[jeff]

FAR Resources:

Free FAR Notes & Audio – https://www.another71.com/cpa-exam-study-plan

FAR 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

FAR Score Release: https://www.another71.com/cpa-exam-scores-results-release

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

[rvcpa]

Attacking sims right now. Any advice on how to raise your sims score? I've come to realize that sims are the reason I am 0 for 2 on my cpa exams instead of 2 for 2

[Zackrampage]

Help please

On Dec 31 yr 2 a company changed from LIFO to FIFO. The change resulted in a 175,000 increase in beginning inventory Jan year 3. The company does not maintain the records to identify the effect of the change prior to yr 1 . 30% Tax rate. The cumulative affect of this for yr 3 is:

a. 52,500

b. 175,000

c. 122,500

d. 0

Answer:d, due to retrospective application.

How is retrospective application being 0?

FAR - 62 , End of aug 2015
BEC - 67, 67
AUD - TBD
REG - TBD

[Zackrampage]

Help please

On Dec 31 yr 2 a company changed from LIFO to FIFO. The change resulted in a 175,000 increase in beginning inventory Jan year 3. The company does not maintain the records to identify the effect of the change prior to yr 1 . 30% Tax rate. The cumulative affect of this for yr 3 is:

a. 52,500

b. 175,000

c. 122,500

d. 0

Answer:d, due to retrospective application.

How is retrospective application being 0?

FAR - 62 , End of aug 2015
BEC - 67, 67
AUD - TBD
REG - TBD

[HopefulCPA0601]

Someone please help with bond terminology.. not my strongest subject..

In my head issuer is the borrower – is this correct? I get confused in my mind it would make sense to issue bonds (lend them for money) so the issuer should be the investor. But when reading the material, it seems like issuer is the borrower. Someone please explain in simple terms which is which.

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[HopefulCPA0601]

Someone please help with bond terminology.. not my strongest subject..

In my head issuer is the borrower – is this correct? I get confused in my mind it would make sense to issue bonds (lend them for money) so the issuer should be the investor. But when reading the material, it seems like issuer is the borrower. Someone please explain in simple terms which is which.

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[HopefulCPA0601]

^^ above post – correct me if I'm wrong, after thinking about this more clearly:

Borrower is the issuer. Borrower issues bonds to get cash for needed financing. The investor invests in these bonds, and so he gives cash.

did i get it finally??

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[HopefulCPA0601]

^^ above post – correct me if I'm wrong, after thinking about this more clearly:

Borrower is the issuer. Borrower issues bonds to get cash for needed financing. The investor invests in these bonds, and so he gives cash.

did i get it finally??

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[rvcpa]

Zackrampage- my reasoning is – lifo to fifo is an error correction so it would need retrospective application but because the company does not keep records to identify the cumulative effect the answer is 0. I hope that makes sense.

[rvcpa]

Zackrampage- my reasoning is – lifo to fifo is an error correction so it would need retrospective application but because the company does not keep records to identify the cumulative effect the answer is 0. I hope that makes sense.

[rvcpa]

HopefulCPA0601- the holder of the bond is the lender (creditor), the issuer of the bond is the borrower (debtor),

[rvcpa]

HopefulCPA0601- the holder of the bond is the lender (creditor), the issuer of the bond is the borrower (debtor),

[Zackrampage]

Thanks rigo!

FAR - 62 , End of aug 2015
BEC - 67, 67
AUD - TBD
REG - TBD

[Zackrampage]

Thanks rigo!

FAR - 62 , End of aug 2015
BEC - 67, 67
AUD - TBD
REG - TBD

[lvr21]

Okay, I'll just say I hate bonds, too!! BOOO!

and @Zack & @rigouventura …. I think your reasoning makes sense rigouventura. Does the fact that “what was overstated before is now understanded” have anything to do with it as well??

{R: PASSED!! (I passed one!)}
{B: PASSED!! (Halfway there!)}
{F: PASSED!! (1 left!!!)}
{A: PASSED(I am done!!)}

[lvr21]

Okay, I'll just say I hate bonds, too!! BOOO!

and @Zack & @rigouventura …. I think your reasoning makes sense rigouventura. Does the fact that “what was overstated before is now understanded” have anything to do with it as well??

{R: PASSED!! (I passed one!)}
{B: PASSED!! (Halfway there!)}
{F: PASSED!! (1 left!!!)}
{A: PASSED(I am done!!)}

[Author]

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