[Q1] AUD Study Group 2014 - Page 35

Viewing 15 replies - 511 through 525 (of 616 total)
  • Author
    Replies
  • #521439
    Monski
    Member

    Hi All,

    Just wanted to ask if I can already use the ninja notes within the same day that I bought it.

    Thanks

    #521488
    Monski
    Member

    Hi All,

    Just wanted to ask if I can already use the ninja notes within the same day that I bought it.

    Thanks

    #521441
    F15hy
    Member

    @nikkip, as long as your testing center is like the one I go to which I'm assuming they're all the same, you enter the testing area with nothing but: your ID, a key to the locker for all your personal belongings, two pens, and two laminated pieces of paper that cannot be erased. Once the exam starts, you can write whatever you want on your pieces of paper, you don't get to keep them though, they get returned before you leave the testing center. But do NOT start writing stuff before you start your exam. I heard someone say that they tried to save time by writing down formulas before they started their exam and then their exam wouldn't open. Once you sit at your computer, you have a certain amount of time to answer all the generic yes/no questions. If you don't answer fast enough (it's about 5 min, don't stress about running through it) then your exam expires.

    CA Candidate

    B-79 (4th Attempt, finally killed you Nov 2013)
    A-81 (3rd Attempt, Feb 2014) AND I AM DONE!!!!!
    R-80 (1st Attempt, Feb 2013)
    F-77 (2nd attempt, Jan 2014)

    Becker, Becker Final Review, NINJA 10-Point Combo
    ($M.O.B$)

    CA Ethics-92%

    #521490
    F15hy
    Member

    @nikkip, as long as your testing center is like the one I go to which I'm assuming they're all the same, you enter the testing area with nothing but: your ID, a key to the locker for all your personal belongings, two pens, and two laminated pieces of paper that cannot be erased. Once the exam starts, you can write whatever you want on your pieces of paper, you don't get to keep them though, they get returned before you leave the testing center. But do NOT start writing stuff before you start your exam. I heard someone say that they tried to save time by writing down formulas before they started their exam and then their exam wouldn't open. Once you sit at your computer, you have a certain amount of time to answer all the generic yes/no questions. If you don't answer fast enough (it's about 5 min, don't stress about running through it) then your exam expires.

    CA Candidate

    B-79 (4th Attempt, finally killed you Nov 2013)
    A-81 (3rd Attempt, Feb 2014) AND I AM DONE!!!!!
    R-80 (1st Attempt, Feb 2013)
    F-77 (2nd attempt, Jan 2014)

    Becker, Becker Final Review, NINJA 10-Point Combo
    ($M.O.B$)

    CA Ethics-92%

    #521443
    nikkip
    Participant

    Thanks @F15hy!

    #521492
    nikkip
    Participant

    Thanks @F15hy!

    #521445
    nikkip
    Participant

    @monski yes, once you buy ninja notes an email is sent to you in few minutes with confirmation of purchase and link to download PDF.

    #521494
    nikkip
    Participant

    @monski yes, once you buy ninja notes an email is sent to you in few minutes with confirmation of purchase and link to download PDF.

    #521447
    jackaroe
    Participant

    Could someone please explain to me the why an addition to PP&E that is booked in the ‘repair and maintenance' expense account – which results in it not being capitalized causes PP&E to be understated. Why would someone want to ‘understate' PP&E? It's an asset. Expenses make the income/revenue look weaker.

    Bonus – What would be the adjusting journal entry?

    Exam in 48 hours – YIKES!

    #521496
    jackaroe
    Participant

    Could someone please explain to me the why an addition to PP&E that is booked in the ‘repair and maintenance' expense account – which results in it not being capitalized causes PP&E to be understated. Why would someone want to ‘understate' PP&E? It's an asset. Expenses make the income/revenue look weaker.

    Bonus – What would be the adjusting journal entry?

    Exam in 48 hours – YIKES!

    #521449
    Anonymous
    Inactive

    Think about it. When you expense an account on the I/S (Tools) that should've been capitalized (Equipment), then the B/S account is understated.

    (Dr) Tools $495

    …..(CR) Cash $495

    Adjusting entry

    (DR) Equipment $495

    …..(CR) Tools $495

    It's not that you wanted to understate PP&E, it's just that the account is understated because it was classified wrong. At the end of the day you would follow Section 179 and expense it anyways.

    #521498
    Anonymous
    Inactive

    Think about it. When you expense an account on the I/S (Tools) that should've been capitalized (Equipment), then the B/S account is understated.

    (Dr) Tools $495

    …..(CR) Cash $495

    Adjusting entry

    (DR) Equipment $495

    …..(CR) Tools $495

    It's not that you wanted to understate PP&E, it's just that the account is understated because it was classified wrong. At the end of the day you would follow Section 179 and expense it anyways.

    #521451
    Julia_anika
    Member

    Is there s list of all audit tick marks? I use CPAEXCEL and they don't mention them at all.

    NYC, NY
    FAR - 82 Jan 2014
    AUD - 86 Apr 2014
    BEC - 77 Aug 2014
    REG - 79 Nov 2014

    #521500
    Julia_anika
    Member

    Is there s list of all audit tick marks? I use CPAEXCEL and they don't mention them at all.

    NYC, NY
    FAR - 82 Jan 2014
    AUD - 86 Apr 2014
    BEC - 77 Aug 2014
    REG - 79 Nov 2014

    #521453
    Julia_anika
    Member

    @jackaroe, my guess is that PP&E can be recorded in repairs and maintenance account by mistake.

    The adjusting entry would be debit to fixed assets and credit to repairs n maintenance.. and maybe depreciation should be recognized as well

    NYC, NY
    FAR - 82 Jan 2014
    AUD - 86 Apr 2014
    BEC - 77 Aug 2014
    REG - 79 Nov 2014

Viewing 15 replies - 511 through 525 (of 616 total)
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