[jeff]

Welcome to the Q2 2016 CPA Exam Study Group for AUD.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[If I can, u can too!]

@Operation_CPA you will want to remember exact location of the AL for non-public and public. AU-C 700 (non-public) & PCAOB AS 5.85 (public). for the rest, i think you can type related words like “compilation report” or “attestation report.” moniker would know this word for word.

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[GitRDone2017]

First time poster here,

I am just starting my process for obtaining my CPA license, I have reviewed several review courses and am definitely going to be using Ninja! I think it would be best to supplement with another course as well, any suggestions? Which courses seem to have harder questions than the exam if any??? Thanks in advance and good luck to all! happy studying!

"Confidence is going after Moby Dick in a rowboat and taking tartar sauce with you" - Zig Ziglar
Ninja book + Ninja MCQ + Roger
AUD Oct 2016
FAR Nov 2016
BEC ?
REG?

[Theodore]

@Operation_CPA if you are using becker try using the advanced search. type in your word/phrase in the “containing these words near each other” box. That should narrow your search from 200+ results to less than 10 if you type in the right word/phrase. great tip! I hope it helps

FAR: 66, 76!
REG: 76!
AUD: 72, 9/7/2016
BEC: TBA

Don't Stop When You Are Tired, Stop When You Are Done.

[Skittnator]

Hello, I got a a dreaded 74. I knew in taking the exam that the SIMS are what would eff me if I were to fail, and sure enough I scored in the Stronger category for multiple choice and Weaker for SIMS. When do I know if its worth having them rescore or review it? I assume that in the case of SIMS it would be most beneficial as multiple choice is obviously very easy to score. Is reviewing even worth it? Are the percentages of reviews or rescores changing your score so minimal its not even worth it? If there is another thread discussing this which I'm sure there is, please let me know.

ya rite.

[marqzho]

It is not worth to even think about it. I'm sorry dude but you have to start over.

REG 90
FAR 95
AUD 98
BEC 84

[Skittnator]

Idk if “start over” is the best phrase to use, but yes, I think I agree, the time and funds would best be put towards just retaking it next quarter and buying a new dining room chair to replace the one I broke after reading my score.

Thanks,

ya rite.

[Anonymous]

I am an Auditor going into my 3rd year (already have 3 busy seasons under my belt) taking AUD for the first time. Are there any other auditor's that took the exam after work? If so did you find the material and exam easy to pick up?

[Progress]

Quick Audit question re AJEs.

Do you only record the sale of goods once title is officially passed. (FOB Shipping vs Destination). I understand yes I would record the relief of goods but why the sale as well until goods have officially transferred title? For some reason I have it in my mind I can record the sale of goods once invoiced but the relief of inventory once title has transferred.

I am using becker and this what one of the simulations is telling me.

[lolo]

I think it should be recorded as a sale and removed from your inventory records!

My Nick name is sunshine, but the fact is I have not been in touch with it since I started this CPA exam! IT HURTS

AUD - ✔ Passed Becker self study!
BEC - ✔ Passed Becker self study!
FAR - ✔ Passed Becker self study!
REG - TBD

[If I can, u can too!]

@Progress you're correct, sale is recorded when the title is passed whether FOB Shipping or Destination. so if FOB Shipping today then you transfer the title today, you then record the sale today. there is a list of things for revenue recognition criteria but you don't need to worry about that in the Aud exam.

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[RE2PECT]

So say if you sold goods on 12/29 and shipped them FOB Destination, is this what the J/E would be?

A/R xx
Revenue xx

COGS xx
Inventory xx

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[marqzho]

RE2PECT

Your JE are correct, but the timing to record the JE depends on when the shipment is received by the recipient.

REG 90
FAR 95
AUD 98
BEC 84

[Progress]

Re2pect – I think if title passes b4 YE ( customer received it ) then yes.

But i don't think you can make the JE if it is received in the following year.

But I don't understand why you can't record sale (dr accounts rec cr income) since the client was already invoiced.

[marqzho]

Progress

Substance over form. We don't care when you invoice your client. We care about when the sale actually happens.

You can invoice your client on year 1, or year 2, or year 3. But for FOB destination, you record sales in year 1 if the client receives the shipment at 12/31 y1, or you record sales in year 2 if you client receives the shipment at 1/1 y2.

REG 90
FAR 95
AUD 98
BEC 84

[Progress]

Marqzho – AH Yess thank you

[Author]

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