[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

[Anonymous]

Really makes me want to watch Breakfast Club or Sixteen Candles. 🙂 How is everyone's studying going?

[How many letters do you need]

Brooklyn: I know the feeling. My thoughts all along have been: If all else fails and there are things I don't get after 7 weeks of study F understanding and just try to memorize what I can in the final week (this is where the NINJA notes become especially helpful IMO). The glaring truth is, if you don't get it in 7 weeks and (at least for me) 100+ MCQs on the topic, you probably never will. For my true trouble areas, consllidations, taxes & government, I just rewrote the NINJA notes, retyped my rewrites to consolidate with the rest of my personal notes (which include specific weaknesses in those areas) and plan to just memorize away–hoping I can get at least half of it to stick. I think it's so much more productive than continuing to bang your head against the book trying to get it. Of course it can hurt you if a SIM comes on that topic but to me, you could spend your last week trying to get these topics down and still be in the same place. Just know you are not alone..I think we all have a few of these topics that just aren't going to stick…

MBA,CMA,CPA, CFF?, ABV?

[How many letters do you need]

CPA Mom-Was feeling a little sick today (stupid dirty Vegas) and rather than risk pushing myself and getting sick for the exam coming up in 6 days I just took the day off. I've done 120 MCQs so far and doing well, scoring in the 80s for most topics. Also trying to stretch my MCQ sessions into 20 and 30 question sets (rather than the 10 that I usually do) in an attempt to get my mind used to longer sets. Notes are ALMOST done (I seem to add more everyday…) so I'm just reviewing those and doinig MCQs.

How is your studying goinig? When is your exam??

MBA,CMA,CPA, CFF?, ABV?

[Anonymous]

It sounds like you're doing great howmany! My exam is Saturday and I am not scoring in the 80s for most sections. 🙂 I have 5 areas that I am still having trouble on and they are big areas. I am going to keep plugging away at those tonight and I'm going to get a little tutoring on Thursday as a last ditch effort. If I still don't get them at that point then I'm going with your plan of just memorizing what I can. I have the day off on Friday to drill as much crap into my head as possible and then Saturday is D-Day. We'll see. I'm pretty calm at this point. What shall be, shall be.

[Anonymous]

Agree. I've come to the realization that I can't know everything. That's how I've walked into each section so far. This exam is brutal with the amount of information that my brain needs to retain. I only have so much brain space available and I'm pretty sure I've gone and kicked out some useful information that was previously stored in there. For instance, the area of my brain that remembered family and friends birthdays is pretty much gone and replaced with governmental funds. Thank God for Facebook reminders!!!!

[NJPRU]

everyone.. ready… breeeeathe in…. and then… out… rinse and repeat. 😀

you will all do fine! 🙂

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

IM GOING TO BE A CPA!!!!!

[How many letters do you need]

Brooklyn: Who needs family and friends when you have governmental accounting to fill your life? 😉

MBA,CMA,CPA, CFF?, ABV?

[SpartanCPA]

During January of the current year, Haze Corp. won a litigation award for $15,000, which was tripled to $45,000 to include punitive damages. The defendant, who is financially stable, has appealed only the $30,000 punitive damages. Haze was awarded $50,000 in an unrelated suit it filed, which is being appealed by the defendant. Counsel is unable to estimate the outcome of these appeals. In its current year financial statements, Haze should report what amount of pretax gain?

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

[Anonymous]

My guess would be $30,000 for pretax gain.

[Anonymous]

$80,000 because the initial lawsuits were settled and they were awarded

[How many letters do you need]

Im going with the $15K. Since the appeals are not estimatable (and are still only included in notes, even if they are), I think only the $15K which is not appealed can be recognized.

MBA,CMA,CPA, CFF?, ABV?

[Anonymous]

I like it when there are 3 different possible answers. LOL

Okay, I am changing my answer to $15,000 because it's no longer being appealed. (I thought I first read, the defendant was only agreeing to the extent award of $30,000) Defendant shall pay $15,000 and has already acceded after the court has awarded it.) Only the amount of double punitive damages is being appealed.

For the $50,000 that has already been awarded, and yet being appealed as the court allows, can still (possibly) be overturned and the outcome cannot yet be determined. So it cannot be recognized yet following the conservatism principle in accounting.

[NJPRU]

never mind 🙂 celebrateeeee and eat oreos.

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

@Amor–I think you mean it should be $15,000 because the $30,000 is still being appealed. I agree with your analysis. I just think the wording sucks. If they have already been awarded it then I think it should be booked and IF the chance that they will lose the appeal becomes probably and estimable then they should accrue for the loss when that occurs. I don't know. We need an answer! Come on Spartan–You can't string us along for 30 minutes. 🙂

[Anonymous]

Yes MommaBear. The wording got me at first. So I kept editing my next post. Whew. English English English. If locals find their wording misleading, how much more for non-native English speakers like me. LOL

[Author]

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