[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

[mckan514w]

OMG Reg is so boring I can feel my brain melting– thought I would pop in here just to liven things up in my life (wow now that sounds sad and pathetic)- and check out how all you guys are doing! You got this thing Just3 and Claudia!! And Spartan your gonna kick yourself when you find out you passed and spent all this time hanging here rather than BEC! ha ha ha… Good luck all- back to contract law…

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

[marqzho]

mckan514w

FAR is FAR more interesting than REG IMO. Yes, FAR has a lot of material, but they make sense. REG doesn't make sense to me.

REG 90
FAR 95
AUD 98
BEC 84

[Just3Letters]

Nice to see you again Mckan,

I'll be in the Reg chat room here in a few weeks to liven things up over there:) They don't know what they're missing with their boring chat room

…fortunately I'm one of those losers that actually really enjoyed business law classes in school

Hopefully that embarrassing fact helps me!

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

[Claudia408]

Spartans – Thank you! Yes it's very confusing! At first I wasn't remembering to weight the shares for EPS and now I'm thinking every time I see it have to weight it! Studying full time can also be hard bc who can really focus on this stuff for 8-10 hours a day!

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

[Zyx]

I agreed with marqzho that far is more interesting than reg. I enjoy studying far. I don't hate reg and I think if you think like uncle Sam, reg makes sense 😉 How do you guys study for journal entries? I have to read textbooks but cannot remember all like governmental accounting. I work in financial accounting and deal with journal entries regularly
but I don't work for the government I don't know if I know enough governmental accounting to pass far.

REG: 77 x2
BEC: 81 x3
FAR: 68 retake 10/1
AUD: 8/27

[Claudia408]

zyx – i think for govt you can probably memorize most JEs bc they are always the same and the questions ask the topics over and over: budgetary, closing budgetary, encumbrance, revenue…

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

[Stilgoin]

A municipality that uses modified accrual and encumbrance accounting would use which of the following funds to account for agency fund cash?

A.
A fiduciary fund

B.
A proprietary fund

C.
The general fund

D.
A special assessment fund

B | 62, 78
A | 73, 67, 79
R | 82
F | 59, 59, Waiting

Ethics | 93

"Success is not final, failure is not fatal: it is the courage to continue that counts."
~Winston Churchill

“In a world full of critics, be an encourager."

[Claudia408]

C?

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

[Stilgoin]

That’s what I thought because it said modified accrual, but supposedly the answer is A. Here is the explanation:

Agency funds are one of the fund types comprising the “Fiduciary Funds.” Only resources held for the benefit of others are reported in fiduciary funds. The other fiduciary funds are pension trust funds, investment trust funds, and private-purpose trust funds. (GASB 1300.102)

That explanation gave me no satisfaction. I wonder if the question is stated wrong? Fiduciary is full accrual……….grrrrrrrr

B | 62, 78
A | 73, 67, 79
R | 82
F | 59, 59, Waiting

Ethics | 93

"Success is not final, failure is not fatal: it is the courage to continue that counts."
~Winston Churchill

“In a world full of critics, be an encourager."

[Claudia408]

tricky, so messed up! i bet hella people get that wrong!

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

[mckan514w]

Hurry on over Just3!! and yes like you I actually really liked business law and I LOVE taxes 🙂 so I am actually “getting Reg” but it is tedious 🙂 Glad everyone over here is doing well and progressing nicely…

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

[Claudia408]

mckan514w – will join Reg study group next week!

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

[Spartans92]

Haha it is great to see some familiar users in the study group! Feel like a graduating class or something LMAO. Mckan, I thought the same too but I always think what if I didnt pass lol and then I'll be glad for sticking around so I can study less intensive for the retake 🙂 (kinda).

Stilgoin, I first thought A because I saw agency funds which are your PAPI funds (private purpose, agency, pension, investment) but then I saw modified accrual and instantly went general. ARGH!! I guess the key is AGENCY trust fund the other info is to throw you off.

BEC- PASS

[Spartans92]

Not looking forward to REG since it contains a lot of rules. The phase out deduction and the AMT all that stuff :/

BEC- PASS

[Just3Letters]

Just took my second practice exam for Becker.. .81% this time!

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

[Author]

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