[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

[Just3Letters]

Do any of you guys find any of the actual final review programs useful?

I don't want to spend hundreds of dollars on Becker Final Review if it hasn't been known to help but if this is the last thing I am willing to be stingy on. Need to pass these exams!

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[Just3Letters]

Do any of you guys find any of the actual final review programs useful?

I don't want to spend hundreds of dollars on Becker Final Review if it hasn't been known to help but if this is the last thing I am willing to be stingy on. Need to pass these exams!

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[Spartans92]

Just3 I find Roger to be great but there are differences between Roger and Becker (mnemonics used). I haven't gotten through all of Roger but will try most parts, think I got myself too much material and its counter effective. I think if you really need a final review stick with Becker so things are at least the same But I CANT stand Gearty anymore.

BEC- PASS

[Incoming91]

Are you referring to the 2 final exams that becker provides when you say Final review??

REG: 80
FAR: 78 (x2)
AUD: 6/10
BEC: 7/20

[Spartans92]

Nah Incoming. Theres an extra Becker Final Review (comprehensive) where they tie in all the stuff together in like a condense 5-6 hours lecture. Think the cost is like additional 300 bucks or something not quite sure. But Roger cost me 269 with student discount. If this is effective Ill most likely buy for REG too.

BEC- PASS

[Incoming91]

I see… had no idea that existed. I don't find lectures very helpful but everyone is different.

REG: 80
FAR: 78 (x2)
AUD: 6/10
BEC: 7/20

[Spartans92]

I see that you pass REG on first time. What are your suggestions for preparation?

BEC- PASS

[Claudia408]

can someone walk me through the MARCH GOVT JE?

February 5, 2011 Issued purchase orders to buy laptop computers with an estimated total cost of $60,000 for public safety officers use in County vehicles.
March 16, 2011 One half of the computers ordered on February 5 are received at an invoice cost of $30,500. The invoice is approved for payment.

This part I understand
DR Reserve for encumbrance 30,000
CR Encumbrance 30,000

Next two entries I don't know why they are recorded at the fund and Govt Wide FS.
General Fund:
DR Expenditures 30,500
CR Vouchers Payable 30,500

Govt Wide:
Equipment 30,500
Vouchers Payable 30,500

I know at the fund level equipment is basically expenditures but it's just weird that I'm recording the sam entry 2x at different levels. Can someone help explain why I need to do this and how I distinguish between recording at the fund versus Govt wide level?

BEC - 75 (3x)
AUD - 78 (3x)
REG - 67, 66, Aug 1
FAR - 54, Sept 8

[Incoming91]

I was a tax associate for almost three years (well 1 year was internship but was doing more work than some of the associates lol) and so that helped me for sure. For REG you need to look at it as 3 large areas that the test covers being taxation of individuals, taxation of entities and then the law portion. As with all 4 of these exams, repetition is key and the tricky thing about REG is there are so many rules and exceptions and exceptions to exceptions which is why made flash cards. I was a little cocky on my first attempt at FAR which explains my fail lol..

REG: 80
FAR: 78 (x2)
AUD: 6/10
BEC: 7/20

[Spartans92]

Claudia, the journal entry for the second one DR: Expenditure and CR: Vouchers payable is because you purchased the asset. That is the general entry to record when you receive your products. Likewise, you would DR: Encumbrances and CR: budgetary control when a purchase order is issued. To answer your last question, the General fund is a component of your govt. wide F/S and any fixed assets purchased with governmental fund resources are recorded in the govt wide.

Your govt wide financial is made up of your (Government funds (General, Revenue, Service Debt, Capital Project, Permanent) + Internal Service (Proprietary)) AKA GRaSPP + S (becker mnemonic) sorry don't mean to confuse you more. But just trying to provide another memory tool if it works better. These are your governmental activities. The Enterprise Fund is also a part of your govt wide which falls under Business Activities. Only funds that is not a part are your Fiduciary Funds.

@Incoming, Thanks! I think I got the BLaw part down since I have taken numerous business law courses during undergrad and did well in those. Also, have 3-4 years of experience in individual taxation since I have done my parents tax return but I get it can be much more complicated with exemptions and deductions so I will not take it lightly. Only part is prob C and S Corp that will trouble me most.

BEC- PASS

[Incoming91]

You will for sure benefit from the experience you have. Yea it does get more complicated but the exam also tests very basic 1040 stuff as well.

REG: 80
FAR: 78 (x2)
AUD: 6/10
BEC: 7/20

[mckan514w]

Had a question where you were asked to calculate the capitalized expense- it included both a new part (which made the machine better so capitalized) and various repairs- I got the answer right as I reasoned the repairs did not make it more efficient, improve it or extend the life– however now that i am thinking more about it are repairs even capitalized? I so don't feel like digging through my massive amount of notes so if anyone could clue me in that would be great! Thanks!

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[Just3Letters]

Mckan,

Repairs = Expense unless specifically stated that is more efficient/improved/longer life

Just like you said 🙂

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[Incoming91]

Conquer the beast everyone! Good luck with your studying this evening and make it count!

REG: 80
FAR: 78 (x2)
AUD: 6/10
BEC: 7/20

[KJ]

Just3letters,

Thanks earlier for the explanation on one of my questions! Makes more sense.

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

[Author]

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