[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]

how many MCQs are most of you tackling per day during your review?

[LStevens225]

Can someone explain what cumulative effect means exactly for accounting changes?

[samdiegoCPA]

Thanks, Jeff. So I assume all bargain purchases are extraordinary gains then, since they are essentially only sold less than fair value in a “distress” situation? Otherwise, why else would they sell them for lower? Makes sense, just had never seen it called extraordinary before!

AUD: 84
REG: 84
BEC: 79
FAR: 83

[samdiegoCPA]

@LStevens – I found this “Cumulative effect equals the difference between the actual retained earnings reported at the beginning of the year using the old method and the retained earnings that would have been reported at the beginning of the year if the new method had been used in prior years.”

AUD: 84
REG: 84
BEC: 79
FAR: 83

[Tncincy]

oh I don't know…I'm not ready. I don't know what to do….I don't know. Maybe I need to call it a night

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

[Lidis]

December 31, Year 1, the following amounts pertain to the company's inventory:

Net Cost to Normal

Replacement Sale Sell or Profit

Item Cost Cost Price Dispose Margin

---

---

---

---

---

---

Blades $41,000 $ 38,000 $ 50,000 $ 2,000 $15,000

Towers 52,000 40,000 54,000 4,000 14,000

Generators 20,000 24,000 30,000 2,000 6,000

Gearboxes 80,000 105,000 120,000 12,000 8,000

What is the total carrying value of the company's inventory as of December 31, Year 1, under IFRS?

A.

$178,000

B.

$191,000

C.

$193,000

D.

$207,000

[Lidis]

A company manufactures and distributes replacement parts for various industries. As of December 31, Year 1, the following amounts pertain to the company's inventory:

Net Cost to Normal

Replacement Sale Sell or Profit

Item Cost Cost Price Dispose Margin

---

---

---

---

---

---

Blades $41,000 $ 38,000 $ 50,000 $ 2,000 $15,000

Towers 52,000 40,000 54,000 4,000 14,000

Generators 20,000 24,000 30,000 2,000 6,000

Gearboxes 80,000 105,000 120,000 12,000 8,000

What is the total carrying value of the company's inventory as of December 31, Year 1, under IFRS?

A.

$178,000

B.

$191,000

C.

$193,000

D.

$207,000

[samdiegoCPA]

Take the lower of cost or NRV (SP – disposal). The formatting of your paste is a little wonky, so I can't figure out what goes where.

AUD: 84
REG: 84
BEC: 79
FAR: 83

[Anonymous]

@ Revenue: for this one do it for each replacement part horizontally. Compare the Cost to the NRV for Blades n choose the lower of both.

So for Blades: cost=$41,000 and NRV=$50,000 – $2,000= $48,000. Lower of these two would be $41,000

Next do the same for Towers: Cost=$52,000; NRV=$54,000 – $4,000= $50000. Lower of the two is $50,000

Continue this way for all parts this way. Hope this helps

[mikeygertz]

Need some opinions here – FAR is my last section – I passed first 3 before the end of 2013 and have put off taking the final section until now because I got married. I am scheduled for July 1st, but am feeling unsure as to whether or not I am ready. Since I can only test a section once a quarter, I feel like it wouldn't be smart if I took it the first day of the quarter just to try and put it behind me. Do you think I am better off putting it off a few more weeks? I have put in a lot of study time, but FAR is that test that you will never feel fully ready for. If I dont pass this quarter, I still have the 4th Q for a re-take, but obviously I dont want to leave it to my last window where all the pressure is on. What do you guys think? Thanks.

AUD 5/9/13 - 96
REG 7/29/13 - 78
BEC 11/25/13 - 83
FAR 7/1/2014 - 90

DONE!

[Anonymous]

Does anyone have any advice on simulation research? Sometimes I find it difficult to use the AL when I am trying to research the answer. At times I find it right away but most of the time I am struggling to find the right answer. Is there a specific way to point out keywords or anything. How are you all utilizing the simulations when conducting? Thanks

[samdiegoCPA]

@mikey, we have the exact same situation. 4th quarter is my 18 month expiration. I suggest you take it between July 15-19 as that is the latest you can take it for the first batch of score release. I am doing mine July 19 which is a Saturday. If you take it July 1, you have to wait FIVE weeks to get your score! You will definitely pass 😛 but if not, then you have to wait another 3 months to take the exam.

AUD: 84
REG: 84
BEC: 79
FAR: 83

[samdiegoCPA]

@cmoncpa, For research, pretend like it's a google search. For example, say you like dark beer, but there are 20 to choose from at BevMo. You will search for dark beer on the website, then narrow it down by reviews, then narrow it down by perhaps if it's a coffee stout, milk stout, etc using the “search within”. That's how I use the AL and I also use parentheses a lot because you will get a lot of hits for market value with no ” ” because it will search for both market and value, but there will be less for “market value”… does that make sense?

AUD: 84
REG: 84
BEC: 79
FAR: 83

[Anonymous]

@samdiego that definitely helps, I've never used the parenthesis before. Do you ever search with multiple keywords at once or just one at a time? For example, would you search “audit” “income” “lossses” or would you just search “audit” then search “income” with the search within function. Sometimes I see answers on the SIMS with multiple keywords.

[thechapman]

Ready for F9 to be over so I can have Olinto back…

Passed - 2014

[Author]

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