Not for Profit is my weak point

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  • #188741
    Rocky123
    Member

    For some reason I cannot wrap my head around NFP accounting. Any tips? I got through governmental just fine. This section is killing me.

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

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    Rocky123, CPA

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  • #608584
    y_u_no_pass
    Participant

    I say you can have a weak area. Just get through the material and move on. There will only be so many questions on it and sometimes it is not worth the wasted time.

    Florida CPA!
    Took final exam 2/25/15.
    Sent in Application 3/12/15.
    Issued License 3/20/15.
    Used CPA Excel solely for all exams.

    #608585
    Rocky123
    Member

    I had enough questions about it on my last exam for it to warrant my attention.

    I see you are taking FAR in October. How is the studying going? What are you using?

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

    AUD-PASS
    BEC-PASS
    REG-PASS
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    Rocky123, CPA

    #608586
    koz124
    Member

    Yes you can have some weak areas, but I wouldn't let not for profit be one of them. Sorry I don't have much for advice except maybe killing mcq's.

    Studying with Wiley Review, Wiley Test Bank, Ninja Audio.
    Retakes with Ninja MCQ only...awesome!
    Far - 1/28 72, 7/22 79
    Aud - 2/28 70, 8/14 83
    Bec - 4/10 80
    Reg - 5/30 64, 7/2 82

    #608587
    fuzyfro89
    Participant

    Try and memorize at least a few of the basics, and don't confuse yourself on exceptions and exceptions of exceptions.

    Chances are that you'll see the basic questions, and may or may not see the rest.

    If you have other areas to improve, it's worth spending those hours hammering in your strengths so you get all those correct.

    #608588
    y_u_no_pass
    Participant

    I am so FAR behind on studying… But I have until October 17th. I have barely started though, because it got super busy at work with tax returns. I'm sure I'll get through it, I basically got through all of REG in two weeks so a month for FAR is doable, just not easy. I don't remember enough NFP now to give any advice, but I think it is very similar to government accounting so hopefully it will click. Are you taking FAR in October, too?

    Florida CPA!
    Took final exam 2/25/15.
    Sent in Application 3/12/15.
    Issued License 3/20/15.
    Used CPA Excel solely for all exams.

    #608589
    Rocky123
    Member

    I'm taking FAR in early November. Doesn't feel lke enough time to be completely thorough..

    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

    #608590
    CPA soon
    Member

    When in doubt, treat NFP same way you would treat regular financial business entities. It's mainly treated as a regular business with some exceptions. Know that your Statement of Cashflows will be slightly differently setup, know the required financial statements (example: Health and Voluntary, and hospitals). Mainly it's financial accounting with no profit incentive and does not get treated like governmental.

    FAR - 71, 68, 74, (8/31/14) 78 ✔
    REG - 67, 71, 71, (10/18/14) 78 ✔
    BEC - (11/29/14) 86 ✔
    AUD - 73, (4/4/15) 86 ✔

    I can't believe this is over! 2 years and 3 months..

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