[jeff]

Welcome to the Q4 2017 CPA Exam Study Group for FAR. 🙂

Introduce yourselves and let your fellow NINJAs know when you plan to take your FAR exam.

The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/

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

[Anonymous]

Awesome thanks!

I have one follow up inventory question. Is there a way of knowing when to use the total or per unit when calcing the lower of cost of Market/NRV. Of course the material gives you both answers as options so I can't seem to get a handle on why they chose one over the other. Obviously, if they say to use one or the other, that's easy enough, but I can't seem to know why they don't specifically state one way or the other.

[Tncincy]

Hwy gang, are there any good videos on government and nfp? mine are expired.

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

[Wannafree]

@cpa3rd , can you clarify the question please or give an example problem ? I didn't get it.If you are using Becker just mention the question number and I will try to explain.

[IwannabeaCPA2017]

Reid Partners, Ltd., which began operations on January 1, 20X1, has elected to use cash-basis accounting for tax purposes and accrual-basis accounting for its financial statements. Reid reported sales of $175,000 and $80,000 in its tax returns for the years ending December 31, 20X2 and 20X1, respectively. Reid reported accounts receivable of $30,000 and $50,000 in its balance sheets as of December 31, 20X2 and 20X1, respectively. What amount should Reid report as sales in its income statement for the year ending December 31, 20X2?

I keep having issue coming up with 155k as the answer. I thought it would be 195k. What would be the JE?

[Anonymous]

This is likely due to my brain being numb from so many study hours, but can someone help me with this stupid question?

for straight line depreciation –
BV =$100,000
Salvage = 10,000
useful life = 10 years

In year 5 – we would have 45,000 in accum dep. Is the Carrying Value 55,000 or 45,000?

[Anonymous]

@WannaBe the question regarding the inventory is #37 in F3-M3 (Becker). Does that help?

[IwannabeaCPA2017]

@CPA, I think it is 55k as CV.

[Wannafree]

Cpa3rd , it would be 55000 because carrying value = Original cost – AD . salvage value is included otherwise BS will not tally.

[IwannabeaCPA2017]

@Wannafree, how u feeling about the SIMS? I cannot feel prepared for this section. I really don't wanna study 3 section LOL. Life will suck BALLZ

[Wannafree]

@cpa3rd ,I just checked Q37 , The question is tricky.Under IFRS you decide cost or NRV whichever is lower.In some it's cost and in some it's NRV is lower.So you have to check and decide to take cost or NRV and then total it. other info like replacement cost and profit margin is distraction.
There is no rule as such when should I use per unit and when to use total.If question ask for just one item then it is per unit but when they give u multiple then again they may ask the total.
If you want I can write up a note on Inventory ,the one I posted got screwed up due to excel format not formatted properly on forum.

[Wannafree]

wannaBCPA , SIM sucks ,trying this time my luck with blueprint discovery.Feeling little better than last time but not like bring them on .LOL

[IwannabeaCPA2017]

Blueprint discovery?? Also, this may sound stupid but do I focus on the average score or the average trending score? – like areas with the lowest %.

[Wannafree]

wannabCPA , don't worry about trending ,see in each session where are you falling .I am really studying with Becker's and get the Blue Print document line items ticked off .Analysis is SIMable. Application may or may not be SIM but still good for mCQ.

[Wannafree]

@gguzman ,how did it go ?

[Lamis]

I scored 40% on Inventory homework, Is that normal? I feel the homeowork is very challenging in Becker

[Author]

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