[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

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

[Guti]

HopefulCPA0601, so for tax purpuses,we use the installment method, and for book, we use accrual?

So I guess this is the only exception where cash collected is not recognized in full for tax purposes.

FAR-84
AUD-
REG-
BEC-

[HopefulCPA0601]

You use the installment method for both, but for tax purposes you use cash basis so you do not accrue for the A/R deferred gp when you calculate your income. You only take the percentage of your earned cash. Installment sales are really weird, I would just note to remember that installment sales are going to result in a DTL.

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

[Guti]

I was not assuming a cash sale. It wouldnt be an installment if it was a cash sale. My example was based on cash collections to AR.

FAR-84
AUD-
REG-
BEC-

[IWPGirl]

@anjanja: Anna, I am not sure what software you are using but I would definitely supplement governmental and NFP with Ninja MCQ. I used Becker and I was ready to give up, but this section can make it or break it. I did Becker and Ninja MCQ once during studying session and for the second time during review. Ninja answers are very concise and down to the point.

AUD - 90
REG - 78
BEC - 84
FAR - 91 woo hoooo!!

Becker and Ninja MCQ

[Guti]

This is very confusing because dont forget that at the end of the year you reverse an installment sale, and you are left with a deferred gross profit only. As you received cash from your AR, you will start recognizing the profit as a percentage of cash received, but for tax purposes, you use full cash received. That is the main difference between book income and tax income. The only logical explanation is the we use installment sales for tax purposes.

Can someone help us figure this out?

FAR-84
AUD-
REG-
BEC-

[Anonymous]

IWPGirl,

I am using ninja and gleim mcq's, but it seems like I make same questions again

[Anonymous]

Gian,

If you use installment method for both, there would be no DTL or asset. If you use accrual method for your book income and installment method for tax, there will be DTL. There is no way you could use installment method for books and accrual for tax

[Guti]

anjanja, that is exactly what I was thinking. The DTL could only come about if you are using the accrual method for books, and installment for taxes. I could not get a DTL by using the installment method for book purpuses, and that why I got confused.

FAR-84
AUD-
REG-
BEC-

[D C]

Whats up all… i spent the last 2 days going thru all my notes/and book consolidating my notes into one massive review package. its about 75 pgs. But has 90% of the JEs, formulas, and quick notes i jotted down when i got questions wrong.

Now I will just review this for a couple hours each morning and do non-stop mcqs and sims. Plus review my flash cards. I listen to ninja audio when I run/workout.

I bought the 10 point package …should I just used Ninja MCQs or do becker materials only? I am thinking of splitting it 50/50 -Pogress Test for all sections in becker and ninja mcqs. Will try to do at least 200 MCQs per day and 2 SIMS…

what is everyone else doing for final review?

B - 80
A - 71, 67, 77
R - 71, 77
F - 72, 77
DONE!!
Becker Self-study all the way! Did use Ninja Notes & Audio for FAR.

[Guti]

I am splitting it 50/50 -Pogress Test for all sections in becker and ninja mcqs. Will try to do at least 90 MCQs per day and 4 SIMS. Whar is your average thus far on Becke progress test and Ninja>? If you get more than 85%, you should work on more simulations.

FAR-84
AUD-
REG-
BEC-

[jstay]

i really don't get how people put in 150 hours for FAR and only use becker and pass…and I'm supposedly a “good accounting student”

[D C]

Well i spent 2 weeks going thru each section in becker using my “old material” and doing just progress test for those each section. I had taken some time off after my 1st attempt so some sections were discouraging and some were not so bad. So not sure about my average yet.. to be honest probably around 60%…… seems like I forgot a lot. I think you have to get in a zone before taking this exam. I was pretty close last time cause I was living and breathing this stuff (took a week off before the exam to study). I am doing the same this time as well but I must pass this time….

I am ready to just hit the MCQs and SIMs hard. I think in about a day or so I will know my average. I want to give this adaptive testing thing a try. But will do both becker/ninja.

I def need to work on decreasing my time on MCQs so I leave more time for SIMs which def was the reason I did not pass last time.

B - 80
A - 71, 67, 77
R - 71, 77
F - 72, 77
DONE!!
Becker Self-study all the way! Did use Ninja Notes & Audio for FAR.

[Guti]

jstay, i think those are the students who just graduated from college.

FAR-84
AUD-
REG-
BEC-

[Guti]

jstay, i think those are the students who just graduated from college.

FAR-84
AUD-
REG-
BEC-

[jstay]

gian, in that case..i should be golden..im going into my senior year. one thing is beneficial i think is that i took intermediate 2 last fall so i still kinda got the TS and pensions and all that..but still, the cap exam isn't like school, you need to bring it to a whole new level. i mean half this crap was never even brought up (ok maybe I'm over exaggerating a bit)

[Author]

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