[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

[jpowell31]

we were just talking about that yesterday since someone had a SIM marked wrong on their software because it was in the wrong order . i would really hope that this isn't a factor but no one seemed to know for sure.

[Melans]

@jpowell31 – Thank you. It didn't even occur to me order could be an issue to- eek. But I have to believe it won't matter, they all convey the correct thought. Still makes me nervous though.

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

[HopefulCPA0601]

@melans – what software are you using for the cash to accrual sim? i need one for practice

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

[Anonymous]

Thank you @Hopeful and @Jpowell

@Melans, I am not sure if order matters, but when I was working on the NINJA SIMS two days ago, I came across this matter. I missed a journal entry and everything else was right, but the software marked one of my entries wrong because it was supposed to be on the fourth line and I had it on third.

[D C]

All just thought I'd share one little fact nugget. You may already know it but sharing anyways.

Gov't Fund Accounting – transfers to other funds are not expenditures they are just transfers out, but if the general fund is sending money to the Fiduciary Fund for Pensions – that is a contribution to the pension and IS an expenditure.

Had a MCQ on it, got it wrong but learned. I went back and looked at the text as well and it does show expenditure. But i think from earlier on in the F8 lecture I had it drilled into my head that it would be a transfer.

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]

yeah i always want to select “due to/from” or “transfer to/from”…. thanks this will probably help solidify.

i could use another confirmation on discontinued ops…now that i'm reviewing i'm just second guessing some small stuff. the loss in the first year would include operating losses for the year (got it) – but the loss on discontinued ops would be the difference in carrying value and FV (assumed sale price) or carrying value and sale price in the following year? i know the answer but need it to stick now

(expect more of these little notes…hopefully it helps someone!)

[HopefulCPA0601]

jpowell,

the total discop loss would include any operating loss, impairment loss, and loss on diposal

so you could have an impairment loss in year 1 that you would recognize as discop in year 1, even if you are sellign the asset in year 2

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]

welp i'm hitting 94% in my progress test today!!!!

that includes only chapter 1…… hahaha

time to keep along..i might not get through until sunday now. monday and tuesday for practice exams… we'll see. BIG WEEKEND IN.

having to flick through to make sure my cheat sheets for these first 3 chapters are wasting more time than necessary but it is jogging my memory on the small stuff which is good because i'd hate to lose easy points due to a brain fart.

[Anonymous]

I keep getting this one wrong too https://www.another71.com/cpa-exam-forum/topic/far-consolidation-question

In my notes Roger is accounting for NCI using equity method so I think the right answer should be $303000, but according to ninja mcq NCI is just 20% of sub's equity so the correct answer is $293000

“The single parent-sub entity owns all the net assets of both entities. Total stockholders' equity accounts on the consolidated balance sheet equals the total stockholders' equity of the parent plus the noncontrolling interest. Therefore, Dallas, Inc., reports total stockholders' equity account on December 31, 20X1, of $270,000 ($50,000 + $80,250 + $139,750) plus 20% of the total stockholders' equity of Style of $23,000 ($20,000 + $44,000 + $51,000), which is $293,000.”

[HopefulCPA0601]

I got a cost method/equity method sim 100% correct all journal entries!!!! WOOHOOO that woke me up!

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

[jstay]

A/R + credit sales + recoveries – collections- accts written off- recoveries = balance in A/R

looks better in a T chart but still we need to memorize this!

[jpowell31]

this might be a stupid question but is there any difference with the codification on this exam than any other? i skipped the lecture on becker assuming it was the same and have only looked at sims for material rather than actually worked them…

[jpowell31]

the authoritative lit…

[jstay]

@jpowell31 idk i haven't taken any other exams! but i would assume the same

[CPA50]

Full on panic mode. Ate chocolate covered almonds until I got sick then fell asleep studying stockholders equity. Woke up and got 100% on contingent liabilities. What a strange day.

AUD 88 (expired), 80 retake
FAR 64,69,67,73,67,73,73,73, August 3
REG 75 (expired) September 7
BEC 72, 77

The adventure continues...

[Author]

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