[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!!

[Anonymous]

I think GL2 is right…I remember reading that somewhere. RE will be adjusted so there won't be any effect on it…I'm gonna stick with that.

[jomarie]

Nothing worse than sitting here going through MCQs and the internet keeps going down!!! UGH!!!!

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]

“Inventory Errors and Financial Statements

Income statement effects. An incorrect inventory balance causes an error in the calculation of cost of goods sold and, therefore, an error in the calculation of gross profit and net income. Left unchanged, the error has the opposite effect on cost of goods sold, gross profit, and net income in the following accounting period because the first accounting period's ending inventory is the second period's beginning inventory. The total cost of goods sold, gross profit, and net income for the two periods will be correct, but the allocation of these amounts between periods will be incorrect. Since financial statement users depend upon accurate statements, care must be taken to ensure that the inventory balance at the end of each accounting period is correct. The chart below identifies the effect that an incorrect inventory balance has on the income statement.”

https://www.cliffsnotes.com/study_guide/Inventory-Errors-and-Financial-Statements.topicArticleId-21081,articleId-21071.html

I hope this helps!

[goodluck2everyone]

@cpa628

yeah I think it's correct.

Year 1:

Ending Inventory: understated by 1000

COGS: overstated by 1000

Net Income: understated by 1000

RE: understated by 1000

Year 2:

Inventory: overstated by 1000

COGS: understated by 1000

Net Income: overstated by 1000

RE: -1000 + 1000= 0, is now fixed

Year 3:

Inventory: -1000 + 1000= 0. Now fixed.

The key here is remembering the two formulas.

Beg Inv

+purchases

(ending inv)

COGS

and of course the classic

Sales

(COGS)

Gross profit (aka net income before other crap)

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

[nolifecpa]

@goodluck2everyone

The inventory in year 2 will be understated but everything else is correct

REG-65,71,74,73,70,74,79
BEC-60's,60's,69,71,76*,78
FAR-67,66,65,79
AUD-54,60's,65,83*,69,80
*expired

DONE

[J.P.]

Inventory isn't incorrect in the question, the amount allocated to that particular year is incorrect, if that makes sense.

Overall, you still have a proper measurement for R/E as you the supplies expense for the entire life of the company is correct.

BEC - 11/25/08-61, 8/31/09-76*, 2/24/12-76
AUD - 2/21/09-53, 8/31/10-60, 11/30/11-83
REG - 11/30/09-68, 5/31/12-79
FAR - 8/29/11-81

IL Ethics - 93

*Lost to 18-month Rule

[Anonymous]

Anybody shakin' in their boots yet?! I did 235 BEC MCQs today (and still reading notes atm) and I'm still feeling a little nervous…I keep telling myself ‘Please, Please, PLEASE remember this crap on exam day!'

[goodluck2everyone]

for those that use the wiley online, is there a way to look at an exam I've taken? My wrong answers goes to the “incorrect questions” tab but I want to see the whole exam and review the ones I got right

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

[Anonymous]

What does everyone use when they are in those last few days trying to do tons of MCQ?! Should I do more testbank questions instead of redoing the Wiley book questions?! I have limited time so I want to make sure I focus on the best thing. Which one do you choose?

[goodluck2everyone]

definitely Wiley, just stick to that and you'll be glad you did

I'll see you all on the other side of a passing score ladies and gents, time for me to stay away from a71 for a bit

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

[Anonymous]

I should have specified Wiley testbank or Wiley textbook. I think I'll focus on the testbank as I have already seen the textbook questions through the lectures. Either I've done them before 2x or covered them in the last day or two in the lectures.

Good luck – I looked to see if I could find a way to look at the whole exam's questions and I could not find it. 🙁 sorry, good luck on your exam!

[missjones513]

I would just like to say that I strongly dislike the Wiley test bank sims. I get the same problems, do them the correct way and get no credit for them. Really Wiley?

REG - 5/29/12 (64), 10/1/12 (74), 5/20/13 (75, expires 12/31/14)
FAR - 8/14/12 (64), 8/5/14 (75)
BEC - 11/19/12 (70), 2/25/13 (72), 11/21/13 (73), 1/21/14 (73), 8/30/14 (72), 11/24/14 (75)
AUD - 4/22/13 (65), 10/12/13 (79)

I'm done!!!

Ethics - Pass

[misanthrope87]

Ugh I'm so not ready, but when is anyone ready for Far? See you guys during the wait.

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

[Anonymous]

GOOD LUCK tomorrow!! You are going to rock it!! Remember, I'm here to help the curve in your favor.

I just took a progress test F1-F5 and got above 90%. I still have to go over Pensions, CF, Gov't acctg & NFP…yes, all the major topic…I SUCK:( Hopefully I can do it in a day & half, this is going to be a retake:(((

[jomarie]

Not a good night to have a bad night's sleep. Good thing my exam is at 12:30. Enough time to caffeine up.

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!!

[Author]

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