[jeff]

Welcome to the Q2 2016 CPA Exam Study Group for FAR.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

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

[KJ]

I posted this on other thread so thought might share with my FAR people here.

I have been scoring 80-100% in Govt. questions by using my own mnemonic that I created to remember these fund. So thought to share if it with everyone if it will help anyone. I write the mnemonic to answer all the govt. questions and it does help. Of course there is more to it like knowing govt. fund types (restricted, committed, assigned, etc.) but getting these lined up helps. It will help answer if there is question on how CAFR is presented and which fund falls under proprietary or fiduciary.

Govt. Funds (GS remember as grade level in govt. jobs, DC (district of columbia), P as in letter P 🙂 or you can make up ur own) – I am from DC metro area so I created this but you can create your own.
G – eneral
S – pecial revenue
D – debt service
C – apital projects
P – ermanent

Proprietary (i.e. like that is)
I-internal service
E- enterprise

Fiduciary (PAPI – like the spanish word)
P – ension
A – agency
P – rivate trust
I – nvestment

Governmental-wide is only modified accrual and financial; the rest two (proprietary and fiduciary) are accrual and economic.

FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016

Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

[patelhj1]

@kanwal Becker uses the mnemonic

GRaSPP Government Funds
G- General Fund
R- Revenue (Special) Fund
a
S- Special (Debt) Fund
P- Project (Capital) Fund
P- Permanent Fund

SE – Proprietary Funds
S- Service (Internal) Fund
E- Enterprise Fund

PAPI Fiduciary Funds
P- Pension Trust
A- Agency Trust
P- Private Purpose Funds
I- Investment Funds

BEC 78 08/2015
REG 71 11/2015, RETAKE 83 01/2016
FAR 75! 5/2016
AUD ? 8/2016

Becker with Nonstop NINJA MCQ
Google most difficult professional exam

[MaLoTu]

For the Governmental I use Becker, but I came up with my own since there are so many S and P accounts:
G – governmental
R- Special Revenue
a
DS – debt service

CAP – Capital Projects
P – permanenet

So my mnemonic is GRaDS CAPP, lol

[SONA]

On December 30, 20X1, Rafferty Corp. leased equipment under a capital lease. Annual lease payments of $20,000 are due December 31 for 10 years. The equipment's useful life is 10 years, and the interest rate implicit in the lease is 10%. The capital lease obligation was recorded on December 30, 20X1, at $135,000, and the first lease payment was made on that date. What amount should Rafferty include in current liabilities for this capital lease in its December 31, 20X1, balance sheet?

[SONA]

@Patel….. did you finish all Sims from becker?

Is anyone taking becker final exam 2 today? OR AICPA sample test?

[KJ]

@ MaLoTu those are good mnemonic. I am not ready for tomorrow. I just slept for 2 hours and now back pounding MCQ's.

FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016

Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

[MaLoTu]

You will never feel prepared! I think you have a good shot, you have made a really great effort. Please let us know how it goes tomorrow. I will be on here throughout the day today, although I have not gotten anything done. I am overwhelmed to the point of paralysis with this exam!

[SONA]

Please help….

How they got (500)?

XYZ, a not-for-profit organization dedicated to animal welfare, received a $70,000 contribution at the start of 20X1 with donor instructions to maintain the original principal as a permanent endowment and use income and net gains for wildlife rehabilitation. The endowment principal was invested in a number of equity securities and mutual funds using an investment management firm. Investment performance and transactions were as follows in 20X1 and 20X2:

Dividends Securities Rehabilitation Year-End
Year Received Sold Expense Value
—- ——— ———- ————– ——–
20X1 $3,000 $1,000 $3,500 $72,000
20X2 2,500 0 3,500 69,000
XYZ believes that the donor intended for the endowment to remain at least at the original contributed value. What net asset values would be reported on the statement of financial affairs for 20X2 in relation to this endowment?

Correct A.
Unrestricted net assets $(500), temporarily restricted net assets $0, permanently restricted net assets $70,000

[JT]

Kanwal

I wish you luck!. You can do it though. In my opinion, there is a huge curve to this test and ninja and becker questions are harder then the exams! Don't get frustrated or flustered when your in the exam. You would be surprised at how many candidates feel the same way as you.

Also, Im not sure if you saw that the ninja mcq's will be down from midnight to 8am eastern time tomorrow. I think it was on the main page to the site and It had to do with maintenance.

@Sona,

Is the answer 8500?

https://www.another71.com/cpa-exam-forum/topic/becker-mcq-on-current-liability-and-interest-payable

REG-80-1X
BEC-80-1X
FAR-73-1X
FAR-75-2X
AUD-September 2016

[KJ]

Thanks Dab @ MaLoTu for encouraging words.

@ Sona, Answer is $8,500.

135,000 – 20,000 = 115,000

115,000 x 10% = 11,500

Payment – Interest = 20,000 – 11,500 = $8,500 (current liability)

FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016

Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

[KJ]

I did AICPA sample test yesterday, it had that new DRS Simulation, took forever to do it going back and forth between financial statement and actual problem. I know they are not testing SIMS with new DRS yet but it succkkksss. My feedback will definitely include that tomorrow.

FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016

Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

[JT]

where did you find the AICPA sample test? Can you paste the link for me please?

REG-80-1X
BEC-80-1X
FAR-73-1X
FAR-75-2X
AUD-September 2016

[KJ]

The presentation of financial statements must be applied within an identifiable framework (AU-C 800.A15–.A18). Normally, the framework is provided by generally accepted accounting principles (GAAP). However, in some circumstances, a different framework may be used. Which of the following would not be indicative of an acceptable framework for the presentation of financial statements?

A.
Reporting on cash basis but capitalizing fixed assets and recording depreciation

B.
Ignoring accrued income and expenses

C.
Measuring inflation and reporting it on the financial statements

D.
Modifying items on the cash flow statement based on definite criteria

Is this one of those questions from left field? I have seen all the questions in Ninja but did not recall seeing it before.

FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016

Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

[JT]

it is in ninja, I think its b.

REG-80-1X
BEC-80-1X
FAR-73-1X
FAR-75-2X
AUD-September 2016

[patelhj1]

Tomorrow my test day. I have completed almost all the SIMS for F1-F5. Before doing each SIM I spend 30mins or so skimming the chapter and reading the examples and pass-keys.

I should be be able to complete F6 & F7 SIMS by the end of today not looking to do intense just light review I don't plan on doing SIMS for F8-10.

I did notice the Becker has some DRS sims updated. I just did one on F5 SIM 2.

Tomorrow before exam I plan on going 1 hour before my time and read all my Lecture Outlines and notes I have written. Good Luck everyone still left to take the exam!

BEC 78 08/2015
REG 71 11/2015, RETAKE 83 01/2016
FAR 75! 5/2016
AUD ? 8/2016

Becker with Nonstop NINJA MCQ
Google most difficult professional exam

[Author]

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