[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]

good point. WHO KNOWS. i've gotten a lot of the “little things” to stick so hopefully enought to earn an extra few points here and there but i gotta go over the major topics again so i don't waste time on the exam if i get slapped with something i knew at one point or should know.

[jstay]

how similar are the questions on the actual exam compared to beakers homework questions?

[HopefulCPA0601]

i HATE that sims get marked wrong on my software because my journal entries were not the same order. i want to see those hundredsss!!

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

[D C]

@jstay yeah, you go it.

under IFRS if it was 1000000 issued at 98, and bond issue cost of 50,000

Dr. Cash 930k

Dr. Discount 70k

Cr. …………B/P 1000k

I'm not exactly sure of how the cost would be taken into account for a premium issue. It could potentially decrease the cash piece so it then becomes a discount? Some help here would help….

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.

[jstay]

pretty sure it is deducted for premium,

for example: 500,000 bond with a 25,000 premium and 15,000 bond issue costs would be…

cash 510

b/p 500

premium 10

[jstay]

killed bonds with an 83% now onto foreign currency where I'm sure my confidence will be lacking after

[jpowell31]

pretty similar. but like i said the variety is completely different each time. think of how many questions there are in becker and the number of ways they could come up – sometimes wordy, sometimes they're all one liners, sometimes focused just a couple areas – i'm pretty sure i've had a couple exams where the exact same question was asked twice. sometimes they completely ignore what you thought was a major topic by everyone's account.

the SIMs on most exams are completely different i think though than anything you'll really find. they're not ALL monsters but they can be pretty terrible. i've had a couple exams that seemed like a joke though..it makes me wonder if some people are just lucky in getting these types of exams the way they give advice on here. other people have different opinions but i think practicing SIMs are a waste of time. if you're studying properly, you should be able to review the solution and realize you would've done it right or a different way and need to drill down on a topic. i'll go through them all and print solutions i find helpful to review but really you just have to know the different types that can come up (JE/filling out a tax form, true/false, writing section) depending on each exam and obviously know your stuff but most importantly leave enough TIME. they can sometimes give so much info you waste time/panic

[D C]

@jstay, what if bond issue cost are greater than the premium? In your example, what if bond issue cost were $45k?

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.

[jstay]

good question…anyone have an idea?

[jstay]

bored studying (is anyone enjoying this? lol) and i figured this may help me to memorize monetary and non monetary-

Assets:

cash- monetary

A/R & Allowance- monetary

inventory- non monetary

bonds non convertible- monetary

long term receivable- monetary

investment in sub- non monetary

PPE & A/D- non monetary

patents & trademarks- non monetary

advances to sub- monetary

demand bank deposits- monetary

Liabilities:

A/P & notes payable-monetary

accrued expenses- monetary

bonds/notes payable- monetary

deferred charges & credits- non monetary

Equities-

P/S- non monetary

C/S- non monetary

R.E- neither

in a current cost B/S- inventory and ppe are stated LOWER of cost or recoverable amount

[jpowell31]

bored bored bored.

acquisition method: why is the goodwill the total FV of sub – FV sub net assets and not the % owned FV sub – % owned FV net assets?

oh yeah you report 100% regardless of amount owned. DOH.

[jstay]

@jpowell correct!

but what you said- %FV sub owned – %FV net assets= goodwill…is partial goodwill for IFRS..right?

and NCI would be calculated as %FV of subs net assets x %NCI …right?

i sure hope so, i thought i had a good understanding of acquisition method considering I haven't taken an advanced class, taking it in september

[jpowell31]

indeed you are correct. i had been doing IFRS this past week so i forgot the full GW method for GAAP. bleh. so much brushing up to do. i always feel so panicked during the last week like i wish i had one more week.

everyone i know taking it where i'm from works for a big 4 firm where they a) live and breathe half the stuff b) are surrounded by people who care/put the pressure on and c) get like 3 weeks off for each exam, some of them going to the US to get the live classes and sit two exams at a time over 6 weeks. i wish i could scratch it off my list so quick..but if i worked in audit for one of those companies i'd probably hurt myself, which is why i sidestepped those jobs altogether….so there's that.

[jstay]

yeah i don't think I'm gonna go big4, i really like the firm I'm at so hopefully they offer me a full time position after i pass al of this crap. but if i pass all before next summer ill probably wait until september and enjoy my summer.

also i feel partial goodwill is a guarantee on the test..although like you said, there is no way of predicting what test your going to get

[D C]

so much info on one problem.. how to do this one?

On January 2 of the current year, Peace Co. paid $310,000 to purchase 75% of the voting shares of Surge Co. Peace reported retained earnings of $80,000, and Surge reported contributed capital of $300,000 and retained earnings of $100,000. The purchase differential was attributed to depreciable assets with a remaining useful life of 10 years. Peace used the equity method in accounting for its investment in Surge. Surge reported net income of $20,000 and paid dividends of $8,000 during the current year. Peace reported income, exclusive of its income from Surge, of $30,000 and paid dividends of $15,000 during the current year. What amount will Peace report as dividends declared and paid in its current year's consolidated statement of retained earnings?

Select an answer:

A.

$8,000

B.

$15,000

C.

$21,000

D.

$23,000

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.

[Author]

Replies