[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]

>> i understand how they came up with the 18,000 for the taxes but confused on the 36,000

[Anonymous]

Wanna_B_TXCPA2014

Just set two T accounts, one for prepaid and another one for payable

Ppd reduced by 5000, that means 5000 expense was recorded. So, 5000 of 51000 was taken care of. For remaining 46 set a T account. Beginning credit balance is 35000 plus expense of 46000 (credit side) minus ending credit balance is 42000. Account must have been debited for 39000

[Anonymous]

They paid annual premium of $72,000 on July 1. From July 1 to Dec 31 six months passed so only 36000 was expensed, other 36 is prepaid then

[cpaherewego]

I need help with a question.

A storm damaged the roof of a new building owned by K-9 Shelters, a not-for-profit entity. A supporter of K-9, a professional roofer, repaired the roof at no charge. In K-9's statement of activities, the damage and repair of the roof should:

A. be reported by note disclosure only.

B. be reported as an increase in both expenses and contributions.

C. be reported as an increase in both net assets and contributions.

D. not be reported.

The correct answer is B. My question is why would it be an increase to expenses. I understand the increase in contribution, but not the expense. Plus what would the offsetting entry be?

FAR - 10/13(retake)
AUD - TBD
BEC - TBD
REG - TBD

You can do anything you put your mind too!!!

[princeCPA]

@cpaherewego

I think the idea is you would incur the repair cost in any case. The “roofer” did it for free that will be considered as contribution and at the same time that contribution is expensed. I hope it helps.

BEC 79
FAR 86
AUD 79
REG 90

[Anonymous]

@anjanja ahh i was tricking myself and thinking it was 3 years but its just the annual premium..gotcha thanks!

[cpaherewego]

@ princeCPA

That helps. I guess my brain had a shut down moment. I was thinking, expense therefore cash must exchanged hands, when the problem states that the work was done for “free”.

Thanks!

FAR - 10/13(retake)
AUD - TBD
BEC - TBD
REG - TBD

You can do anything you put your mind too!!!

[kappa1032]

Thanks Samdiego!!

FAR - 81
REG - 74, 87
AUD - 88
BEC - 88

Finally.

“The only guarantee for failure is to stop trying”
― John C. Maxwell

[thechapman]

Does anyone happen to know if there's a way to see how much time you've spent in the Becker software..?

Passed - 2014

[Anonymous]

@ Kappa:

Non capital financing activities include:

-property taxes not designated for capital purposes

-cash paid to toehr funds

-cash receipts/payments related to grants or subsidies not attributable to capital purposes

-proceeds or payments related to borrowing not attributable to the acquisition, construction or impairment of capital assets.

[Tootsie]

Just did the AICPA released questions from 2012 and did pretty well. I am on troubled debt restructuring in chapter 10 now. I am thinking about reviewing chapter 8 starting this afternoon, since it's probably the easiest chapter for me! 😛 I have 13 days of studying left, aaaaaaaaaaaaaah! I think I'll be okay. Everyone feeling prepared and ready to slay this beast?

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

never, never, never give up

[magatha12]

12 more days, I'm not able to study much during the work week, about 2 hrs a day during the week. I'm not that ready, haven't looked at a SIM yet, I'm still working on MCQs, I have next week off for the exam so I hope to catch up for then

FAR: 79
AUD: 81
REG:5/29/15
BEC:85

Using CPA Excel, NINJA notes and audio, NINJA MCQs

[Tncincy]

@tootsie and magatha12,

I am not feeling ready at all, but I am pushing through. I am writing notes, then i am plunging into mcq's today. I am breaking my day into shifts or sessions. This morning is writing, this afternoon is mcq's , this evening is writing, after midnight is mcq's. It's time for me to throw it all in till test day….somewhere I want to feel ready. Looks like a long day, but my goal is to get it done. Good luck studying everybody.

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

[Jspann225]

I just took my first Becker practice. I average a 83% on the MCQ testlets and did well on the sims. The sims were extremely easy and I doubt they are anywhere near that easy on the real exam. I noticed I missed some of the sims because I used formulas, but I came to the right answer. Does anyone know if I will get penalized for using formulas on the exam?

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

[jennibfox]

My trending score is 70% on Ninja MCQ. I haven't gotten through all the MCQ. I am trying to decide if I should still try to take it on July 3rd (if I can master the questionable topics). I want to be fully prepared to take the exam on exam day. I need to make a decision in the next two days. I really don't want to have to study this material over. Any thoughts?

Also trying to decide if I should take a practice exam in Becker. Any thoughts?

FAR - JULY 2014 - PASSED
BEC - MAY 2015 - PASSED
REG - AUG 2015 - PASSED
AUD - AUG 31 2015

[Author]

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