[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]

@cpastudent22 I have very limited memory space so I don't normally memorize formula. On your question, you should determine how the changes on those given accounts affect your cash basis expense.

Decrease in payable means it was paid therefore it has been included in your cash basis interest (dr. interest expense, cr. cash), therefore you have to deduct it from the cash basis to get your accrual basis (dr. accrued interest payable cr. cash)

Decrease in prepaid expense means you recognized the expense (dr. expense, cr. prepaid expense) without any cash outlay (no entry on cash basis), therefore you need to add it back in the cash basis to get the accrual basis.

So that will depend on how you absorb the information. If memorizing the formula does not work for you, you can try the above approach.

[D C]

So as mentioned in a previous posts, I'm preparing for FAR Round 2. I'm trying to redo all the HW and Sims in Becker but not sure if this a good method or best use of my time. I am getting really exhausted/loosing focus trying to do each section within two days. I'm already behind by 4 days (should be on F6 but just 30% done F4).

Should I keep going on with this method or change up it to just review my all my notes and FCs for each section and just do like a 100 MCQs for that section and 1 Sim? I also have bought the Ninja MCQs and haven't touched them yet, I am saving them for the last part of my final review.

HWs in Becker I feel are really detailed and try to teach you how to tackle a topic from multiple angles. Feels like the right approach for the first time but for a retake it might be overkill? I don't want to cut corners but I need to make the best use of my time. Any thoughts/feedback?

B - 80
A - 71, 67, 77
R - 71, 77
F - 72, 77
DONE!!
Becker Self-study all the way! Did use Ninja Notes & Audio for FAR.

[HopefulCPA0601]

Hey @DC – instead of doing every homework why dont you check out the progress problems section instead in becker. If you feel comfortable with a section do like 50-60% of the problems. If you struggle with a particular section do 60-80% of the questions. My issue before with so many questions in Becker was that I was literally more concerned with getting a certain amount done every night than actually sitting down and understanding a concept and why I was getting a question wrong. Also, from my own personal experience, definitely do more than just 1 sim per chapter. Simulations are what really killed me in the exam and kept me from just 2 or 4 points from passing and being done.

Also organizing your notes is still studying, it will still make you think of the attention and rewriting concepts and quick formulas is a good way to memorize them more clearly.

Another word of advice, get comfortable using journal entries and t-charts if you are nto already. I scored stronger in my MC last test and I swear it's because half the problems I just did a t-chart or journal entry and it made sense.

Best of luck to you!! Hope I could help, even a little. I know this is the most stressful thing, but its the last one!!

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[Anonymous]

Off to bed now! I feel anxious right now but I did as much as I can to prepare for tomorrow's test. I prepared as if no amount of prayers will help, but tomorrow, I will definitely pray as if no amount of preparation will help! Until then…

[HopefulCPA0601]

@cpaby2015 good luck!! you are goign to do great!!

i just bought the ninja mcq for my final review.. JEFF please oh please oh please let these questions be the answer to my prayers!!

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[Guti]

I have a quick question. If on installment sales, we need to reverse the sales account and cost of goods sold at the end of the year, and only report as profit a percentage of cash collected, why is this a deferred tax liability>? I thought it would be a deferred tax asset. Tax financials will show the full cash received as income, and will be taxed. Financials under gaap will show only the percentage of profit, so taxable income would be higher.

FAR-84
AUD-
REG-
BEC-

[Anonymous]

Does anyone have any tricks for remembering how to calculate pension expense?

[Anonymous]

Gian,

maybe installment method is used for tax purposes?

[D C]

For Pensions…. SIR AGE…. is the mneumonic that is tought in Becker for Pension expense….

S – Current Yr Service Cost

I – Current Yr Interest Cost

R – Actual Return on plan assets (subtract if positive)

A – Amortization of Prior Yr Svc (due to any changes in the plan)

G – Gains/Losses (use corridor approach)

E – Amortization of Existing plan assets (i find this item not included in most problems)

B - 80
A - 71, 67, 77
R - 71, 77
F - 72, 77
DONE!!
Becker Self-study all the way! Did use Ninja Notes & Audio for FAR.

[D C]

Hi all,

I have a Dollar Value LIFO question… the link below is a screenshot of the problem, i can't copy and paste easily from becker software……..I don't understand the explanation. Why are they still using price index from the previous year and wouldn't Yr 3's beg. Base year inventory be 120 so the ending inven. of 116 be a reduction in inventory by 4k? the 16k layer doesn't make sense to me.

https://db.tt/sZAxszU7

any thoughts?

B - 80
A - 71, 67, 77
R - 71, 77
F - 72, 77
DONE!!
Becker Self-study all the way! Did use Ninja Notes & Audio for FAR.

[Anonymous]

D C,

I saw several posts here about this question, here is one https://www.another71.com/cpa-exam-forum/topic/becker-chapter-4-inventory-question

[D C]

@anjanja

thanks.. that helps a lot.. I was staring at the screen for like 15 mins trying to figure out how they derived the answers. The numbers added up but didn't make sense why….

B - 80
A - 71, 67, 77
R - 71, 77
F - 72, 77
DONE!!
Becker Self-study all the way! Did use Ninja Notes & Audio for FAR.

[Anonymous]

I came across a question which explained that when debt is issued at a discount, interest expense over the term of the debt equals the cash interest paid PLUS the amortization of the discount and showed the following JE:

DR: Int Exp

CR: Amort of Bond Discount

CR: Cash/Int Payable

I thought this was basic. You subtract your interest expense column from you interest payable column, to get your amortization (and then add to the CV). Unless that's what happens by premiums?

[Guti]

I have a quick question. If on installment sales, we need to reverse the sales account and cost of goods sold at the end of the year, and only report as profit a percentage of cash collected, why is this a deferred tax liability>? I thought it would be a deferred tax asset. Tax financials will show the full cash received as income, and will be taxed. Financials under gaap will show only the percentage of profit, so taxable income would be higher.

Thanks Anjanja, can someone else confirm if Installments sales are mainly used for tax purpose only?

FAR-84
AUD-
REG-
BEC-

[Anonymous]

I am not saying it's mainly used for tax purpose, I am saying that it would result DTL

[Author]

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