[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

[Anonymous]

I hope everyone has studied the amount of material they originally planned to study this weekend. I originally planned on getting through all the MCQs but right now I'm in the middle of F-9 and I don't know if I have the energy to do all of F-10 too : / I'm going to try though!

[sarita]

Hey guys, I have a question on cash/cash equivalents. This is a pretty easy subject, but two questions popped out at me on Becker that seemed like they were conflicting.

When you have a negative balance at a bank… is it considered a separate liability or is the amount just netted to your other accounts to determine cash/cash equivalents? In one Becker question, the negative account balance is just netted to the rest of the accounts… in another, it is listed as a separate liability. Does it just depend on if you have have other accounts at the bank? So if your total BANK balance is negative, you have a liability and if it's positive (after netting accounts) you just have cash?

Thanks!

FAR 7/3/13 - 82
BEC 8/21/13 - 82
AUD 10/2/13 - 92
REG 12/3/13 - 88

DONE!!!! CA Candidate
Beat the 12/31/13 clock!

[icanhazcpa]

@sarita i believe you net them if theyre with the same bank and present it as a liability if the total is negative and also if its negative at a separate bank

BEC - 83
FAR - 83
REG - 74, 78
AUD - 76

Becker Self Study

[sarita]

@icanhazcpa, thanks!! That's what I figured just comparing the two problems.. Becker just didn't explain it so I wanted to make sure!

FAR 7/3/13 - 82
BEC 8/21/13 - 82
AUD 10/2/13 - 92
REG 12/3/13 - 88

DONE!!!! CA Candidate
Beat the 12/31/13 clock!

[Anonymous]

So I'm trying to get this FAR exam under my belt, and it has been much more difficult to study for than the first three. Granted there is a lot more material covered, but I just can't get anything to stick. Anyone have good study tricks that they have come up with?

[Qlad]

@ icanhazcpa …thanks for updating me on that…..

anyone using wiley testbank….where can i find the MCQ for % of completion method in the test bank…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[marywoowoo88]

Hi,

Can someone offer me some recommendations on how best to memorize what revenues, expenses/expenditures and f/s are applicable to which government funds?

[marywoowoo88]

Oh and also, what's the best way to memorize or remember which Governmental funds provides funds to another?

[Anonymous]

Hey there marywoowoo88!

I think I've got a pretty good grasp on gov't accounting and i think it all comes down to KNOWING the function of each fund, not so much memorizing the types of revenues,expenses assoc. with each fund. There's no way to tell which examples they will throw out at you on test day. If you know the functions of each fund I think you will be better equipped to answer the questions correctly.

The “general fund” can pretty much provide funds for any other fund because it's the “general” fund …it's pretty much the same concept of just KNOWING what it is each fund does.

[marywoowoo88]

Thanks for the response!

I know what you mean, I should be comfortable knowing and understanding it. I'm just getting overwhelmed with studying for FAR. I spent a lot of time reviewing and when i think i got a decent grasp, and I move on to the next chapter to review, I start forgetting how to do the other chapter that I just reviewed! So fustrating!

[Anonymous]

I have a question about a released question from 2013

An entity authorized 500,000 shares of common stock. At January 1, year 2, the entity had 110,000 shares of common stock issued and 100,000 shares of common stock outstanding. The entity had the following transactions in year 2:

March 1: Issued 15,000 shares of common stock

June 1: Resold 2,500 shares of treasury stock

September 1: Completed a 2-for-1 common stock split

What is the total number of shares of common stock that the entity has outstanding at the end of year 2?

a. 117,500 b. 230,000 c. 235,000 d. 250,000

Answers is c. 235,000

My problem with this question is that it asks for outstanding and it counts the March 1 transaction as outstanding.

[Anonymous]

@2013_CPA

The firm at 100k shares outstanding at the end of year 1. Then in March of year 2 issued 15K more for a total of 115K outstanding. In June of year 2, they sold 2.5K of treasury stock, now their total outstanding is 117.5k. In September of year 2, they preformed a 2-1 split, meaning they will double their shares outstanding, thus 117.5*2 = 235K.

Hope this helps!

[StephAV]

I didn't get in as much studying as I wanted to this weekend. That seems to be a trend. I did some m/c questions and listened to about an hour of lectures. I really wanted to be done with the lectures on Saturday… I have 2 hours remaining of lectures. I will get through them today. It seems to be a trend that the week days are more productive studying times for me.

I had my first nightmare about the exam, it was either Friday or Saturday night and the nightmare was that my exam was that day and I had only done what I've done so far to prepare, in other words, I was totally not ready! In college I had recurring dreams of not graduating, even for the first few years out of college I'd have these nightmares. I think that is part of why I just gave up. I really just wanted to enjoy life and not be stressed out about passing ANY exam.

FAR - 7/13 - 72, 11/13- 74, 2/14- 82!!! Best score ever (for me)!!!
BEC - 1/14 - 75!!! Perfect score! First Pass! YAY!!!
AUD - 8/14 - 80!!!
REG - 5/14 - 72, 10/14 - 66, 1/15 - 78 - DONE FOREVER!!!
I did 5 of the UNA and CPAExcel classes to earn units.

[Anonymous]

@Adrost thanks for the response

I see how they got it, but not sure why “issued” equals “outstanding” for that transaction. Thought they had to actually sell them.

[Anonymous]

Issued means they are “issuing” them to the public. When a firm incorporates and writes their charter they have a set number of shares “authorized” but this simply means the maximum number of shares they can “issue”. During year once, they issued 100k shares, and thus had 100k outstanding. When they issued the second round of 15k, they must offer it to the public, since they cannot issue shares to treasury stock.

[Author]

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