[Anonymous]

FAR day after tomorrow, read over Government Accounting in Becker 3 times.

Still think they should separate and set up a CGAP license exam.

Any tricks to get most points of it in 1 day?

[Anonymous]

Do all the MCQs in Govt/nfp section until you drop.

[Anonymous]

I could handle the easy ones such as asking you to identify different funding.

Totally lost when it comes to the whole picture.

[Anonymous]

Make sure you know the CAFR (which financial statements are required/which is used for proprietary, governmental, etc.). Also be sure you know how to create/close the budgets.

[Anonymous]

Give me an example? My understanding of govt/nfp is what carried me through FAR.

If I was you, I would study all of the JEs for govt/nfp. All of them. Know why they are what they are. Think of fund accounting as fiscal responsibility. ie: we made a budgeting JE in the beginning of the year. How much of the money is left, or not appropriated or encumbered by expenditures. I think Becker does a good job with NFP/Govt laying it all out there. They probably delv too deep so don;t go nuts if you don't understand it all, but get the flow of the trnasactions.

Govt Wide F/S are basically regular accrual f/s.

As for NFP, that is all accrual, for the most part. Timing of contributions is key. If it s a conditional promise with no definite time frame (ie: when the Mets win the world series) no JE is made. If my donation is time restricted is is a restricted revenue until the time has elapsed. There's also promises to give. If I say I promise to donate $10,000 next year, I believe that is a

DR: Promise Receivable

CR: Contribution Revenue.

I apologize if this is messy, but I am a tad rust with FAR haven't looked at that book in over a month, haha.

[Malissa]

Governmental and NFP have a lot of cross over. The big things to know is GASB is like FASB for government. Fund types are important. If it's a an enterprise fund it's run like a business. Internal Service funds are like internal stores for the government. Governmental funds are the main types of funds used.

Any specific question that you have?

F-81
B-81
R-75
A-waiting...failed twice third time's the charm right?

[Whopper Warrior]

If you hear fund financial, think expenditure and no capital assets. It is a weird form of cash accounting with a current economic resource

If you hear government wide, proprietary (internal or external) think expense and capital assets. It is basically accrual with some special twists for government, and focuses on available resources (current and nonurrent).

ALL 4 parts passed summer 13
Ethics October 13
Experience (waiting)

Becker Only

[Kls238]

I went through the Becker sims on governmental and NFP the night before because I know it's 20% of the exam. I didn't redo the sim, but rather paid close attention to the wording of questions seeking classification (unrestricted, temp, perm). Also on JEs and the different statements for each fund. I feel it really paid off on exam day because I caught a trick on my exam that I kept missing on Becker! I'd suggest you do the same. Just study the answers as if they were notes that way if you get one wrong you don't panick right before your exam.

Passed all sections.

[Author]

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