[tmturner74]

Is it ok to start a FAR Study Group? I retook Audit yesterday and although I don’t have a gut feeling either way if I passed or not, I am going to start on FAR. I am using Becker self-study and purchased the Ninja Notes for FAR.

I am looking forward to reading a/b everyone’s progression. Good Luck!

 

Aud- 11/28/12 (72), 02/27/13 (72), 04/06/2013 77!!
FAR-tbd
BEC-tbd
REG-tbd

[Anonymous]

@MrsBing…just to give you an idea of timing…I submitted my application on 2/15. They approved it on 2/22 and I received my NTS on 2/26. You should have no problems finding a date in May.

[Anonymous]

As far as paying, I paid when I submitted my application.

[Anonymous]

As far as paying, I paid when I submitted my application.

[MrsBing]

@ Casagarber, thanks I was beginning to worry. I was originally hoping to take the test on May 4th (I guess this is what happens when I procrastinate), but as long as I can take it in May, then I'll be happy.

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[MrsBing]

@ Casagarber, thanks I was beginning to worry. I was originally hoping to take the test on May 4th (I guess this is what happens when I procrastinate), but as long as I can take it in May, then I'll be happy.

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[Anonymous]

I was amazed at how many different days I could take the exam at my Prometric center. Very flexible!!

[Anonymous]

I was amazed at how many different days I could take the exam at my Prometric center. Very flexible!!

[Anonymous]

I have a question on F-9 that I hope that you guys could help me solve. It relates to the Major Fund Reporting Criteria.

The City of Faberville is evaluating which of its funds it will present as a major fund in its fund financial statements at December 31, Year 1. The city presents the following partial listing of asset data at December 31, Year 1:

Total Governmental Fund Type Assets $ 3,000,000

Total Enterprise Fund Assets 2,000,000

General Fund Assets 280,000

Community Development Special Revenue Fund 290,000

Sales Tax Special Revenue Fund 350,000

General Revenue Bonds Debt Service Fund 120,000

Faberville River Bridge Capital Project Fund 1,500,000

Faberville Water & Sewer Utility Fund 1,800,000

Faberville Landfill 200,000

Based purely on assets, how many funds should be displayed as major funds?

Four <— answer

Six

Five

Three

A brief recap on the problem. Major funds are specifically defined as follows: a major fund must meet the 10% criteria of total revenues, expenditures/expenses, assets and deferred outlfows of resources, or liabilities and eferred inflows of resources of All governmental funds OR enterprise funds.

Govt 3,000,000 X .10 = 300,000

Enterprise: 2,000,000 x.10 = 200,000

And 5% of All govt and enterprise revenues, expenditures, assets and deferred outflows of resources or liabilities and deferred inflow of resources.

5,000,000 X .05 = 250,000

The answer is 4 of them.

The general fund( general funds are always major funds)

Sales Tax Special Revenue Fund (350,000 is greater than 200k, 300k, and 250k)

Capital Projects Fund ( 1,500,000 is greater than 200k, 300k, and 250k)

Water and Sewer Fund ( 1,800,000 is greater than 200k, 300k and 250k).

My question is:

Why isn't the Community Development Special Revenues Fund(280,000) included?

I thought the 10% rule was that it had to be greater than either 10% of the governmental fund or the enterprise fund.

280,000 isn't greater than 300k but it is greater than 200k. Doesn't it pass?

And then it passes the 5% test because 280,000 is greater than 250,000.

Thank you so much!!

[Anonymous]

I have a question on F-9 that I hope that you guys could help me solve. It relates to the Major Fund Reporting Criteria.

The City of Faberville is evaluating which of its funds it will present as a major fund in its fund financial statements at December 31, Year 1. The city presents the following partial listing of asset data at December 31, Year 1:

Total Governmental Fund Type Assets $ 3,000,000

Total Enterprise Fund Assets 2,000,000

General Fund Assets 280,000

Community Development Special Revenue Fund 290,000

Sales Tax Special Revenue Fund 350,000

General Revenue Bonds Debt Service Fund 120,000

Faberville River Bridge Capital Project Fund 1,500,000

Faberville Water & Sewer Utility Fund 1,800,000

Faberville Landfill 200,000

Based purely on assets, how many funds should be displayed as major funds?

Four <— answer

Six

Five

Three

A brief recap on the problem. Major funds are specifically defined as follows: a major fund must meet the 10% criteria of total revenues, expenditures/expenses, assets and deferred outlfows of resources, or liabilities and eferred inflows of resources of All governmental funds OR enterprise funds.

Govt 3,000,000 X .10 = 300,000

Enterprise: 2,000,000 x.10 = 200,000

And 5% of All govt and enterprise revenues, expenditures, assets and deferred outflows of resources or liabilities and deferred inflow of resources.

5,000,000 X .05 = 250,000

The answer is 4 of them.

The general fund( general funds are always major funds)

Sales Tax Special Revenue Fund (350,000 is greater than 200k, 300k, and 250k)

Capital Projects Fund ( 1,500,000 is greater than 200k, 300k, and 250k)

Water and Sewer Fund ( 1,800,000 is greater than 200k, 300k and 250k).

My question is:

Why isn't the Community Development Special Revenues Fund(280,000) included?

I thought the 10% rule was that it had to be greater than either 10% of the governmental fund or the enterprise fund.

280,000 isn't greater than 300k but it is greater than 200k. Doesn't it pass?

And then it passes the 5% test because 280,000 is greater than 250,000.

Thank you so much!!

[Anonymous]

Hey Chris,

I think, You have to add all funds like ($ 3,000,000+2,000,000+280,000+290,000+350,000+120,000+1,500,000+1,800,000+200,000) = $9420,000*0.1 = $942000.

Each fund should be > than $942000. there are 4 funds are greater than $942000. (Total Governmental Fund Type Asset,Total Enterprise Fund Assets, Faberville River Bridge Capital Project Fund, Faberville Water & Sewer Utility Fund)

So, the answer is Four.

Correct me If m wrong.

[Anonymous]

Hey Chris,

I think, You have to add all funds like ($ 3,000,000+2,000,000+280,000+290,000+350,000+120,000+1,500,000+1,800,000+200,000) = $9420,000*0.1 = $942000.

Each fund should be > than $942000. there are 4 funds are greater than $942000. (Total Governmental Fund Type Asset,Total Enterprise Fund Assets, Faberville River Bridge Capital Project Fund, Faberville Water & Sewer Utility Fund)

So, the answer is Four.

Correct me If m wrong.

[MrsBing]

@chris, It has to be at least 10% of it's respective fund. If it's a governmental fund, it has to be 10% of the total governmental fund, if it's a enterprise fund, it has to be 10% of total enterprise funds. The special revenue fund is a governmental fund, so you use 10% of the total governmental funds as the test, not the enterprise total funds. Only in the 5% test you use both governmental and enterprised combined.

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[MrsBing]

@chris, It has to be at least 10% of it's respective fund. If it's a governmental fund, it has to be 10% of the total governmental fund, if it's a enterprise fund, it has to be 10% of total enterprise funds. The special revenue fund is a governmental fund, so you use 10% of the total governmental funds as the test, not the enterprise total funds. Only in the 5% test you use both governmental and enterprised combined.

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[Anonymous]

@calcpa2013,

I don't think so. The 3,000,000 and 2,000,000 should the the totals.

Here I did a print screen of the solution and you can take a look.

Click on the picture again for it to upscale to a more readable size.

https://imgur.com/Q1ReBmm

[Anonymous]

@calcpa2013,

I don't think so. The 3,000,000 and 2,000,000 should the the totals.

Here I did a print screen of the solution and you can take a look.

Click on the picture again for it to upscale to a more readable size.

https://imgur.com/Q1ReBmm

[Author]

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