[jeff]

FAR Resources:

Free FAR Notes & Audio – https://www.another71.com/cpa-exam-study-plan

FAR 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

FAR Score Release: https://www.another71.com/cpa-exam-scores-results-release

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[samdiegoCPA]

Makes perfect sense, thank you! I knew they were similar ish but my notes didn't have the difference til now.

AUD: 84
REG: 84
BEC: 79
FAR: 83

[HopefulCPA0601]

@samdiegoCPA –

Encumbrances are purchase orders that are issued. So when you issue a purchase order you reserve for encumbrances (future payments/liability), so you reduce your available fund balance. hence JE:

Dr. Encumbrance

Cr. Reserve for Encumbrances

Encumbrances reduce your budgetary fund balance.

Appropriations are your budget.

* Throughout the year, the use of encumbrances help monitor the degree to which appropriations have been used.

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[HopefulCPA0601]

@samdiegoCPA –

Encumbrances are purchase orders that are issued. So when you issue a purchase order you reserve for encumbrances (future payments/liability), so you reduce your available fund balance. hence JE:

Dr. Encumbrance

Cr. Reserve for Encumbrances

Encumbrances reduce your budgetary fund balance.

Appropriations are your budget.

* Throughout the year, the use of encumbrances help monitor the degree to which appropriations have been used.

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[Hunnsterr]

@samdiegoCPA

@HopefulCPA0601 gave a perfect answer, but I'm going to go ahead and try explaining my way, somewhat repeating what he said (helps me revise too)

Appropriations are recorded at the time of setting a Budget. Simply put, they are estimated expenditures.

Suppose we make an entry for Opening Budget:

(Dr) Estimated Revenues

(Cr) Appropriations

(With the difference / balancing figure going to Budgetary Funds Balance)

Encumbrances are recorded at time of Purchase Order. They are also a type of estimated expenditures

At the time of making the purchase order, you basically set aside a certain amount from the budget:

(Dr) Encumbrances

(Cr) Budgetary Fund Balance

Main Difference: APPROPRIATION vs ENCUMBRANCE

Encumbrances represent an “actual legal commitment” and thus require a portion of the fund balance to be reserved

Meanwhile Appropriations do NOT involve a legal commitment. They are just estimates of cost during Budget at the start of the year.

BEC - 88
REG - 72, 78
FAR - 75
AUD - 64, 64, 3rd attempt!!!

"A day of worry is more exhausting than a day of work" - John Lubbock

[Hunnsterr]

@samdiegoCPA

@HopefulCPA0601 gave a perfect answer, but I'm going to go ahead and try explaining my way, somewhat repeating what he said (helps me revise too)

Appropriations are recorded at the time of setting a Budget. Simply put, they are estimated expenditures.

Suppose we make an entry for Opening Budget:

(Dr) Estimated Revenues

(Cr) Appropriations

(With the difference / balancing figure going to Budgetary Funds Balance)

Encumbrances are recorded at time of Purchase Order. They are also a type of estimated expenditures

At the time of making the purchase order, you basically set aside a certain amount from the budget:

(Dr) Encumbrances

(Cr) Budgetary Fund Balance

Main Difference: APPROPRIATION vs ENCUMBRANCE

Encumbrances represent an “actual legal commitment” and thus require a portion of the fund balance to be reserved

Meanwhile Appropriations do NOT involve a legal commitment. They are just estimates of cost during Budget at the start of the year.

BEC - 88
REG - 72, 78
FAR - 75
AUD - 64, 64, 3rd attempt!!!

"A day of worry is more exhausting than a day of work" - John Lubbock

[lvr21]

I know this has been asked a zillion times on another71…. What is the link to find the aicpa released questions?

thanks!

{R: PASSED!! (I passed one!)}
{B: PASSED!! (Halfway there!)}
{F: PASSED!! (1 left!!!)}
{A: PASSED(I am done!!)}

[lvr21]

I know this has been asked a zillion times on another71…. What is the link to find the aicpa released questions?

thanks!

{R: PASSED!! (I passed one!)}
{B: PASSED!! (Halfway there!)}
{F: PASSED!! (1 left!!!)}
{A: PASSED(I am done!!)}

[HopefulCPA0601]

@zackrampage – whats your method for final review tomorrow???

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[HopefulCPA0601]

@zackrampage – whats your method for final review tomorrow???

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[Hunnsterr]

@lvr21:

https://www.cpa-tac.com/us/gaiyo/pdf/AICPA/2013_FAR.pdf

Keep changing the name of the subject on the link above: BEC / REG / AUD

BEC - 88
REG - 72, 78
FAR - 75
AUD - 64, 64, 3rd attempt!!!

"A day of worry is more exhausting than a day of work" - John Lubbock

[Hunnsterr]

@lvr21:

https://www.cpa-tac.com/us/gaiyo/pdf/AICPA/2013_FAR.pdf

Keep changing the name of the subject on the link above: BEC / REG / AUD

BEC - 88
REG - 72, 78
FAR - 75
AUD - 64, 64, 3rd attempt!!!

"A day of worry is more exhausting than a day of work" - John Lubbock

[lvr21]

Awesome! Thanks… @Hunnsterr

@Hopeful & Zack..

I know Zack's test is Tuesday. When is your test Hopeful?

{R: PASSED!! (I passed one!)}
{B: PASSED!! (Halfway there!)}
{F: PASSED!! (1 left!!!)}
{A: PASSED(I am done!!)}

[lvr21]

Awesome! Thanks… @Hunnsterr

@Hopeful & Zack..

I know Zack's test is Tuesday. When is your test Hopeful?

{R: PASSED!! (I passed one!)}
{B: PASSED!! (Halfway there!)}
{F: PASSED!! (1 left!!!)}
{A: PASSED(I am done!!)}

[samdiegoCPA]

Thanks you guys for the Gov help. I hope I get 10 questions on it 😉

@lvr21 just google “cpa recently released far 2013” or whatever combination of exams and years you want.

I'm feeling “good” right now about things, but I know it's a false sense of good. It's just nice to feel this right now before things take a turn for the worse and I start crying out of frustration… I'll give it about 24-36 hours before that happens.

SO SO SO GLAD I HAVE TOMORROW OFF FROM WORK.

AUD: 84
REG: 84
BEC: 79
FAR: 83

[samdiegoCPA]

Thanks you guys for the Gov help. I hope I get 10 questions on it 😉

@lvr21 just google “cpa recently released far 2013” or whatever combination of exams and years you want.

I'm feeling “good” right now about things, but I know it's a false sense of good. It's just nice to feel this right now before things take a turn for the worse and I start crying out of frustration… I'll give it about 24-36 hours before that happens.

SO SO SO GLAD I HAVE TOMORROW OFF FROM WORK.

AUD: 84
REG: 84
BEC: 79
FAR: 83

[Author]

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