[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

[HopefulCPA0601]

@jpowell – i just did a question on nfp with board designated funds and how to account for them, and per my notes “designation of boards as to use of income from investments in neither a change in restriction, nor a change in rev exp. No required reportable event

and for govt, i mean committed, like when the board designates/sets aside/commits any assets, they stay as unrestricted as you said because they change their mind haha so you dont reclassify

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

[jpowell31]

sorry i misstyped i did agree and mean NFP = unrestricted!

[D C]

yah, only external parties can restrict funds for a specific purpose… internal board cannot…they try to catch you on this one to think they are restricted funds…

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.

[jpowell31]

i remember first going over this stuff and all the words (committed, restricted, assigned…) = restricted in mind. MIND GAMES. but now it's all clicking and seems obvious…which is good i hope. now for that to happen for the other 18471 topics i would like to get down pat in 1 week!

[jpowell31]

random tidbit i just learned: AFS securities: unrealized gains/losses always go to OCI, we know. under IFRS it's the same except for Foreign exchange unrealized gains/losses on DEBT securities (foreign exchange unrealized gains/losses on EQUITY go to OCI per norm). FYI

[jpowell31]

that meant to continue to say foreign exchange gain/loss on DEBT securities s/b reported on IS.

[D C]

Question: When doing JEs in simulations, does the order of certain items matter? Instructions to use a specific order was not provided.

For example I just did a Ninja SIM that asked me to do JEs under cost/fv method and also under the equity method.

For Cost method I included the dividend income first and then the end of period fair value adjust. All my numbers were correct. In the solution they have it marked wrong because they did the year end adjustment first and then recorded the dividend revenue..

Eqquity method…. i did the investment income 1st and then the reduction for the dividend. which is the way they had it and therefore was marked right..

I hope someone is actually looking at them for substance over form. It should not matter as long as the JEs are the correct accounts, numbers and in the correct period.

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.

[HopefulCPA0601]

@DC – i think on the actual exam the order of your entries shouldn't matter

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

[jpowell31]

i hope not either. if i'm remembering that stuff exam day they better give me credit!! i see where they're coming for. but…in the end it all washes if it's right so WTF.

hopefully the SIM software we get isn't as good as the real exam? judging by the fact we're told to actually enter zero's and put negative numbers in a certain way, though…i don't have much confidence.

[D C]

Yeah, i'm sure they have to take a look at them..

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.

[ahugemistake]

Hi guys, my exam was yesterday and I don't have a very good feeling about it. First of all let me just say that, the questions in this thread really had me panicking about what to expect. I memorized the 2014 released questions all morning, on the train ride there I listened to jeffs ninja notes. Just trying to squeeze every little piece of knowledge.

When I started the exam it was cake, all three testlets were cake infact. This is what scared me. There were barely any complex computation questions, everything was super straight forward. The SIMs were not really that complicated either, just had to know your JEs. I spent a lot of time on NFP/GOV sections so it helped but even those questions were really really straight forward.

So I don't know what to expect, if anything I feel that I over prepared?

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[jpowell31]

that sounds like an exam i want to take!! hope you did awesome!

[ahugemistake]

Doesn't it mean that if the test lets were all easy then more than likely I was doing really bad?

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[jpowell31]

it's your first time so it's not really fair to say….for example my first audit exam seemed super easy (71) – granted i didn't really know what i was getting into (i didn't do any optional questions or SIMs or practice exams-i thought college was pretty easy, i deal with auditors all the time and know what they need) so it probably meant i was doing worse and getting easier testlets.

my BEC exam seemed super easy (85) so either it was getting easier but then i nailed all questions and WC, which would be pretty lucky… or i just knew my stuff. i see other people breeze through other exams and struggle with BEC (and they're the ones posting stuff on here that i'm like wait WTF is that!) so it really has to depend on what you are prepared for and how you manage your time i think.. too many variables go into it = be confident going in. don't be coming out! ha

[HopefulCPA0601]

@ahugemistake that sounds awesome!!!

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

[Author]

Replies