[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]

Why doesn't the base formula work?

[Tncincy]

I don't really know. But I guess I know how to calculate this if I see it again. It might even be an error somewhere.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Anonymous]

OK so I get it now.

A/R:

Beginning balance 90000

Decrease 200000 (cash paid)

Increase 195000 (2002 revenue)

Ending balance 85000

Unearned revenue:

Beginning balance 60000

Decrease 2002 Revenue 20000

Ending balance 40000

I still think it's easier to just net 90-60 and 85-40

[Tootsie]

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[EYNewHire]

Just think about the problem logically. If unearned revenue goes down what does that mean? We earned revenue.

If accounts receivable goes down what does that mean? Someone paid us. Why would we record a/r? If we had earned the revenue. Therefore when a/r balance goes down we have already recorded the revenue in a prior period and need to subtract that out.

[jstay]

so how many hours is everyone putting in a day and when are you taking it? also, how many hours in total do you plan on putting in?

[nicole2035]

@EYNewhire it's so easy to say that, but come on the test will be 4 hours. You have to learn how much material? Tbh what tripped me up in that question is i was not sure what remittance was for sure. Also it's making sure you pay attention to dates because i did miss when it said remittance will be sent 2 months after the contract is over. So i initially only recorded the difference between the first and 2nd year unearned revenue

@jstay i put in 3 hours min each day. sometimes i'm in the upper area of 4-5 hrs, or if i wanna stay on schedule. it all depends. i'm currently in my review phase

[Jspann225]

@jstay I study about 6 hours per day during the week and 6 total hours on the weekend. I test in two weeks on the very first day of the testing window. I have probable studied around 120 hours so far and will probable get to around 190 by test day.

FAR - 93 - 7/1/14
AUD - 94 - 7/25/14
REG - 92 - 8/30/14
BEC - 89 - 10/6/14

[Lidis]

Hi

I need help to solve the following question

Miro Co. began business on January 2, 20X0. Miro used the double-declining-balance method of depreciation for financial statement purposes for its building, and the straight-line method for income taxes. On January 16, 20X2, Miro elected to switch to the straight-line method for both financial statement and tax purposes. The building cost $240,000 in 20X0, which has an estimated useful life of 15 years and no salvage value. Data related to the building is as follows:

Accelerated Straight-Line

Year Depreciation Depreciation

—-

---

---

20X0 $30,000 $16,000

20X1 20,000 16,000

Miro's tax rate is 40%.

Which of the following statements is correct?

A. There should be no reduction in Miro's deferred tax liabilities or deferred tax assets in 20X2.

B. Miro's deferred tax liability should be reduced by $554 in 20X2.

C. Miro's deferred tax asset should be reduced by $554 in 20X2.

D. Miro's deferred tax asset should be increased by $554 in 20X2.

[Jspann225]

Can some one ease my nerves? I am in my review phase and when I redo the homework I score pretty well, probably average around high 80s through chapter 5. There is still a lot of extra information in those chapters that I don't know extremely well. Is it important to spend a lot of extra time to remember that information or is having a good grasp main information in the chapter enough?

FAR - 93 - 7/1/14
AUD - 94 - 7/25/14
REG - 92 - 8/30/14
BEC - 89 - 10/6/14

[nicole2035]

@jspann225 lmao i've prob put in 300+ hrs for FAR but to be fair i started studying in FEb, fell off and picked back up about 4 weeks ago. i should be an expert but….

you need to move on. wanting perfection will waste your time and honestly probably confuse you. the questions are limited, and there are assumptions you should make based off the questions. when you overload your brain you start making assumptions from other areas they don't expect you to make because it's outside the scope of the question.

[Mamabear]

@JSpann–what are those chapters on? I don't think detailed knowledge of some chapters is very important, but I will say that you should not skip over anything having to do with IFRS, Gov't, or NFP, and don't skip any calculations or JEs because you will need all that knowledge for SIMS.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Jspann225]

@Revenue I believe the answer is C. A change in depreciation is a change that should be handled prospectively. The difference is still temporary and will reverse in future years. In year 20X3 depreciation expense will be (240,000-50,000)/13 = 14,615.

554 of the deferred tax liability will begin to reverse in year 20X2.

Edited: I read the question wrong, the reversal will happen in 20X2 with a credit to deferred tax asset.

FAR - 93 - 7/1/14
AUD - 94 - 7/25/14
REG - 92 - 8/30/14
BEC - 89 - 10/6/14

[Jspann225]

@mamabear For instance I know translation and remeasurement well enough to answer the MCQ and the sims in Becker, but I probably can't prepare a financial statements showing the adjustments and the plugs.

FAR - 93 - 7/1/14
AUD - 94 - 7/25/14
REG - 92 - 8/30/14
BEC - 89 - 10/6/14

[Mamabear]

It could be a possibility that you would get a SIM on that, but I honestly doubt it. It's really up to you as to whether you get in depth with those, but I think if you know the MCQ for it you should be fine.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Author]

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