[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

[Anonymous]

@Tanaya

In ACTUAL year of operating loss and you elect to use both the carryback and carryforward option; you record both Receivable AND Deferred Tax Asset.

Dr Income Tax Receivable

Dr Deferred Tax Asset

Cr Tax Benefit

Then in the carryforward year where you get to use your deferred tax asset (it is a reversal) and works like every other deferred tax asset reversal, it reduces your taxes payable and increases your income tax expense.

This is because your ACTUAL Taxable Income decreases by the carryforward loss amount so your taxes payable will be less that if you had no carryforward.

Dr Income Tax Expense

Cr Income Tax Payable

Cr Deferred Tax Asset

Valuation Account: A valuation is needed when it is more likely than not (> 50% chance) that a deferred tax asset will not be realized. Valuation is NOT permitted for IFRS.

In valuation, you book a FULL DTA (Dr.) but on your credit side, it is split between valuation (the unrealizable portion) and Income Tax benefit (realizable portion).

Dr Deferred Tax Asset

Dr Income Tax expense- current

Cr Deferred Tax Valuation allowance (unrealizable portion)

Cr Income Tax benefit- deferred (realizable portion)

Cr Income Tax payable

Hope this helps!! Good luck studying!

[zakahracw]

@Tanaya, I can't believe I missed that. Duh 480/2 is 240.

Thanks

~Z

"Live your Best Life"

[kels417]

Well the big day is tomorrow and I'm eerily calm. Redid the mcq in 2 of my weaker areas and improved quite a bit on each. Plan on going through flashcards and reading through my notes to round out the evening. I have all of the calculations memorized, all the mnemonics memorized, and am feeling pretty good. I hope to keep my confidence up while in the exam! That's the tricky part.

Illinois
Becker self study | Becker flashcards | Gleim | self written notes | WTB

AUD - 74, 75 Passed! (Expires 1/2/2014)
BEC - 78 Passed! (Expires 2/6/2014)
REG - 70, 70, 72, 74, 76 Passed!!
FAR - 72, 66, 69, 67

[Anonymous]

Can someone pleaseeeee explain to me an easy way to understand cash to accrual or accrual to cash. I swear every question I've gotten that asks me to find accrual income based on cash or the other way around I've gotten wrong 🙁 Also, I finally scheduled my exam for 8/9! Which would give me about 8 study days from the time my Becker online class finishes…I am probably crazy for not giving myself at least 3 weeks to study but AUD class starts on 8/12 and I want to have this test done with by then.

[HustlinHustlin]

@CPA Dillemma – Cash accounting does make only records the receipt and disbursement of cash when they actually physically have it, as opposed to when it is earned (under accrual).

There are no receivables or payables. If they delivered a newspaper and have billed the client – too bad, they don't get to record anything until the client pays.

Could anyone else help me with how to remember governmental JE's? It seems like there are so many accounts similar to each other and I get so backwards….

B 71 - 79 EXPIRED
A 69 - 75 EXPIRED
R 65 - 48 - 45
F 56 - 61 - 65 - 64

Becker, Wiley Test Bank, Wiley Text and Ninja Notes

"The fish who keeps on swimming is the first to chill upstream" -311

Experience - Done, like WAAAY done.
Still need 30 more credits, in basket weaving (gotta love new CA requirements)

[LT-P]

@21yearoldcpa wow thanks for typing that all up for me!! It definitely helps!

- passed all 4 exams on my first try using Becker!

Ethics: TBD

[thehip41]

“I can't figure out why the Answer is C. A credit of $240,000

The Town of Oceanview budgeted $500,000 for the purchase of two fully equipped fire trucks during the fiscal year ended December 31, Year 1. The Town issued a purchase order for the acquisition of both trucks for a total for $480,000 on February 1, Year 1 and accepted delivery of one of the trucks, valued at $280,000 on March 31, Year 1. As a result of this delivery of one of the ordered vehicles, the Town of Oceanview General Fund would record a:

a. Debit to encumbrances for $240,000.

b. Debit to appropriations control for $280,000.

c. Credit to encumbrances for $240,000.

d. Debit to property and equipment for $280,000.”

on 2-1

Encumbrance 480,000

Reserve for Encumbrance 480,000 Doesnt matter that they budgeted 500,000 for this JE

On Date of Delivery

reverse the ENC entry, but in this case, it's only 1/2 trucks, so 50% of the amount

Reserve for Encumbrance 240,000

Encumbrance 240,000

Expenditures – (whatever they classify the truck as) 280000

Cash or Accounts Payable 280000

FAR - 83
AUD - 73 92
BEC - 83
REG - 88

Licensed CPA in the state of Michigan

[Topsya]

Hey guys!

Could you please help me to make a Journal Entry for the following situation:

On January 1, 2004, Dorr Company borrowed $200,000 from its major customer, Pine Corporation, evidenced by a note payable in 3 years. The promissory note did not bear interest. Dorr agreed to supply Pine’s inventory needs for the loan period at favorable prices. The going rate of interest for this type of loan is 14%. Assume that the present value (at the going rate of interest) of the $200,000 note is $135,000 at January 1, 2004. What amount of interest expense should be included in Dorr’s 2004 income statement?

is it

Dr. Cash $200,000

Cr. N/P $200,000

OR is it

Dr. Cash $135,000

Dr. Discount on N/P $65,000

Cr. N/P $200,000

THANKS !!!!!!

AUD - 90
FAR - 83
BEC - 81
REG - 80
ETHICS - 100

[Topsya]

oh, and here is another one

I am also struggling to make a Journal Entry

Leaf Co. purchased from Oak Co. a $20,000, 8%, 5-year note that required five equal annual year-end payments of $5,009. The note was discounted to yield a 9% rate to Leaf. At the date of purchase, Leaf recorded the note at its present value of $19,485. What should be the total interest revenue earned by Leaf over the life of this note?

THANKSSSS

AUD - 90
FAR - 83
BEC - 81
REG - 80
ETHICS - 100

[Anonymous]

Greetings FAR Ninjas – I'll being joining you guys for the next month and half. I'm scheduled to sit for FAR for the 5th time (and hopefully the last) on August 29th.

The brand new shiny 2013 Roger FAR review arrived yesterday and will also be using the Wiley TestBank and Ninja notes.

Any and all suggestions, advice, jokes and encouragement are welcome 🙂

[peko8535]

Hey guys,

My names Pete and I'll be joining you for the FAR exam study group. I have my test scheduled for August 1st, but am most likely going to move it back to the 24th, due to a lack of commitment to studying and my love for beer! First time taking the CPA exam and I am learning how much of a commitment this really is!

I am using Becker Self review study and should be done with reviewing all 10 chapter by the end of the week. Started studying in early June, and plan on giving myself 4 weeks of review for all the material since I am pretty hazy on the earlier chapters. I hope I can be of help to some of you on here and receive some help as well!

Lets bang this out!

FAR - Passed! 8/23/13 (Becker Self Study and Ninja Audio)
REG - Passed! 7/24/13 (Becker Self Study and Ninja Audio)
AUD - Passed! 8/25/14 (Becker Self Study and Ninja Audio)
BEC - Passed! 11/23/14(Becker Self Study and Ninja Audio)

Now Gimme my Bonus!!!

[kels417]

Holy hell. Just got home from exam. Check out exam experience thread for my thoughts. Horrible, to say the least. I want to cry.

Illinois
Becker self study | Becker flashcards | Gleim | self written notes | WTB

AUD - 74, 75 Passed! (Expires 1/2/2014)
BEC - 78 Passed! (Expires 2/6/2014)
REG - 70, 70, 72, 74, 76 Passed!!
FAR - 72, 66, 69, 67

[Tncincy]

@kels417,

OMG…I was hoping for good news. I have been in this swing of anxiety all day even though I'm not testing until 31rst. I guess that means study long , study hard, and cry all night.

Well I hope you did better than you think……..way to go at it.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[kels417]

@tncincy I went into it very calm and made it through the mcq without freaking. Simulations was a different story. Yikes! Keep up the studying!

Illinois
Becker self study | Becker flashcards | Gleim | self written notes | WTB

AUD - 74, 75 Passed! (Expires 1/2/2014)
BEC - 78 Passed! (Expires 2/6/2014)
REG - 70, 70, 72, 74, 76 Passed!!
FAR - 72, 66, 69, 67

[LT-P]

ADVICE — Please Help 🙁

I've spent the last 5 days rewriting my notes and I'll finally be done tonight (the 17th). My plan is to:

– dedication each following day (10 days) to each chapter's MCQ's (along with progress tests)

– take 3 days to work thru the SIMS (didn't work thru them during the 1st round of MCQs)

– take the 2 Becker Final Exams the day before the exam

I'm freaking out because I feel like I'm cutting it pretty close, and I'm regretting not working thru the sims ahead of time. Do you guys think my plan is too aggressive?

Thanks!!

- passed all 4 exams on my first try using Becker!

Ethics: TBD

[Author]

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