[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

[Wanna_B_TXCPA2014]

@oilgas I working on my frame work for understanding bonds and here's how I trying to conceptualize.

Market > Stated = Discount If the market pays more than Iam offering I have to take less to get people to buy the same thing

Market< Stated= Premium If I pay more than the market people have to pay me more for the same thing

Interest payable- The amount I said I would pay (Face x Stated Rate)

Interest expense- The amt I have to pay based upon effective rates (E in expense and effective) Net Book value x Effective rate

The difference between these two amts are what move the discount or premium recorded due to the differences in rates.

The one thing Im still working on with this concept is how to keep it straight of when to used face value vs book value

[Anonymous]

Damn it people! I actually knew that one, but I was busy quizzing and am just now checking the thread. Somebody please ask something about A/R or Inv so I can feel smart for a change. 🙂

[Wanna_B_TXCPA2014]

@tee tee My gawd stuff like this is so maddening, because of all that you have to go through for a seemingly simple question. My problem with alot of thse MCQ's is knowing the difference of when to walk vs run you know? Is it reasonable to journalize every question?

[Wanna_B_TXCPA2014]

@cpamommy if youre the expert on those 2 items we'll talk soon. I am Dyson when it comes to inventory and Cash to Accrual conversion

[teeteenounouche]

I think if we practice doing it the long way now by writing out the JEs, during the exam, it will come to us faster and we will know exactly what to answer regardless of what they ask…

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[Wanna_B_TXCPA2014]

I had to take a study break to go pour a double. Cheers to all of us hard charging CPA Candidates working while others are partying or sleeping!

[Anonymous]

@wannabe–You should scroll back through pages 6,7,8 of this thread and search for NYCAccountant. If I remember correctly he posted a really good explanation about cash to accrual accounting. When I get to my review of that section I'm going to go look for that post. It could be in the Q1 thread though. I can't remember since I was part of both threads. I'm happy to help with anything I can. It would be nice to be able to answer one question correctly in this study group.

[oilgaslb]

@mommy…can you please explain the difference between perpetual and periodic inventory methods? 😉 😉

[Wanna_B_TXCPA2014]

@ cpamommy I saw that and remember thinking “I should cut/paste this in Word” but I never did. I will add that to my study task list. Looks like it will be another Power Weekend for me so I should have some time to work it in

[Anonymous]

@wanna–You can just go to each page and do a CTL + F to find “NYCaccountant” and look at everything he has posted. I'm also looking at everything “Pocketswithcash” posted as well. They know this stuff backwards and forwards.

@oilgas–Perpetual is when inventory is updated with every sale/return/purchase so COGS and INV are always accurate (with the exception of losses/theft which can only be detected with a count). Periodic is when inventory sold is only updated when a count is done. After the count, entries are made to record the COGS and INV to make those accounts accurate. I remember it by thinking Periodic means inventory is only updated periodically, not constantly. The issue with periodic is that COGS may not actually be accurate because you aren't tracking losses/theft. If you book simply based on the count you really don't know how much was sold versus stolen. Was that were you were asking or did you want more explanation on the effects of the different costing methods (LIFO, FIFO) to the two different systems?

[Anonymous]

@oilgas–I know you were just being silly with that question, but it actually did make me feel good to write something accurate so I answered you anyways. Thanks for that!

[NYCaccountant]

How is the studying TEETEE? I was going to email you, but been busy with BEC and Auditors all week.

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

[teeteenounouche]

It's going ok, trying to write out notes right now and stop myself from looking at the calendar lol

Thanks for checking in…how's BEC treating you?

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[NYCaccountant]

It's well, to good, to ok lol. I was having issues with cost accounting, but I got it now. I'm doing well on each chapter and I have one chapter left. Hopefully I can be one and done with BEC as well and move on to Audit. I can see the light at the end of the tunnel lol.

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

[Anonymous]

I just had an Ah Ha moment. I always wondered why my boss used DR and CR when she wrote out journal entries. I adopted the same method 6.5 years ago, when I started working for her. She took Becker when she was studying for her CPA and I just saw from Becker that is what they teach. I still don't know what the R is for, but it's nice to know where it came from.

[Author]

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