[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

[stoleway]

@jrosen92770

You're right

Starting my power weekend right now, see you guys in 2hrs time

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

Mass-CPA

[jrosen92770]

Spartan is that for pensions? I guess that is the P in PUFE R?

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[jrosen92770]

Sorry I am assuming you use Becker.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[rvcpa]

anyone up to throw a few questions at me? I have completed everything on the wtb and have my exam on thurs.

[jrosen92770]

what is the entry to record inventory under a periodic system? Also, how is COGS measured?

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[jrosen92770]

During periods of rising prices, under lifo, what is the impact on the following:

cogs

profit

tax liability

inventory

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[NJPRU]

COGS would increase

Profit would decrease

Inventory would decrease

tax liability would increase

i think..

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

IM GOING TO BE A CPA!!!!!

[jrosen92770]

The only one I question is tax. If income going down, tax liability going up?

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[NJPRU]

I was taking a wild guess with the tax one, Gleim didn't really cover the tax position with that scenario.

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

I would think if your profit is decreasing your tax would decrease as well. No?

[NYCaccountant]

Be careful with that question. If I remember correctly, there is a conformance rule for Lifo. If you use lifo for tax purposes, you must use it for book purposes. So there would be no temporary difference as a result.

During periods of rising prices, Lifo would produce a smaller net income, which would save you taxes. You cogs is being measured at later prices, which would mean higher prices.

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

[NJPRU]

thanks for the explanation NY!

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

IM GOING TO BE A CPA!!!!!

[SpartanCPA]

Each of the following is a component of the changes in the net assets available for benefits of a defined benefit pension plan trust, except:

a. The net change in the actuarial present value of accumulated plan benefits.

b. The net change in fair value of each significant class of investments.

c. Benefits paid to participants.

d. Contributions from the employer and participants.

Please explain your answer as well.

AUD - 01/18/14 - 81
BEC - 05/29/14 - 85
FAR - 07/18/14 - 81
REG - 11/18/14 - 80

Becker CPA Review
NINJA Audio
Michigan State University

[WileyoleYaeger]

Is anyone else here? I started studying for FAR (using Yaeger) 3 weeks ago. I am halfway through the program, and to test where I was at I went and tested myself using the Wiley test bank. I am getting 60's, and I am worried. D-Day is April 29 so I am still a month out. Any suggestions? Retake the courses? Finish the Yaeger program and focus on Ninja Notes? Just handle Ninja notes and keep doing MCQ's? I am just really nervous as I have never been great at studying, and I have been even worse at test taking.

[stoleway]

@Spartan

Correct answer is A

The net change in the actuarial present value of accumulated plan benefits.

This change does not affect Pension Assets, it is recognized as a gain or loss.

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

Mass-CPA

[Author]

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