[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

[abig]

I truly dont understand how all this info can be retained for a test

[Wannafree]

Thanks @Radez,very informative reply.Can I assume when it comes to Receivables (gross Investment ) no PV calculations ,Net is clear and for rest use PV.

[Wannafree]

@abig ,that's the challenge of FAR we all are struggling to overcome.

[abig]

I have a bunch of notes and associated questions with becker.

What is another71's criteria on sharing questions, info from becker/study material and info from people taking the test?

[Anthony]

@abig Only rule that I know is that you can't disclose real exam questions or the nature of it because the AICPA has nothing else do with their time except read this boring forum. So if you want to share an experience you have to be vague about it.

In terms of review materials, I'm sure staff here don't care because let's face it, we here helping each other out trying to solve questions and understand the material. Only people who might care if you are posting materials from your review course is the review providers.

[abig]

I just got tricky questions on government f/s

One question says what are requirements of a city's basic financial statements?

Another question asks,

Basic Financial statements and required supplementary info of a state govt consists of…

I got them both wrong but now I get it. Does anyone else wanna take a guess?

[Allertec]

Can anyone help me understand the different fair value measurement steps? Specifically, I don't really understand the difference between 3 (determine the valuation premise in-use or in exchange) and 4 (determine the appropriate valuation technique: market, income, or cost approach). To me they seem like basically the same thing.

[abig]

Can someone explain the difference between Restricted grant revenue, unrestricted grant revenue and interfund transfers.

I just get confused on the journal entries.

[CPAJV]

Hello guys,
Just got my application of intent(TX state) approved. Planning to take FAR first…Do I need to apply for all the 4 sections at the same time even though I am planning to take them in different test windows? what would be the best approach? any ideas?

Thx

[Vinti]

can anyone tell me, “dividend Declared” and “cumulative preference dividend in arrears” will be shown as “current liability” or as part of “equity”?

[QueenofCups]

@Vinti

Dividend declared is a current liability, which is Dividend Payable as of the date BOD declares, but not before the declaration.

I think the same rule applies to cumulative preferred stock and dividend in arrears.

Then they came for the trade unionists, and I did not speak out -
because I was not a trade unionist; Then they came for the Jews,
and I did not speak out - because I was not a Jew; Then they came for me -
and there was no one left to speak out for me.

[Wannafree]

@abig JE is explained very well in Becker's.

[Vinti]

@QueenofCups

Thanks for replying

[Tncincy]

Hey Ninja's , I'm looking for a little help. I think I am going to have to get a different review course. I really don't have the money to commit to another program but hey. I ‘ve been at this for a while and have not passed any part. I was using Wiley cpaexcel, then I dropped that and just used the Wiley books and ninja. I have the ninja book, notes, audio, and mcq's. I go into a panic when I start doing terrible on the mcq,s. I am not retaining the information, and I feel like I am starting from scratch every time I re-start to study. So is it my study materials? I don't know….I am scheduled for 8/21 but I'll probably reschedule again. I am against driving 2 1/2 to a testing center, test for 4 hrs only to fail. I need something but I just don't know what. Help me please.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Josh]

@CPAJV Congrats on being approved to take the CPA. There's different strategies to taking the CPA. You may want to look into them. I've heard of people taking all 4 on a NTS and passing, but that's pretty rare. I'd rather sign up for 2 at a time because you'll have to pick the exams in their windows, and you only get 6 months to take your exams. That may work, but if you have to re-take any, you'll have to wait until the appropriate time. It may be a little more, but there's some good to 2 at a time. I'd focus on FAR and AUD in that case because they kinda' go together. Many people suggest finding a way to be done with FAR since it's the most time intensive one.

I'm taking FAR on the 29th and AUD in October. I really hope for good news for REG and BEC in that time.

@abig sounds like you're doing well. Correct me if I'm wrong, but what I heard and usually associate is transfers are internal between governments and often are repaid; where as, revenue is external and earned and not required to be repaid? Unrestricted and restricted revenue remind me of non-profit. Perhaps, it depends on the nature of the revenue?

“Program revenue if restricted to a specific program; general revenue if unrestricted.” (https://fmx.cpa.state.tx.us/fmx/pubs/afrrptreq/gen_acct/index.php?section=gov_statements&page=gen_rev) I should probably read more into GASB 34 seeing how it applies to state and local government-wide financial statements and revenue? Perhaps, tomorrow. Time for work.

[Author]

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