unsure of those debit and credit entries. It would probably best for me to start pounding MCQs so I quit rolling my eyes in trying to grasp how these notes of mine actually mean, LOL.

    February 10, 2018 at 12:15 pm #1710815
    joeyv2
    Participant

    Hi all,

    This is my first shot at studying for the FAR exam. Any tips on passing? Are the real exam questions similarly formatted like the Becker multiple choice questions?

    February 10, 2018 at 3:59 pm #1710970
    Anonymous
    Inactive

    @joeyv2-the key to success in passing FAR is utilizing a review course that you don't hate, and being consistent in your studies. The MCQs provided by most review courses are very similar, if not harder, than the test. Becker is a good program, but if you have time, I suggest supplementing with Ninja….

    February 11, 2018 at 8:45 am #1711192
    Pam
    Participant

    @Tim
    You did amazingly well on the FAR portion, when did you take it and did you use anything else besides Gleim? I did the first exam with Becker in Q3.17 and scored 65. I'm now a month out from my retake, this is my last section and I have until 4/20 before REG expires. I'm currently using NINJA but I haven't looked at the material in so long.
    Any suggestions for a good and quick REVIEW before I just pound through MCQs?

    February 11, 2018 at 12:52 pm #1711291
    Anonymous
    Inactive

    last day before I re-take FAR tomorrow. I have to say doing Skills Practice in Becker at the END is an amazing review tool. Peter Olinto's voice is strangely soothing. I must be delirious from studying.

    February 11, 2018 at 2:29 pm #1711369
    Anonymous
    Inactive

    Peter Olinto is just the best! If I could only take his brain with me into the testing center, I’d be golden.

    February 11, 2018 at 2:43 pm #1711373
    Anonymous
    Inactive

    ^^I know! I wish for some sort of a serene moment of clarity tomorrow..Wish I meditated:) LOL!

    February 11, 2018 at 2:44 pm #1711376
    Anonymous
    Inactive

    DR: Unassigned FB (Year-End surplus) xx
    CR: FB, Committed xx
    #to record reclassification of FB relative to outstanding prior year POs.

    In this JE, is the Fund Balance-Committed account a credit account? So at year-end, Unassigned Fund Balance account decreases and Fund Balance-Committed account increases?

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