[CPANOVICE]

Hello Everyone,

I am currently on my last 2 chapters ( I did not go in order) of my Becker book. My last two chapters 8 and 9, governmental accounting and not for profit respectively, are taking me forever to go through.

Does anyone have any advice on how I can speed up studying these chapter so I can go into my review phase?

Thanks in advance!

FAR:TBD
REG:TBD
AUD:TBD
BEC:TBD

I am using Becker self study, ninja blitz and Wiley (I am using the paperback version of the testbank)

Brief overview of study method:
1. Skim through chapter quickly
2. Watch lecture videos
3. Take a lot of notes on what the lecturers emphasize
4. Complete half HW after lectures half after rewriting notes

[Skynet]

I'm having the same issues too, but am using Gleim. It seems to be more conceptual than calculations, so I have been mostly memorizing a lot of the materials.

[TaxGod]

No easy way around governmental. I still dont understand it…. I say make sure you know the journal entries. I do want to emphasize that this is one of the most tested chapters on the exam, so dont blow through it make sure you GRaSPP (had to do it) it before you move on, probably not what you were looking to hear sorry! 🙁

AUD: 02/28/15 - 89
FAR: 05/29/15 - 80
BEC: 08/03/15 - 81
REG: 08/27/15 - 76

[taxgeek83]

I hit MCQs and flashcards on that section to learn it – I had to reference my book in there a bit too, but I think the flashcards are what really helped me keep the differences between Gvt & NFP straight.

[CISNC]

For NPF just remember:

Statement of Activities = Income Statement

Statement of Financial Position = Balance Sheet

Statement of Cash Flows

Equity = Net Assets

Net Assets has 3 categories:

Unrestricted (URNA) – Donor imposes no restrictions

Board designated – This is not a true restriction and is still classified as Unrestricted on the SOFP, although they can present it separately under Unstricted (DO NOT LET THE MCQs trip you up on this, it is easy points)

Temporarily Restricted (TRNA) – Donor can impose two restrictions under time (ex: you can spend this next year) and purpose (ex: you can only spend it for your conference).

Permanently Restricted (PRNA) – If a donor donates an investment or some kind of asset and you can only use the earning from the asset. You can only get the perm. restriction taken off directly from the donor or the donor's agent (usually if the donor passed away)

Expenses – Expenses are only taken from URNA. It never gets expensed from TRNA. If the MCQ asks you what would happen if the temporarily restriction was fulfilled and expensed, it'll decrease URNA because the funds would be released from TRNA to URNA

Statement of functional expenses – only volunteer welfare orgs have to prepare.

Understanding these points literally will cover about 90% of all NPF related MCQs.

FAR - Pass
AUD - Pass
BEC - Pass
REG - September

[JohnWayneIsGod]

The way I'm approaching it is not to cram it all in, but to take it in pieces so that my brain has time to absorb it all. My way of doing this is to look over flash cards for Govt and Non-Profit for 30 minutes each everyday. I've also been doing about 20 govt questions a day and carefully reviewing the answer key for each question. If there was something that gave me trouble or was new to me, I make another flash card if I think it will be beneficial. Again, everyday I do this. It makes me manage my time so that I can study other materials, it allows my brain to process and retain the information, and the routine keeps me from forgetting what I have already learned.

FAR - 80

Courage is being scared to death, but saddling up anyway.

-John Wayne

[Anonymous]

I didn't have a good understanding and somehow I passed FAR. I struggled through the chapters and forced myself to do most of the MCQ's. The day before I took the test I re-read the chapters and tried to memorize as much as I could. I didn't understand any of it…it was all straight memorization that I immediately forgot after walking out of the testing center.

[Anonymous]

I hated governmental and will hopefully memorize just enough of it to pass (and forget the second I leave prometrics!)

[Yukkeko]

I didn't struggle too much reviewing NFP and GOVT, just because i was the teaching assistant for that class….but i did struggle a lot when taking the class – nothing really makes any sense and it is so different from financial accounting….

I guess there is no other way around – try to write the entries a lot of time to help memory…And if it's something really complicated – don't spend toooo much time on a single detail – you can live with not being able to answer one MCQ!!

FAR (4/14/14) - 97
REG (11/17/14) - 94
BEC (11/30/14) - 92
AUD (2/28/15) - 99
TEARS!

[Anonymous]

I was lucky enough to have a governmental/nfp class in college that seriously helped me on this portion of FAR. I think the biggest things to worry about are

1.) The mnemonics that Becker gives you are key. Knowing the funds is a HUGE part of it. After that everything else falls in to place.

2.) Know the statements (i.e. statement of activities).

3.) Know the SOCF and how it differs from a standard SOCF.

4.) Know the journal entries. I know it is tedious, but it will save your butt if you need it on the exam.

Definitely take a peak at some of the SIMS. They can really help to prepare you.

[Author]

Replies