[jeff]

Welcome to the Q1 2017 CPA Exam Study Group for FAR. 🙂

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

[mtaylo24]

^^^Mckan, I hear you! I think I'm still good with my date, but dang, I should have never looked at the Prometric calendar. They now have dates open through 3/10 for both FAR and BEC, not trying to pay that $35 fee tho…

I got the Ninja notes too, so I have been flipping though those between sets, actually made it through a few times already. I'm still waiting on the “ah ha” moment with this section, if that ever happens, but I'm doing much better in Ninja than last window. It could be due to the butt whoopin delivered by Gleim idk! Keep on plugging!

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[waffle_house]

EVERYONE, please know GAAP/IFRS FIFO and LIFO rules…also NFP and GOV 😛

[waffle_house]

@mckan514w

Thank you, I wish the best for you as well. I notice you are on this thread a lot, if you are having any trouble with anything I might have some insight, I pretty much mastered Becker but the exam itself throws so many curve balls.

[demarcon]

@waffle_house are the government questions on the exam super in depth? I don't even know where to start with government. I have the basics of funds and the basic financial statements down, but exact locations for things are still tough for me.

[waffle_house]

@demarcon

I used Becker to study for Gov and NFP. I believe Becker does a great job preparing for those areas.

To answer your question, yes there are a lot of questions for Gov and some easy some tough. You have to know your funds and what each one does also you have to know the financial statements associated with Gov (especially how to get around a statement of cash flow for Gov 😉 )

[demarcon]

@waffle_house thanks! I feel like Roger's weakest area is government. He glosses over so much in government wide and fund financials. He really hits the cash flows hard, though. The thing that screws me up with government is remembering the classification for expenses and revenues between character and object, etc.

[GiniC]

@YBD215 – I approached it with the good old “BASE” mnemonic

Begin 70,000
Add payments received 1,580,000
and interest received 50,000
Subtract taxes paid (1,720,000)
and the 10% fee ( 50,000)
Ending balance 605,000

The statement about reducing payments means that the interest becomes part of the account, or money that the mortgage-holder won't have to pay in later toward future real estate taxes.

[waffle_house]

@demarcon

For governmental funds, the key is to know that you are using a current measurement focus and modified accrual basis accounting. Meaning no long term debt or depreciation! This is key, whenever a government buys equipment they won't capitalize it they'll just debit expenditures and credit vouchers payable or cash.

Know how to do the initial budgetary entry at the beginning of the year and reverse the same entry with the same amounts at the end of year. Also ENCUMBRANCES this is so easy, it just deals with purchase orders (dr Encumbrance cr Budgetary Control), when the actual delivery of the purchase order comes in you reverse the encumbrance (dr Budgetary Control and cr Encumbrance)

KNOW the difference between Non-spendable,Unassigned, Committed, Assigned, and Restricted.

Fiduciary funds are not included with the Government-Wide financial statements, they are statements of their own. The internal service fund is included in its own column with in the Gov-Wide F/S with the governmental funds, it won't be separated like enterprise funds (business type fund).

[demarcon]

@waffle_house You basically listed all the stuff I do know… lol. Am I in good shape then?

[waffle_house]

@demarcon

Yes sir. Now you need to know NFP and you'll be good to go lol

[demarcon]

@waffle_house NFP seems easy enough. It seems like the only stuff they try to trip you up on according to Ninja MCQs is the net asset types, and charity patient service revenue.

[waffle_house]

@demarcon

Know what is considered unrestricted, temporarily restricted, and permanently restricted and when to lift restrictions and move to unrestricted. Also, conditional and unconditional pledges (revenue recognition).

[demarcon]

I really wish I was able to just take my exam today. I'm spinning my wheels reviewing everything. I don't want to take any downtime before Friday, but it's hard to stay motivated right now.

[Holly]

Alrighty. I'm officially in review-mode.

BEC - 79
REG - 85
AUD - 5/27/16

[ng3926a]

my exam is on Saturday and I feeling very confident… Which is not something I though I'd ever say about FAR. The first two times I took the exam I don't think I even knew half the stuff I know now. Ask me 4 months ago what treasury stock, or how to calculate pensions and I would have told you I didn't know or a half arsed answer…

I'm just going to review review review until Saturday and hope to the gods that I raise my score by 9 points…

[Author]

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