[loves winter]

Fortunately, I learned govt & NFP in school last semester (still kinda fresh in my mind) so I know basics of it (funds, statements, J/E).

But I was so overwhelmed when I looked at Becker book because it was just so much information, some of things that I totally have no idea/ never heard of.

I know Govt & NFP are heavy tested topic in FAR but I was wondering how deep I need to know about it.

[Anonymous]

You need to know it inside and out if you want to pass FAR. You're looking at approximately 20% of the exam.

[Anonymous]

Those are two very important sections of Becker to know.

[loves winter]

// So I guess I have no choice but know inside out of them…(crying…)

[Anonymous]

Since its fresh in your mind, you may not need to go thru the lectures, but definitely work the MCQs and the simulations to make sure you still have a solid understanding. Any MCQs you get wrong, read the explanations for the right answers so you wont make the same mistake again.

FAR was my first exam, too. Gov was my weakest section but NFP was one of my strongest, so I still managed a pass.

[TK6]

I wouldn't say you need to know them “inside out.”

I would focus on the following areas:

-Know each account name and their accounting characteristics (modified accrual, etc).

-Know what each account is used for (what the debt service fund is used for).

-Know general journal entries (budgeting, encumbrances, purchase orders).

I used Becker and I feel like it went into a ton of depth for what each IS, BS, etc. looked like for each account. I never looked at that stuff again when doing my final review. I focused more on what the specific accounts are for and what is unique about each one. Don't be surprised if you get a SIM asking for journal entries.

FAR: 90
AUD: 94
REG: 84
BEC: November 25th

[loves winter]

ABinTX & TK6//

Thank you very much for pointing out what I need to focus on!

It relieves me a little 🙂

[Gatorbates]

If you want to pass, know it inside out. If you don't want to pass, then short cut it.

It's about 25% of the entire exam. You screw up this portion, you screw up the exam. If I knew it inside out when I took it, I wouldn't have had back to back 74's, and would have had to only take it once.

Licensed Florida CPA:
B: 71, 73, 79
A: 83
R: 78 (expired), 77
F: 74, 74, 80

It's finally freaking over.

[Anonymous]

I think that typically gov and nfp is a huge part of FAR. For me, personally, I only had maybe 5 MCQ dealing with it and no sims, so I may be a rare case. However, in most cases it is a big part. May as well put in the time and effort and get it done.

[Author]

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