[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]

Can someone please explain this:

Before year 2, Droit Co. used the cash basis of accounting. As of December 31, year 2, Droit changed to the accrual basis. Droit cannot determine the beginning balance of supplies inventory. What is the effect of Droit’s inability to determine beginning supplies inventory on its year 2 accrual basis net income and December 31, year 2 accrual-basis owners’ equity?

Inability to determine beginning supplies inventory would cause supplies expense to be understated and year 2 net income to be overstated. Cumulative supplies expense would be properly stated so there would be no effect on December 31, year 2 retained earnings.

Why would the supplies expense be understated, but the cumulative supplies expense be properly stated?

[Anonymous]

Does anyone have any tricks for remembering the HIERARCHY OF ACCOUNTING QUALITIES. These kind of questions: According to the FASB Conceptual Framework, which of the following relates to both relevance and faithful representation? are killing me.

[samdiegoCPA]

Yep, this is what Roger uses:

Relevance: PC

Faithful Representation: FENCe (remember the difference cus Faithful and FENCe both start with F)

2nd:

CUT like a V

Fill in the blanks. Easy.

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

[samdiegoCPA]

Gleim took down the recently released for 2014. YIKES! Good thing I saved the PDF. Why is AICPA being all sketchy about them.

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

[Anonymous]

Are there 2014 questions? Can you send me that pdf please?

[golfball7773]

Can you send the pdf to me as well?

FAR: 63, 55, 62
REG: 65, 77*
AUD: Fail, 64, 71
BEC: 72, 74, 81

*expired

[samdiegoCPA]

How do I get it to you guys?

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

[Anonymous]

[golfball7773]

FAR: 63, 55, 62
REG: 65, 77*
AUD: Fail, 64, 71
BEC: 72, 74, 81

*expired

[jeff]

It's copyrighted material…it's not “free” 🙂

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[jeff]

I would give out the “released” questions if I were allowed to, but I can't.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

I actually think my review course has them so it's OK

[golfball7773]

sorry Jeff

FAR: 63, 55, 62
REG: 65, 77*
AUD: Fail, 64, 71
BEC: 72, 74, 81

*expired

[jeff]

Not a problem…the released questions are included in NINJA MCQ…I've considered adding them to other products too.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Lidis]

Corporate Income Taxes

A permanent difference like life insurance for the executives when the company is the beneficiary.

My question is sometimes is added and sometimes subtracted from book income to arrive to taxable income.

Anyone knows why

Lidis

[Author]

Replies