[jeff]

I’ve had a few requests for April/May Study Groups…March will be here before you know it.

In order to take an early April exam, you should begin studying…now. 🙂

[Anonymous]

Can someone explain this type of question please?

Which of the following cash transfers results in a misstatement of cash at December 31, year 1?

Bank Transfer Schedule

Disbursement date per books / Disbursement date per bank / Receipt date per books / Receipt date per bank

12/31/Y1 / 01/05/Y2 / 12/31/Y1 / 01/04/Y2

01/04/Y2 / 01/11/Y2 / 01/04/Y2 / 01/04/Y2

12/31/Y1 / 01/04/Y2 / 12/31/Y1 / 12/31/Y1

01/04/Y2 / 01/05/Y2 / 12/31/Y1 / 01/04/Y2

[Anonymous]

Hi AUD friends,

I posted this already in the general forum. But I think this is a better place to post it.

So I am not sure if I am missing anything here, but I cannot understand the purpose of a Compilation engagement.

Why does the management have to hire an accountant/CPA to just collect their F/S together when the management can prepare their own F/S? It's like when you can do your own homework, but needed someone else to just print it out and staple it for you…It does not make any sense to me.

I may be stupid to ask this question. I just never get it. Please help if you can! Thanks much!

[RA2CPA]

Hi all…I was wondering if someone could answer a quick question for me….I went to the NASBA site linked here to try and request access to the AL and I have not heard back from them regarding my access….it has been about a week now and I am scheduled to sit next Friday….was wondering if I would hear back from them in time to get some comfort before I sit. Does anyone have an idea of how long it takes for them to verify the NTS info?

Thanks in advance and thanks also for a great thread….it's always nice to pop in between MCQ sets to see how everyone else is doing….this is the only place I can see people who are fighting through this process with me 🙂

FAR - 8/31/13 - 88
REG - 10/18/13 - 97
BEC - 1/18/14 - 85
AUD - 4/4/14 - 99

[RA2CPA]

@asears2 – The answer you are looking for is “D”. The trick to this question is looking at the “book” dates and finding which transactions have book dates in separate years. If you think about the booking of the last transaction you will realize that at the end of Year 1 the money is in *both* the disbursement account and the recipient account…basically double booking the cash.

Hope this helps!

FAR - 8/31/13 - 88
REG - 10/18/13 - 97
BEC - 1/18/14 - 85
AUD - 4/4/14 - 99

[Quinacridone]

RA2CPA, I signed up for AL access at the AICPA last week and just got an email from them yesterday confirming my access. Hopefully you will hear from them in the next day or so.

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[RA2CPA]

Thanks so much! I was getting worried….this close to the exam everything scares me 🙂

FAR - 8/31/13 - 88
REG - 10/18/13 - 97
BEC - 1/18/14 - 85
AUD - 4/4/14 - 99

[Quinacridone]

RA2CPA, how long did it take you to study for BEC? I'm taking BEC next and am trying to figure out if I could sit for it around May 8 (4 weeks of study). I'm so anxious to get this testing done.

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[RA2CPA]

Hey Quinacridone….I understand how much you want to be done with this whole process….it seems like once you get 2 under your belt you just want to go full steam down the hill and get those last 2 done, done, done…..that said, it really depends on how much you have going on other than studying.

It took me around 5 weeks of good studying, but I have a full time job and a 4 year old. I also did not enjoy the BEC material at all….it was a struggle to make myself focus….so that didn't help. However, given the right circumstances I would say it is something that can be done in 4 weeks…as long as that is 4 quality weeks. It is the “lightest” test as far as material, so if it were me I would schedule the test, work towards it and, if necessary, push it back a week or 2 once you see how it is going.

FAR - 8/31/13 - 88
REG - 10/18/13 - 97
BEC - 1/18/14 - 85
AUD - 4/4/14 - 99

[Quinacridone]

My huge issue is a scheduled vacation from May 9 to May 27. I'll be overseas, so if I attempt to do the test at the end of May (and just keep studying while on vacation), I'll be taking the test with jet lag. But if I try to take the test May 8, then I may be cutting myself short.

My only obstacle is that I work full time as an auditor (I have children, but my youngest is 21). Fortunately, I'm in the last stages of an audit and I will not be put on a new audit for April. I am being sent away for training the last 2 weeks of April, so I KNOW I won't be working long hours. While at training (away from home), I can spend 5-6 quality undistracted hours each night immersing myself in the material.

I liked cost accounting when I was in my BA program – but I think it was because I had such an awesome teacher. I don't know how I'll feel listening to Gearty (Beckers).

My rush: I am in a federal “term” position. My term is over at the end of August. I want to see about a career change – going into public, rather than staying federal…especially since I may have to move if I want to stay in my federal position. I feel like I need to have the CPA belt on before I start talking to outside agencies.

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[RA2CPA]

Hmmm….I would say you have the perfect formula for studying while being away from home for training…however I am a federal employee too and I remember my training days well….8 LONG HOURS in a room listening to instructors go on-and-on….I don't know if I personally could go back to the hotel and study after that without blowing off some steam. That's a personal call for you.

I can tell you that during my 5 weeks of studying for BEC I only gave the material around 2-hours per weekday and then 6-8 hours on each weekend day (broken up in the middle so I didn't go crazy). I would say the total “hours” I spent would have been around 80-ish…..

Studying on vacation is difficult too….unless you want to get up very early and get a few hours in before the day begins, so that way you can really enjoy the time away and your traveling companion(s) will not feel too neglected.

I wish you the best of luck in whatever way you decide to go…..You have been through enough of these sections now to know what it takes and my bet is that you will get it done before your trip….it will be a horrible April for you, but better that than the alternatives which just drag the whole thing out.

FAR - 8/31/13 - 88
REG - 10/18/13 - 97
BEC - 1/18/14 - 85
AUD - 4/4/14 - 99

[Quinacridone]

My boyfriend (who is a Ph.D. and teaches in the university system) says I'm the most anal person he knows when it comes to studies (that's a lie, he is far more so than I am). I won't have a problem doing the studies at night… the only issue is that it will be my first time in San Antonio and I may have to go see the Alamo (I have no idea what the Alamo is, but I've been told I'll regret not going).

You're helping so much! Thank you for your insights. You are so right, April is NOT going to be fun! However, the idea of getting to spend vacation without a book in my lap or flashcards at hand…

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[jeff]

Introducing NINJA Priscilla (AUD in May): https://www.another71.com/ninja-cpa-blogger-priscilla-1/

hiya!

[CPA50]

Related party transaction in AL.

My SIM tests include both the old, superceded language and the new paragraphs. Anyone know if the actual exam includes both the old and new language and we should recognize and use only the new? Or, (hopefully), it will only include the new.

Thanks,

AUD 88 (expired), 80 retake
FAR 64,69,67,73,67,73,73,73, August 3
REG 75 (expired) September 7
BEC 72, 77

The adventure continues...

[Quinacridone]

I'm not sure (this is my first time sitting for the test). What was the old language? I just know the term related party transactions, so I'm not quite understanding.

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[Anonymous]

Just updating. I'm finishing up my study material for my April 7th exam. Hard to believe it's next Monday.

I'll be doing lots of Wiley MC questions this week and sims. This is my first exam with simulations.

[Author]

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