[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

[D C]

its C..…..

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 – also what just clicked, for the dta question – i was going back to my prior DTA's, but since its a chance in estimate (DDB to SL) we handle it prospectively. So we take the current book value of the asset, apply new depreciation and then calculate the book/tax difference which is now a DTL like you said, so we reduce our dta's by the new dtl amount.

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

[pia ach]

Thank you LKDCPA!!! 🙂

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[pia ach]

Well it just goes to show how bad i will be in research question though ..

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[D C]

@HopefulCPA0601

To your point about the gain… even if the non-monetary exchange has commercial substance isn't the gain still calculated the same way? FV of asset given up – BV of asset given up.

The words to focus in on are ( i think) “based on reported among of non-mon. asset surrendered” essentially, the BV right. So C also seemed right ton me..

Also to the point about it being an even exchange…. even with a non-monetary exchange that does have commercial substance… FV given up can equal FV received… the assets them selves can alter future CFs but that doesn't necessarily mean that its not an even exchange. if you have becker check out chapter 2 pg. 36-38.

I just didn't like this questions… lol

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]

I'm now going through becker book and writing down everything that was highlighted…starting with F1, ill prob continue this until i do all 10 chapters. ill probably do it at night after i do my MCQ during the day

[HopefulCPA0601]

@DC – it is calculated the same for gain (FV – BV) but the difference is that in exchanges that have commercial substance you recognize that gain. What helps me with that one is the journal entry:

dr. new asset (fv of consideration given + boot paid)

dr. accum depr

dr. loss

dr. cash received

…..cr. old asset (cost)

…..cr. gain

…..cr. cash paid

In an exchange that lacks commerical substance, you only recognize gain if you receive cash, and then its based on how much cash you actually got compared to fv of everything you got including that cash.

Also another difference is how you calculate the basis of your new asset, which i think is your second point:

– exchange with commerical substance – basis of new asset is based on fv of consideration given

– exchange that lacks commerical substance – basis of new asset is based on bv of consideration given

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

[HopefulCPA0601]

@DC if we get these questions on the exam i think we are going to murder htem after killing this topic so much hahah

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]

Seriously….. and yes the JE does help.. LANC OCG is the way I remember it. lance armstrong “OCG'd” on steroids so he was caught lol, not positive I know but it works for me…lol … hope the order doesn't matter…

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]

how much time does it take everyone to get through the questions? both practice and on the actual exam

[D C]

I think if you want to leave about 1.5 hrs for the SIM, you need to avg. 1.5 mins per questions.

Everyone is different so times will vary….

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]

yeah true, and also some questions take about 20 seconds to read and figure out

[D C]

Yah, you need to just do a ton of MCQs to get that “sense” of the 1.5 min mark

About to begin Becker Practice exam 2.. after I make my mnemonic sheet….

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]

let me know how it is DC – i did the first one last night and averaged about 68 on the MCQ. didn't really do the SIMs cuz i was so burnt out but they weren't too bad. i needed that after the mini panic attack i had yesterday. feeling very frustrated with the amount of info that seems to have apparently just left my brain. i need to do an overall review of the material. i'm spending too much time drilling in on the complicated questions and losing stupid points on easier questions.

[HopefulCPA0601]

drawing a blank, how do you record a gain on the sale of inventory. so if you receive cash of 100k and your inventory cost is 75k so you have a gain of 25k

i know that you would:

dr. cogs 75k

cr. inventory 75k

so where is the entry for cash received and gain? is it

dr. cash 100

cr. sales 75

cr. gain 25

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