[jeff]

Welcome to the Q3 2017 CPA Exam Study Group for FAR. 🙂

Introduce yourselves and let your fellow NINJAs know when you plan to take your FAR exam.

The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/

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

[ZKWCPA]

@hireacpa Just log into CPA central to see your score on release day. It will be on the user dashboard. In my experiences I have not received an email. I think youll receive and email if you do not pass the exam in question. I'm expecting to receive that one for FAR on Sept 19 though.

[Hiracpa]

@ZKWCPA – I fear the email then. We'll receive the score for FAR on the same date. Of course, best of luck. This is brutal.

[DeterminedCPAer]

@Hiracpa i felt worse coming out of AUD because AUD is my worst area. I dont want to jinx it so who knows. I don't feel confident or comfortable saying it went well but if I don't pass, I dont know what else I could have done more to prepare.

The MCQs were literally on par with Becker, maybe a bit easier since they weren't as long as some of Becker's MCQs can be.

[Vinti]

@determinedCPAer
You did not do even single SIMS? or you just tried some of them in becker? and what about skills practice questions in becker? did you do that? skill practice is worth to do or not?

[Vinti]

@determinedCPAer
and what about questions on Govt./NFP topic? Were they too much or normal according to % defined by AICPA?

[yari_cookie]

Hi guys Hope everyone is doing great,
Can someone from the group clarify if in the TBS partial points are graded or marked as incorrect by default?

Thanks!
Yari

[DeterminedCPAer]

Hey @Vinti. No i didnt do any SIMs besides in the mock exams. I did the skills practice for chapter 1 module 1 and 2 but then stopped. I dont know if it's worth doing since I stopped so early. I stopped only because i thought it was repetitive to what I just learned in the lecture.

I always try to envision what the JE would be on whatever lecture topic they have. Sometimes I do the JE even before they explain it so I can see how much I remember. I never get to upset if I get the wrong account name but I always make sure my DR and CR are to the correct financial statement (I/S or B/S) and in the correct area (like make sure the DR/CR is asset and not liability etc..).

[se7en.14]

how do you guys study for research question in the simulation?

[DeterminedCPAer]

@venti, yeah I felt there was a bit more NFP/Gov than I would have thought since AICPA blue print made it seem like it was a much smaller topic than the other stuff.

[ImJeremy12345]

Don't forget to submit your FAR exam experience on this thread! It's a good one – https://www.another71.com/cpa-exam-forum/topic/far-exam-today-1st-attempt/

[se7en.14]

need some opinions.
I plan to study for either FAR or AUD and take it in Q1 2018 – not sure which one fits my timing better.
I won't be home to study for a week in August & a week in Sept & a week in beginning of Dec.
Since Audit has less material to study for than FAR- would AUD be better to start with? I know Jan/Feb is about 3-4 months away, so it also seems that it's enough time to study for FAR since FAR is the beast. lol.

Thanks in advance!

[abig]

What is the difference between a special assessment fund and a capital projects fund?

For example a special tax to finance a new project would be special revenue, but then were does capital project get affected?

[Wannafree]

never heard special assessment fund .Do you mean Special Revenue Funds ?
Special Revenue Funds

The purpose of special revenue funds is to report money reserved for specific purposes. For example, governments sometime use this fund to report federal grants, road work or an emergency fund.

Capital projects funds are used in accounting for purchasing, building or renovating equipment, structures and other capital assets. However, governments sometimes account for these resources in other funds. The capital projects fund does not include capital assets or improvements paid for by proprietary or fiduciary funds.

[sevenandfive]

Is it possible for actual interest to be less than construction period interest?

[abig]

Capital funds do or dont report

DR: Cash
CR: Other financing sources- bonds

I would think they then

DR: Interfund transfers (to debt service fund)
CR: Cash

Bond liability is only reported on govt wide f/s.

I see here in the book that bond liability is reported in govt wide fs so this makes me think that the journal entries above is the proper workflow for capital project funds.

Debt service fund on cash receipt would record

cash
interfund transfer, not other financing sources

[Author]

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