[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

[Anonymous]

@DC I thought so! I was getting confused with AOCI & OCI… Thanks so much!

Deferred outflows are like assets, but prepayment of assets. They have a positive effect on net position, because they'll eventually increase it, by the acquisition of resources. Hence, it's reported under assets.

Deferred inflows of resources are like unearned revenue, in thAt your resources will soon be desired, but hVe not been used, though you've received the cash/funding to provide them ahead of time. Eventually those resources will decrease, creating a negative impact/decreasing net position. Hence, it is reported under liabilities.

Their names sound opposite though.

[jpowell31]

FYI to other exam takers on August 14 – i just called my prometric center and they confirmed that everything gets uploaded at close of business that day (i.e. no matter what time you take the exam your scores should be “received” by midnight…) not sure if other centers do it differently but that rests my mind a bit so thought i'd share. i guess you could consider calling your centers as well but i definitely could NOT wait until September to know if i need to take TWO more exams (at least) before April when my REG expires. EFF THIS “JOURNEY”. i'm over it.

okay i'm going to listen to some audio and workout since apparently i'm starting to distract myself…. 🙂

[Anonymous]

jpowell31,

what's foreign exchange unrealized gains/losses on debt/equity? I am worried now

[Melans]

Is anyone familiar with how the 3 months for the MCQ access for Another71 works? I have purchased the 10 point combo in the past for previous exams, but never with the MCQs. I would like to get the set for my upcoming FAR exam. However, I don't plan to take the test till early November, which means the MCQs would expire just before my test (when I might need them most). I could wait a couple of weeks to get the whole program, but would really like to have the audio now vs. later. I would be willing to not sign into the questions till later. So I guess the question is – when does the clock start ticking, when I sign in or when I buy??

AUD 7/30/12 73; 12/2/13 85
BEC 7/19/13 81
REG 8/2/14 83
FAR - Jan 2015

[jpowell31]

@Anna – i don't think there would actually be a question so specific – i just came across it when reviewing IFRS and thought i'd throw it out there since any little point counts (i depend on little points since i make mistakes VERY easily). i don't mean to scare you and not everything on this site or in your books will be on the test! this is your first exam, you seem to know your stuff and we have a week left. don't panic! that's the worst thing you can do.

but you know how in for GAAP, in OCI you include

a) unrealized gains/losses on available for sale securities (“U” in “PUFER”)?

b) Foreign currency items (the “F” in “PUFER” if you're using Becker)? This includes unrealized gains/losses on on foreign currency transactions so hedges: futures, forwards, options….

well under IFRS unrealized gains/losses on AFS are reported under OCI as well UNLESS it's a FX exchange gain or loss on AFS DEBT (not equity) securities (report on the IS).

[Anonymous]

Oh I thought you meant there were unrealized gains/losses on AFS that also somehow have to do with foreign exchange as if 2-in-1

[krokofilen]

OK, another day another dollar.

Today I'm gonna learn everything about gov accounting, wohoo.

Big 4 Audit Manager from Europe here to pass the CPA in the U.S. of A in 2014! Niiice!

AUD - 95 / Jul 15 / 130h over 4 weeks
FAR - 86 / Aug 14 / 240h over 4 weeks
(11 week break)

REG - 81 / Nov 14 / 200h over 4 weeks
BEC - 87 / Nov 17 / 30 h over 2.5 days

[jpowell31]

i forgot you were in europe @kroko…. haha.

i'm going to need coffee big time today. i do like coffee but i was never a coffee drinker until this exam required my brain to function in the morning.

[HopefulCPA0601]

i bought the ninja notes to use as my final review notes, and im going to write down any additional notes from the mounds of paper i have sitting on my desk.. i really recommend these, they're really helpful and they're really quick.

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'm rewriting my notes today as well. i did JE last night. hopefully it doesn't take too long. i seem to have lost notes from chap 1-3 so i have to flick through the book i guess :(. i forgot i have the ninja flashcards as well. i think i will chop them down and print and read on my riveting friday or saturday night.

[Anonymous]

Hey guys! I have a quick question. When you read the question, how do you differentiate between a CF hedge and a FV hedge? Thanks.

[HopefulCPA0601]

@ashleyNY:

Cash Flow Hedge: hedge of the exposure to variability of cash flows of a recognized asset or liab, or of a FORECASTED TRANSACTION that is attributable to particular risk.

Fair Value Hedge: hedge of changes in fair value of recognized asset, liab, or UNRECOGNIZED FIRM COMMITMENTS that are attributable to a particular risk

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]

@ashley the ones i've seen (and can remember) have said it specifically so hopefully they all will!

[jeff]

NINJA Tracey: Added 33 Points and Passed FAR

HIYA!

https://www.another71.com/ninja-cpa-blogger-tracey-6/

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

[Melans]

@HopefulCPA – you signature makes me giggle.

I was just working on a SIM, that asked you to make several entries for cash to accrual adjustments. Does anyone know how particular they are for answers on the real test?

For example-

My answer was:

Inventory (db) 12,000

COGS (db) 2,000

Acct. Payable (cr) 14,000

Their answer was:

Inventory (db) 12,000

Acct Payable (cr) 12,000

COGS (db) 2,000

Acct Payable (cr) 2,000

Would I get marked wrong, or would this work???

AUD 7/30/12 73; 12/2/13 85
BEC 7/19/13 81
REG 8/2/14 83
FAR - Jan 2015

[Author]

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