[Juliemiddle]

My review material is so vague on some of the Govt. acct MCQs I’m getting wrong. I’m hoping I can get a few quick & dirty rules for Govt. accounting that must-know before walking into FAR on Monday. I guess I’ll start…

->”Expenditures” ALWAYS refers to Governmental funds.

->Governmental funds are the only funds that use modified accrual acct.

AUD: 84 - Oct. 2013
BEC: 83 - Feb. 2014
REG: 91 - May, 2014
FAR: 68, 96 - Oct. 2014...DONE

CPAExcel, Ninja Audio (all sections)

[Rocky123]

With your test only days away, I would see if your library has any CPA Exam review materials. Or browse the internet. I do that to get clarification on topics sometimes.

The tallest oak in the forest was once just a little nut that held its ground.

AUD-PASS
BEC-PASS
REG-PASS
FAR-PASS

Rocky123, CPA

[Anonymous]

Not sure how helpful this may be but a few Gov basics since I just started studying this section:

– governed by GASB

– Uses modified accrual; based on interperiod equity concept (current resource)

– Revenues: involuntary; booked when measurable & available

– Do not accrue for revenue unless dealing with property taxes (60 days rule) or grants (unrestricted when approved / restricted when spent)

– Bonds are not considered revenue but sources of funds

– Costs: unselfish concept, expenditures (appropriations, encumbrances) instead of expenses

– No matching for expenditures

– Goal of balanced budget (yet again current resource)

– No statement of C/Fs

[Anonymous]

^ just to clarify that is for Governmental funds. Proprietary and Fiduciary funds use GAAP.

[Juliemiddle]

I had to gut up and re-read all the Govt. accounting sections. One overarching item they keep stressing the materials:

-Transfers between Funds are NEVER Revenue…it's always an Other Financing Source.

AUD: 84 - Oct. 2013
BEC: 83 - Feb. 2014
REG: 91 - May, 2014
FAR: 68, 96 - Oct. 2014...DONE

CPAExcel, Ninja Audio (all sections)

[Anonymous]

I hear ya Julie, I'm in the same boat. Gov accnt is IMO the nastiest part of far. Given my background and career goals, I have absolutely no desire / need to understand the concepts and that makes it difficult. Unfortunately, the CPA exam focuses on this section heavily so will have to put up with it for the time being.

[Author]

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