You are making adjusting entries in January, looking back into December to accrue everything you owed/possessed at the end of the year even if you didn't have all the documentation “in hand” to make the entries before month end. Even though you didn't have the invoice for those goods you “owned” in December that were received or on a truck FOB shipping point, they were yours so have to be accrued.
AUD - 95 BEC - 82 FAR - 86 REG - 82
Started prep using Becker live classes then switched to self-paced
@Ginic, thank you! This makes sense. I am realizing this was the dumbest question…as we are currently recording dozens of accruals for YE audit for 2016 expenses that did not get invoiced until 2017.
@Ginic LOL! That is EXACTLY what I have been telling everyone! I am not even making sense when I open my mouth during a regular conversation. English is not my first language so I think I might be suffering from a CPA Review PTSD and sometimes I speak to my American friends in my native language !! 🙂
LOL @ginic I think “logic” left me when I signed up for these damn exams– seriously I am making so many STUPID DUMB IDIOTIC I KNOW HOW TO DO THIS mistakes- either because I am not reading the question right or I am failing to apply logic- its beginning to scare me– today I am focusing on nothing but trying to read the questions and apply logic- it may be the most difficult day yet!!!
And they ask me why I drink
BEC 71, 82
AUD 75
REG 75
FAR 61, 69, 83
and they ask me why I drink...
FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2
I have been thinking the same things this weekend. READ the question AND use common sense! Especially when I get an easy question wrong! I am hoping for this to be over March 10th! I an so sick of FAR questions, trying to keep my eyes on the prize of finally being finished!! Good luck you guys.
SLOWLY…FREAKING OUT….10 days to exam. My son turns 10 tomorrow. Spent the entire weekend at Disney. Hoping to get through ALL of ninja mcqs this week. Last minute review strategy anyone?
AUD - 77 BEC - 83 FAR - NINJA in Training REG - 83
BEYOND freaked out– in fact so freaked out that my brain is all over the place thus my review strategy is all over the place… honestly at this point I don't know what the best strategy for me is- constant MCQ's and try to hit ninja review phase- or concentrate on notes with SIMS and MCQ's thrown in intermittently– I want to vomit- to be real honest…
And they ask me why I drink
BEC 71, 82
AUD 75
REG 75
FAR 61, 69, 83
and they ask me why I drink...
FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2
Don't vomit because then your materials would be really nasty. I have felt the same exact way and I try to tell myself – just roll with it, and do whatever feels right at that moment. This freaking test bruh!