[jeff]

Welcome to the Q4 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

[Ana]

@bhuekels do you have Becker?

[Katie]

A Special Revenue fund has:

A receivable from the general fund for $10,000

and

A payable to an agency fund for $4,000

The MCQ says this results in an asset of $10,000 and a liability of $4,000. That makes perfect sense in for-profit, but I thought governmental funds were opposite. The way I understood it, Becker said that deferred outflows were assets and deferred inflows were liabilities. Or is it that deferred inflows act like liabilities but are still technically assets and deferred outflows act like assets but are still technically liabilities? Or maybe I just TOTALLY misunderstood.

[jeff]

Ask the NINJAs: How to Re-Write Your CPA Exam Notes
(It may be the 2nd most-important part of CPA Exam prep)

Ask the NINJAs: How to Re-Write Your CPA Exam Notes

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

[Anonymous]

Help- this question does not make sense. How is it a charge for service if there is technically no service?

In the government-wide financial statements, what is the correct revenue classification of fines and forfeitures?

A.
Charges for services
B.
General revenues
C.
Operating grants and contributions
D.
Capital grants and contributions

The GASB has prescribed that fines and forfeitures are included in charges for services. They result from direct charges to those who are directly affected by a program or service, even though they receive no benefit.

My thought is that it would be a general fund revenue since it is a fine, but clearly I am thinking about it wrong. Does anyone have a further explanation or different way to think about it?

[kara]

Jen J:

What is on the final practice for becker? Is it a test of what you know and then will tell you your weak points?

Thanks,

Kara

[kara]

Ana,

Did you use becker review? I am thinking about going through and rewriting my notes but I have 2 full legal pads full of notes from Becker. I just wanted to take and and see where I was at nothing to be disappointed in I just know that I was better than I thought and I got some work to do. It is very disappointing to hear that Becker sims are nothing like the new test, as I think it should be because we are paying so much for it.

[kara]

Lentilcounter,

I haven't taken a CPA test before so you telling me that Becker sims aren't really like the exam kinda freaks me out, with saying that are you saying they are a lot more challenging? I am just struggling to figure out a way to review everything, right now I am going through each module and practicing and going through videos trying to get them all at 100% other than that I am not sure what else to do, I am trying to do progress tests of like 20 questions from each module but I find that difficult because I don't feed back from which question I have missed.

[heatherwestside]

Hello everyone – just bought a review test, finished my research and applied to take FAR. Since there is no testing in December I will take the test the first week of January. I realize it’s not ideal to be studying during the holidays but the reality is there is no ideal time and I want to pass and get it done with!

[Ana]

@kara I use Becker and ninja mcq. Rewriting notes works for a lot of people, I haven't done that. Like Lentil said, exam sims are more difficult than anything out there to practice. The added pressure of time makes it worse game day. However, mcq are harder in Becker than exam. Other than Far I have a good track. record. I say watch 100% of lecture, do all skills practice, all sims, and all mcq. Then review mcq until you think you're going to die. You can review your process results when you're done with the test.

[mattypxam14]

Hey all,

Question about Available for Sale Securities/Trading Securities. I was under the impression when there is an unrealized gain for A4S Securities the journal entry was Debit to a Valuation Account and Credit the Unrealized Gain. In Becker's 4th chapter 1st Sim #4 they put the journal entry to a debit in investment in investee and a credit to unrealized gain. Am I missing something? Why is the valuation account used sometimes and the investment in investee account used other times?

Thanks

[Ana]

@matty great question. I've seen that too.

[Jen-J]

Kara – it's a smaller book and review lectures for each per section with the main concepts that they expect you to be tested on. 34 small sections in the FAR book. There are some questions and sims that aren't included in the regular material, and a few things were more clearly explained. I don't know that I would have picked it over say Ninja as a stand-alone purchase. I bought it as part of a bundle with the main class and the flashcards, and that was less than $100 more than just the main class, so it was worth it to me.

[Lentilcounter]

@Kara
Check out the “POTENTIAL FAR SIMULATION TOPICS STRAIGHT FROM THE AICPA” thread to make your studying more manageable.

BEC = 72 (6/08/16)
FAR = ?
REG = ?
AUD = ?

[Frankli333]

Hi Everyone,

I am planning on taking FAR for the second time in a couple of weeks and am looking for a list of topics to brush up on. Is there a site that has a checklist of all the major topics to know for the test? I have been using Roger and am planning to spam questions these last couple of weeks. Any other tips or tricks are much appreciated.

Thanks!!

[Ana]

@Franklin, checklist you say? check out the POTENTIAL FAR SIMULATION TOPICS STRAIGHT FROM THE AICPA thread

[Author]

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