[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]

@Tootsie

I only see the 2012 version for Bisk. Can you provide a link for the 2014 please?

[Tootsie]

https://www.cpaexam.com/support/#.U7667KMpDFo

See links at bottom of webpage.

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

never, never, never give up

[Anonymous]

I'm having a mini panic attack now. Taking the test in a week. I've gone through all the Becker questions (but not SIMS), did a bunch of progress tests, and am currently doing Wiley questions. I feel like all the information is leaving my head. Surprisingly enough I'm generally getting in the mid 80's on the progress tests but I think at least some of that is due to pure luck (which I wouldn't mind on the actual exam). I'm not doing well on Wiley questions but I keep working on them because my aim is to be able to understand what I consider the hardest questions. How would you guys suggest I study for the next week? I really really really don't want to fail 🙁

[mightyjet]

I think i found the answer after searching a bit on the question. here is the best explanation i found is.

With a service contract you are matching the revenue

recognized with the time that elapses.

Now if I sold all the service contracts on Jan 1 then

your answer your answer would be correct ($600 x 40%) for

the first year.

This one is not so easy though. In this case I am selling

them evenly through the whole year so I use the midpoint

of the year as my sale date. Thus the contracts

are treated as sold on July 1 and revenue is spread over

three years.

Thus we get the calculation:

$600 x 6/12 months x 40% for the first year.

($600 x 6/12 months x 40%) + ($600 x 6/12 months x 60%)

for year two

$600 x 6/12 months x 60% for the final period.

[thechapman]

@Esther journal entries are your friend

Passed - 2014

[CPAchronicles]

Hey guys,

For BECKER, has anyone noticed some errors with grading for the final exams? I just took the first one and for example it marked one of my sims partially wrong because of the order of my JEs and the research question it said I did not answer…weird. But also does anyone know if order for JE even matters for the CPA exam?

[Tncincy]

Oh my word…is anybody having trouble with stockholders equity? My ninja audio skipped a lot while I followed along with the notes. So follow the notes or follow the audio…. Oh I don't want to pull the book out.

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

[Guti]

I have a quick question. Lets say you have equipment that is worth 100K and has 20K salvage value and you are using straight line. At the beginning of year 2, you change from straight line to double declining. We need to cal culate BV as of yr 2 =

100K-20K /5= 16,000 BV= 80,000-16,000=64,000

Since this is a change of estimate, we do it prospectively=

64,000X 2/5= 25,600 second year depreciation.

I was wondering if the above is correct? Under double declining balance, we don’t use salvage value. Do we need to add the 20K salvage value to the BV=64K and them multiply be 2/5?

FAR-84
AUD-
REG-
BEC-

[Anonymous]

Gian,

I would think that the CV of the asset at the end of Y1 should be 84000 (100-16)

So Y2 depreciation should be 84000*0.4=33600 – second year depreciation

[samdiegoCPA]

Q: Garson Co. recorded goods in transit purchased FOB shipping point at year-end as purchases. The goods were excluded from ending inventory. What effect does the omission have on Garson's assets and retained earnings at year-end?

A: No effect, understated, or overstated are choices for each.

Obviously assets are understated, but why are RE understated?

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

[Anonymous]

Because COGS is overstated => income understated => RE understated

[Anonymous]

@thechapman

Someone posted a link to some journal entries yesterday which I'm reviewing. Do you know of any other resource I can use?

[samdiegoCPA]

@Gian I believe you do add it back because if you change from DDB to SL, you subtract it immediately out. Anyone confirm?

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

[samdiegoCPA]

@anjanja I guess I was reading too much into the question that it says it was recorded so I was thinking it was already recorded in COGS for some reason. YIKES, I need a 5 min break.

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

[samdiegoCPA]

@Esther – do your SIMs in Becker right now… a lot are JE so this will help you practice them.

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

[Author]

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