[M_Raines17]

I’ve got a week before my FAR exam. This is the only one topic that I haven’t done so far…and to be honest don’t feel like doing at all.

I’ve read that Governmental Accounting accounts for 8-12% on the exam, would leaving it be the difference b/w me getting a 74 and a 75 !!

[Anonymous]

In my opinion, yes it very well could be the difference between passing and failing. There definitely are questions on the exam on both Governmental and NFP. I would say to make sure you know the different kinds of funds very well. Don't blow it off.

[M_Raines17]

Is it enough to know the different kinds of funds as well as the different kinds of F/S prepared under each?

Or do we need to know how to calculate the balances as well ? ( Financial Statements in whole, Journal Entries etc.)

To be honest there is just way too much under Governmental Accounting !!

[Anonymous]

Since your test is only a week away (in a perfect world i would say to know all of it) I would focus on the types of funds (what they are used for, are they governmental, proprietary, fiduciary), do they use modified accrual or accrual, and what types of financial statements each has (know the names/titles of the different types of financial statements since they can differ from regular GAAP titles).

Also know that Governmental funds book a budget, book activity, and book encumbrances. The budget is booked on the opposite side as normal accounting. For example, budgeted expenses would be a credit rather than the normal debit entry.

If you are studying with Becker this would be chapter F8.

[M_Raines17]

Thanks a lot car16015. This really summarizes what all I need to know under Governmental Accounting. 🙂

Good Luck for BEC !

[Anonymous]

You are welcome. I've taken FAR twice in the last few months. Fun fun. Good luck!

[Soproudofmyself]

M_Raines – DO NOT walk into the exam without knowing governmental and NFP!!!! those sections are the reasons why i failed the exam the first time around. At this point make sure you read the 2 chapters and do the multiple choice at least once…..and focus most of your attention on what car16015 mentioned above.

good luck!

[M_Raines17]

@ Jess:

I am done with NFP. Its only governmental that I am left with (It's a pain going through that chapter). And I agree that I shouldn't be leaving any topic.

I will mostly focus on whatever car16015 mentioned.

Good luck for REG !

[Anonymous]

I agree with all these people. I failed FAR the first time, b/c I skimmed Governmental and NFP, but got nailed with 8-12% from both topics. On the other hand, second time around, there were only a few MCQ's from these 2 topics. I would prepare for it, if I were you. Good Luck.

[Author]

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