[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

[Spartans92]

Thanks Just3 that is super helpful! Claudia, I really need to try the melatonin tonight I hardly slept last night lol. Just took a 3 hours nap 🙂

In regards to your CF question I dont get why the proceeds from sale of revenue bonds is capital financing.. I thought it would be more non-capital financing?? Well, in that case the only one that is not capital financing is your customer household which is operating. But a quick break down is for CF related to government only proprietary funds have them. Your interest income is considered investing activities and interest payment is financing (capital or noncapital) rather than operating.

Basically, capital financing is related to those of acquisition. Do not confuse this with IFRS where interest received could either be operating or investing. Hope that helps.

BEC- PASS

[Spartans92]

Just3 for your question once you declare a dividend it becomes a liability CR to Dividends payable. If I recall the DR would be to RE.

Are you sure it is not 885. A=L+SE
750K + 120K + 82k – 64K – 3k…. SE = Beg Bal + NI – Divd. payable

BEC- PASS

[Just3Letters]

Claudia,

Gov't Cash Flow Statements have four areas:

Operating
Financing from Capital Sources
Financing from Non-Capital Sources
Investing

I'm not sure how “Proceeds from Sale of Revenue Bonds” is capital financing either. Was there more information stating that the proceeds were used to purchase a building or something?

Very confusing.I would have said only the 900,000 🙁

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

[Just3Letters]

Spartans when do you hear back about your score?

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

[Spartans92]

Just3, sadly I have to wait until May 24 I believe.. Thats 1 MONTH LONG 🙁 So I guess this is keeping me company haha. BEC doesn't start until next week after my exam for my online course. 🙂

I have a feeling that I failed lol but I am also glad I am refreshing this material if somehow I managed to pass. I am similar to Marqzho I guess, tend to forget right after exams.

BEC- PASS

[Just3Letters]

Spartans, That is a crazy long time! I think i actually get my score the same day! lol

Just remember that lots of people think they failed and find out they passed. Were you nervous going in or while taking your test?

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

[Spartans92]

Oh definitely! I was nervous going in, thought I wouldn't be since it was my second time at the center but I just couldn't help it. But as time went on it got better. I liked how they gave us the headphones to cancel out the noise so that was good. The lady outside was starring at me cuz I kept mumbling which I do a lot when I solve computational questions.

BEC- PASS

[Claudia408]

Explanation for the govt cash flow section:
The statement of cash flows for an Enterprise Fund has four sections:
(1) cash flows from operating activities,
(2) cash flows from noncapital financing activities,
(3) cash flows from capital and related financing activities, and
(4) cash flows from investing activities. Both capital contributed by subdividers, $900,000, and proceeds from the sale of revenue bonds, $4,500,000, are considered cash flows from capital and related financing activities, therefore $5,400,000 is the correct answer.
The cash received from customer households, $2,700,000, is classified as cash flows from operating activities.

Makes sense??? LOL

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

[Claudia408]

Just3 & Spartans – are you guys studying for this FT?

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

[Just3Letters]

Ft= First time?

Yep, this is my first time and first section and I intend on it being my only time!

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

[Spartans92]

I think Claudia meant full time 🙂 I assume just3 is and I am as well. Just taking 4 additional classes along.

BEC- PASS

[Just3Letters]

Ohhh lol. Yes to first time and yes to full time. I work 20 hours per week at nights just to cover bills but other than that… Wake up to sun down. My world is the house of gaap

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

[Claudia408]

yes FT= Full time. 🙂 The you guys got this in the bag!! you live and die FAR (and CPA!) Jealous, I want to move on with my life already!

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

[Just3Letters]

.Sorry this stupid message board always screws up

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

[Just3Letters]

Claudia,

I hope so! I did two sets of 100 MC today

1st set: 74%
2nd set: 80%

My average from every MCQ I've ever done has to be right around 75%. I hate living on the edge lol

Also, I want to move on with my life as well! I just want to start working and have these tests out of the way so I'm willing to sacrifice a little sun outside for some extra studying

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

[Author]

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