[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. 🙂

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

[How many letters do you need]

CPAMom-I'm with ya. Luckily, my quarter end responsibilities have been reduced in recent quarters, but I have a month end that will suck at least half of my study time next week (plus no more MCQs at work :(. Add to that I'm out of town next weekend, and that leaves me 19 days but only two weekends until exam day and a month end thrown in. Stressed? naaaaaa…..

MBA,CMA,CPA, CFF?, ABV?

[Anonymous]

I expect to work 10-12 hour days next Tues, Wed, Thurs, and Fri. 🙁 Next weekend will be a power weekend for sure! My last weekend before the test.

[NJPRU]

Quiz before the quiz:

Goodwill arises from a business combination. For the purposes of impairment testing, IFRS provide for goodwill to be allocated to which components of the acquirer’s entity?

A. Cash-generating units that benefit from the combination.

B. Reporting units

C. Operating Units

D. Long-lived tangible assets affected by the combination.

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Anonymous]

Happy study day everyone!!

Today I concentrate in business combinations. Don't like that area but I'll do every McQ in WTB to make sure I fully understand it.

[ChristieF]

I'm finishing up Inventory and focusing on Fixed Assets and then after that all the Present Value stuff; bonds, Pensions, leases,etc. today. Let's see how much I get through. I'm already having issues with some of the fixed assets stuff…. or.. maybe I'm just not paying attention to what I'm studying, which is possible. 🙂

[stoleway]

@NJPRU

Answer is A

My turn….

How do you treat Cummulative prefered dividend when calculating EPS under the following ?

a) Net income

b) Net loss

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Anonymous]

FAR Gurus – So during my study, I didn't focus much on SIMS because they take forever. Instead I focused on understanding the material better. Now, I am really worried that I will bomb them on exam day. I have a week left for exam. Should I set aside 6-8 hours doing SIMS for some key areas? Or keep pounding MCQ's? Areas I might focus for SIMS would be deferred taxes, partnerships, stockholder equity, bonds, pension. What should I do?

[Anonymous]

@Cracked- everyone works different.. I really don't worry about SIms because I learn more reading and understanding the information.

Maybe working on a few Sims is good but don't drive yourself crazy over them. That's my opinion 🙂

[NYCaccountant]

@ Cracked you need to have a very good understanding of the material for the SIMS. Know your journal entries, but more importantly, understand conceptually what's going on.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[Anonymous]

Thanks for tip NYC and Ale. I am thinking of re-writing JE's for all the major topics during final review. This will be one hellava week!

[Liss, Master of Coin]

Hi all,

Can someone help me with patents? My notes from Roger says to amortize over the shorter of useful or legal life, maximum 20 years

But today, in WTB, (question FA-0089) it says “a patent is to be amortized over its useful life, not to exceed its legal life of 17 years”.

So does anyone know, is it 20 years or 17 years?

I've gotten this wrong in the past and I'm pretty sure it's bitten me in the butt.

Any help would be much appreciated.

THANK YOU!!

CPA (MA, Non-Reporting)

The difference in winning & losing is most often, not quitting - Walt Disney

B - 33, 71, 79!
A - 32, 61, 70, 83!
R - 33, 58, 73, 69, 81!
F - 47, 78! 🙂
After 3 long years, I'm finally DONE!
I could not have done it without NINJA MCQs.

Used: Roger for his Videos, WTB, and NINJA Audio, Notes and Test Bank.

[ChristieF]

@liss_ will_be_a_CA_CPA;

I could be wrong, but I'm sure someone will step in and say something. I was working on a similar question today, but the useful life was 10 years while the legal life was 17 years. So I had to calculate using the 10 years as opposed to the 17 years. My questions are showing up in a different order than yours, otherwise I could double check, but I think that the maximum at all that can be used is 20 years, but you always use the shortest time frame whether it be the legal life or the useful life, not to exceed 20 years. Hope that helps, and makes sense! 🙂 And if I'm completely wrong, please someone school me, lol.

[MikeHoncho]

I'm pretty sure the patents legal life is twenty years. BUT when the patents useful life is less than its legal life, it is amortized over the useful life (ie amortize the patent over the shorter of the legal life or useful life)

Done: 5/22/14

"Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut."
- Ernest Hemingway

[MikeHoncho]

You beat me to it Frosty

Done: 5/22/14

"Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut."
- Ernest Hemingway

[Liss, Master of Coin]

Thanks so much Frosty and MikeHoncho.

It sounds it's my Roger note of a maximum legal life of 20 years is correct then.

So if a patent's useful life is 18 years, then it'd be amortized over 18 years. But if a patent's useful life was 25 years, then it'd be amortized over 20 years.

I think I got it…

Thanks!

CPA (MA, Non-Reporting)

The difference in winning & losing is most often, not quitting - Walt Disney

B - 33, 71, 79!
A - 32, 61, 70, 83!
R - 33, 58, 73, 69, 81!
F - 47, 78! 🙂
After 3 long years, I'm finally DONE!
I could not have done it without NINJA MCQs.

Used: Roger for his Videos, WTB, and NINJA Audio, Notes and Test Bank.

[Author]

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