[jomarie]

OK this is the final week of the month and testing window. Let’s plow it down!!! Those of you who are sitting with me this coming week……let’s knock it down!! Those of you who are preparing for early next testing window, go get a powerful study week as well. I know the weather is getting better by the day, but studying is only a temporary sacrifice to a successful future!!! Oooh, I like that line, I think I’m going to make it my signature quote. Let’s go get it!!!!

Started sitting in May 2002, on and off. But since 2008 I've been nonstop and my scores are....
AUD - 39, 48, 56, 65, 68, 73, 76!!! (Finally passed in Oct 2011!!!) Becker, NINJA, & Wiley
REG - 75 (Lost Credit) 72, 68, 73, 75 (Passed again in Aug 2011) Becker, NINJA, & Wiley
FAR - 65, 68, 75 (Lost Credit) 68, 73, 73, 80 (Passed again in May 2012) Roger, NINJA, & Wiley
BEC - 65, 68, 71, 72, 72, 71, 76 (Lost Credit)- 70, 76!!!! I AM DONE!!! - Roger, NINJA, & Wiley
After 10 long years of studying, I AM DONE!!!! Finally a Licensed CPA in the State of New York!!

[misanthrope87]

Okay sorry for being confusing! I guess it was my turn.

I think deferred liability is something where an expense and the liability account is accrued, but it's not due yet. But will be in the future….yesss..

But deferred tax liability can be reversed within a year or more. It'll be labeled as current or non current like the current/non current deferred tax asset/liability accounts. (But those are classified as current/non current depending on the relating asset/liability categorization).

B 2/12 87
A 11/11 90
R 8/11 86
F 5/12 88

[goodluck2everyone]

okay I think I understand

An accrued liability is for an expense that has already incurred (wages are owed but not paid)

A deferred liability is for an expense that will occur in the future (temporary differences between book and taxable income resulting in future tax expense)

Deferred revenues are also called unearned revenues and generally fall under the current liabilities section (rent, royalties received in advance)

I don't think there is such a thing as unearned rent falling in the long term liabilities section because it will take longer than 5 years to receive. I've never seen this happen, can anyone clarify?

BEC- 80
REG- 68, 71, July
AUD- 61 , 84
FAR- -- 75 🙂

[goodluck2everyone]

cpa628

alright I found an amazing article that clarifies this whole current/long term, deferred revenue confusion

you had it right in your post

“So, what are “Deferred Revenues”? It is a line item in a company's balance sheet, generally under the short-term liabilities section, and often under long-term liabilities as well. Deferred revenues are received cash deposits that a company has collected, but not yet reported as revenue on the income statement. As they are reported as revenue in subsequent quarters (i.e., “amortized”), the amounts are deducted from the deferred revenue account. Amounts expected to be reported as revenue within the next 12 months fall under the short-term category, while amounts that will be amortized farther out fall into the long-term deferred revenues line item”

https://www.magicdiligence.com/articles/deferred-revenue-accounting-2011-03

I can't vouch for the website but it makes sense because it follows the conservatism approach to gaap

BEC- 80
REG- 68, 71, July
AUD- 61 , 84
FAR- -- 75 🙂

[jomarie]

Hope this helps. This is from the NINJA notes.

Accrual vs. Deferral

– Accrual – Earned (Revenue) or Incurred (Expense), but no Cash Receipt/Outlay yet

– Revenue Example: Sell an item on credit

– Expense Example: Monthly rent expense for December not paid until January

– Deferral – Cash Receipt/Outlay, but not Earned (Revenue) or Incurred (Expense)

– Revenue Example: Customer pre-pays for a repair done to their car

– Expense Example: Companu pre-pays insurance premiums and is amortized

Current Liabilities

– Will use current assets during the present operating cycle

Accrued Liability vs. Current Liability

– Accrued Liability (Deferred Expense)

– Expense that has been incurred, but not paid

– Rent Payable

– Current Liability (Deferred Revenue)

– Payments that have been receieved but cannot be recorded as revenue yet

– Tenant pre-pays rent – Landlord still must “perform” to earn it ans is a liability until this happens

I hope this helps. I know it helped me understand the difference.

Started sitting in May 2002, on and off. But since 2008 I've been nonstop and my scores are....
AUD - 39, 48, 56, 65, 68, 73, 76!!! (Finally passed in Oct 2011!!!) Becker, NINJA, & Wiley
REG - 75 (Lost Credit) 72, 68, 73, 75 (Passed again in Aug 2011) Becker, NINJA, & Wiley
FAR - 65, 68, 75 (Lost Credit) 68, 73, 73, 80 (Passed again in May 2012) Roger, NINJA, & Wiley
BEC - 65, 68, 71, 72, 72, 71, 76 (Lost Credit)- 70, 76!!!! I AM DONE!!! - Roger, NINJA, & Wiley
After 10 long years of studying, I AM DONE!!!! Finally a Licensed CPA in the State of New York!!

[Anonymous]

Thank you, guys!!! Appreciate all the help!!

[MyLifeisCPA]

Good Studies to Everyone!!!!!! and Good Luck to Everyone as well!! I have all day today and about 3 hours tomorrow to cram as much information in my head as possible. May 30th will be a FAR out fight to the finish!! Let's go everyone!

BEC-Passed
AUD-Passed
REG-Passed
FAR-Passed (I AM DONE!!! THANK U LORD!!!!)
Licensed Texas CPA - 10/2012

[jomarie]

Just came in from an another 5K walk. Going to shower up then hit some more MCQs!!

Started sitting in May 2002, on and off. But since 2008 I've been nonstop and my scores are....
AUD - 39, 48, 56, 65, 68, 73, 76!!! (Finally passed in Oct 2011!!!) Becker, NINJA, & Wiley
REG - 75 (Lost Credit) 72, 68, 73, 75 (Passed again in Aug 2011) Becker, NINJA, & Wiley
FAR - 65, 68, 75 (Lost Credit) 68, 73, 73, 80 (Passed again in May 2012) Roger, NINJA, & Wiley
BEC - 65, 68, 71, 72, 72, 71, 76 (Lost Credit)- 70, 76!!!! I AM DONE!!! - Roger, NINJA, & Wiley
After 10 long years of studying, I AM DONE!!!! Finally a Licensed CPA in the State of New York!!

[abacus]

Great idea on the walk, jomarie!

Good luck to everyone taking the exam tomorrow!

I am a little behind according to my study plan, but I am more on track than I every have been this early in the game, so I am trying not to get discouraged. Today will be my 5th day of studying in a row (I know this is super lame compared to you guys, but I don't sit until mid-July) and I plan to keep the streak alive with the exception of my birthday next week.

BEC 81
AUD 76
FAR 70, 76
REG 58, 78! DONE!

"I am not my intentions. I am my actions."

[Mom2two]

Last day for a final overview, test tomorrow. Feel pretty god but I feel like I just never know with this exam! A blogger posted on here one time how this exam process is lonely..that is the overwhelming feeling he felt. I feel like that today…I hear the kids playing and I want to quit and walk out there and join them right now. But I am going to dig deep and get this done so I can move on with my life. Just needed to get that out. Good luck with the studying today everyone!!

B: 81 (3X) May 2012
A: 76 (1X) Nov 2011
R: 86 (2X) Feb 2012
F: 64, April 2011, retake 10.01.12 - 75!!!!!!!!!!

[Anonymous]

Wow, soooooo awesome that I am not the only person missing the 3 day weekend by dipping myself in gasoline and setting myself on fire…erm, studying for the CPA exam. Haha, I am doing it, but I am NOT happy about it!

I got my confirmation email from Prometric this morning. Kinda' makes butterflies in my stomach.

Good luck today and happy studying!

[Peanut]

I'm back to doing power weeks 🙁 sigh. I started re-studying last Thursday and I went HARD all weekend. I finished all the AUD lectures in Becker while taking very good notes. Now that I am finished going through all the material, it's time to hit the MCQs. Today I'll read A1 and do all the MCQs. Probably won't finish but at least I will have a good start.

@Mom2two, I completely agree about the loneliness!

@Jo how are you feeling about FAR?? Sounds like you're kicking butt on these long walks!

Good luck to everyone testing in the next couple of days!

AUD 81 (X4) Previous scores 59, 72, 72
REG 80 (X3) Previous scores 59, 60
FAR 75 (X2) Previous score 67
BEC 79 (X2) Previous score 58

[jomarie]

Peanut – I'm feeling really good about FAR. I've done a few practice exams on Wiley and scored in the mid 80s.

FAR is going down tomorrow. I think the walking is helping release some stress, plus yesterday after dinner my hubby challenge me to a game of tennis. Never challenge this lady, I kick his butt!!

Started sitting in May 2002, on and off. But since 2008 I've been nonstop and my scores are....
AUD - 39, 48, 56, 65, 68, 73, 76!!! (Finally passed in Oct 2011!!!) Becker, NINJA, & Wiley
REG - 75 (Lost Credit) 72, 68, 73, 75 (Passed again in Aug 2011) Becker, NINJA, & Wiley
FAR - 65, 68, 75 (Lost Credit) 68, 73, 73, 80 (Passed again in May 2012) Roger, NINJA, & Wiley
BEC - 65, 68, 71, 72, 72, 71, 76 (Lost Credit)- 70, 76!!!! I AM DONE!!! - Roger, NINJA, & Wiley
After 10 long years of studying, I AM DONE!!!! Finally a Licensed CPA in the State of New York!!

[Mom2two]

I just noticed my mistake…I am feeling pretty GOOD today, not feeling like god. HAHA. 🙂 Too tired to type! Jo Marie that is awesome!!! I know we are going to be CPA's in 2012. I did take a break and go for a bike ride, so I feel better but I really hate this lonely feeling. I promise if any of my coworkers are taking the exam in the future I am going to bring them dinners to heat up or coffee runs, anything to help once I am done.

B: 81 (3X) May 2012
A: 76 (1X) Nov 2011
R: 86 (2X) Feb 2012
F: 64, April 2011, retake 10.01.12 - 75!!!!!!!!!!

[Anonymous]

Jomarie – I have been walking too and it's been SO nice to get out of the house. I have been bringing my audio with me so I don't lose any valuable time!! Sounds like you will be a champ tomorrow! Good luck!

[misanthrope87]

Last full day before D-day. I think I'm gonna puke! Just want this over with…

B 2/12 87
A 11/11 90
R 8/11 86
F 5/12 88

[Author]

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