[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

[TaRenee]

haha! I hear you! Work is kind of slow today as well. I would LOVE to be doing some multiple choice, but it would be too obvious if I pulled out my laptop :/

I've come to the conclusion that I won't be getting a lot of sleep will have to pull “all-nighters” (12am) until exam day.

The signatures aren't showing right now… is this your last exam?

REG [75] 02.27.13(1)
AUD [82] 04.15.13(1)
BEC [79] 05.29.13(1)
FAR [62] 08.26.13(1) [76] 02.24.14(2) - God is able!!! 🙂

Licensed NC CPA

[Zackrampage]

Yeah, I wish I could pull all-nighters but waking up at 5:45am makes it hard. My morning commuter is like 2 hrs which sucks, but I am glad I found a job I like, I will do as Jeff says and absorb as much as I can and pray I get more informational questions than calculation questions, my friends said they had it that way on FAR so fingers crossed. The Sims will totally kill me though! I'm also looking at the NINJA flashcards before bed everyday for various topics each night. This is sadly my first, and I would like to pass FAR before taking others so I don't lose them.

Not sure about the sig, I haven't created one yet. Just found about this site 2 weeks ago lol. Do you work as well?

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

[Zackrampage]

Yeah, I wish I could pull all-nighters but waking up at 5:45am makes it hard. My morning commuter is like 2 hrs which sucks, but I am glad I found a job I like, I will do as Jeff says and absorb as much as I can and pray I get more informational questions than calculation questions, my friends said they had it that way on FAR so fingers crossed. The Sims will totally kill me though! I'm also looking at the NINJA flashcards before bed everyday for various topics each night. This is sadly my first, and I would like to pass FAR before taking others so I don't lose them.

Not sure about the sig, I haven't created one yet. Just found about this site 2 weeks ago lol. Do you work as well?

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

[TaRenee]

@Zackrampage wow! 2 hours commute! there is just no way.

Yes, I work full time, but the company I work for is VERY flexible. So I don't come in til about 8:30.

I think it is VERY SMART that you knock FAR out first!!! Seems like you have a good study routine, just stick to it 🙂

I am also hoping for more informational questions on my exam!!!!!!!

REG [75] 02.27.13(1)
AUD [82] 04.15.13(1)
BEC [79] 05.29.13(1)
FAR [62] 08.26.13(1) [76] 02.24.14(2) - God is able!!! 🙂

Licensed NC CPA

[TaRenee]

@Zackrampage wow! 2 hours commute! there is just no way.

Yes, I work full time, but the company I work for is VERY flexible. So I don't come in til about 8:30.

I think it is VERY SMART that you knock FAR out first!!! Seems like you have a good study routine, just stick to it 🙂

I am also hoping for more informational questions on my exam!!!!!!!

REG [75] 02.27.13(1)
AUD [82] 04.15.13(1)
BEC [79] 05.29.13(1)
FAR [62] 08.26.13(1) [76] 02.24.14(2) - God is able!!! 🙂

Licensed NC CPA

[Zackrampage]

@TaRenee Commute is a mess, but finding a position was hard, so I am glad. 8:30am is early. Most people are reverse. They do better on the exam with number questions, while getting tricked up on informational questions, I do better on the ones that ask for facts, guess everyone is different! Tomorrow and Frikday I will barely be able to study because I am at a client :/

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

[Zackrampage]

@TaRenee Commute is a mess, but finding a position was hard, so I am glad. 8:30am is early. Most people are reverse. They do better on the exam with number questions, while getting tricked up on informational questions, I do better on the ones that ask for facts, guess everyone is different! Tomorrow and Frikday I will barely be able to study because I am at a client :/

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

[Kenada]

Does anyone know if Kels47 made it ?

FAR 05/27/14; 786/110 - Done !

[Kenada]

Does anyone know if Kels47 made it ?

FAR 05/27/14; 786/110 - Done !

[rvcpa]

For its first year of operations, cable corp recorded a 100,000 expense in its tax return that will not be recorded in its accounting records in it until next year. There were no other differences between its taxable and financial statement income. Cable’s effect tax rate for the current year is 45% but a 40% rate has already been passed into the law for next year. In it’s year-end balance sheet, what amount should cable report as deferred tax asset (liability)

A) 45,000 asset

B) 40,000 asset

C) 40,000 liability

D) 45,000 liability

Correct answer is C. Can someone explain why? and why its not B?

[rvcpa]

For its first year of operations, cable corp recorded a 100,000 expense in its tax return that will not be recorded in its accounting records in it until next year. There were no other differences between its taxable and financial statement income. Cable’s effect tax rate for the current year is 45% but a 40% rate has already been passed into the law for next year. In it’s year-end balance sheet, what amount should cable report as deferred tax asset (liability)

A) 45,000 asset

B) 40,000 asset

C) 40,000 liability

D) 45,000 liability

Correct answer is C. Can someone explain why? and why its not B?

[teeteenounouche]

rigouventura, I am still reviewing this so forgive me if the explanation is a little crude…

From my notes, the 100K expense included in Taxable Income and not Book Income will lead to Taxable Income being greater than Book Income at some point in the future (when the expense is recorded in the accounting records) which will cause an additional amount of income taxes to be paid in the future. Therefore, this creates a Deferred Tax Liability of 40K (100K X 40%).

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

[teeteenounouche]

rigouventura, I am still reviewing this so forgive me if the explanation is a little crude…

From my notes, the 100K expense included in Taxable Income and not Book Income will lead to Taxable Income being greater than Book Income at some point in the future (when the expense is recorded in the accounting records) which will cause an additional amount of income taxes to be paid in the future. Therefore, this creates a Deferred Tax Liability of 40K (100K X 40%).

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

[Kristen85]

25 days away and I feel like its finally clicking. Thank. God. My scores are going up in WTB and although I sound like an idiot because I talk to myself as I'm working each problem its working. Also I think the Ninja 10 point combo was a godsend. Its my foundation but I realize if I truly know the notes verbatim and I don't rush through the question (as I want to) I can answer most of them. Thanks Jeff for that but I guess the true test will be on the 27th.

FAR- FEB '14
AUD- April/May '14
BEC-TBD
REG-TBD

[Kristen85]

25 days away and I feel like its finally clicking. Thank. God. My scores are going up in WTB and although I sound like an idiot because I talk to myself as I'm working each problem its working. Also I think the Ninja 10 point combo was a godsend. Its my foundation but I realize if I truly know the notes verbatim and I don't rush through the question (as I want to) I can answer most of them. Thanks Jeff for that but I guess the true test will be on the 27th.

FAR- FEB '14
AUD- April/May '14
BEC-TBD
REG-TBD

[Author]

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