[jeff]

SO I know every test is different but does anyone have any insight on what has been heavily tested recently? I take the exam Monday and I need to narrow my focus….Thanks!

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

[Future Ninja]

did you know that:

for I (FRS), both officers salaries and loan to officers need disclosure in the notes to FS.

for U, only loans to officers need disclosures in the notes to FS.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Determined CPA]

Gator – you will pass! Go in with confidence and own it!! Sending positive energy your way!

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[Future Ninja]

did you know that:

only publicly traded companies are required to disclose business segments.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

did you know that:

first adoption of I (FRS) – 3 minimum of BS; all others 2.

regulation S-X for annual fs filed with SEC – 2 minimum of BS.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

anyone please help.

isn't MD&A along with complete FS is also required when filing with SEC?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[salring]

The JE for the impaired asset is:

Original cost is 900 less Accumulated depreciation of 420 you get carrying value of 480

900-420=480

The asset is impaired and now has a carrying value of 300 instead of 480 so you have to write it down to current bv of 300

480 – 300 = 180

The JE for writing this down

Dr Loss on impairment 180

Cr accumulated depreciation 180

The new bv of 300 is depreciated over 3 years therefore the current depreciation is 300/3 = 100

JE Dr depreciation expense 100

Cr accumulated depreciation 100

You then have a total of 420+100+180=700 for accumulated depreciation, The loss on imprement can either be credited to the equipment account or accumulated depreciation account. The accumulated depr account since to be the most preferred for the CPA exam questions.

Hope this helps.

[Future Ninja]

Thanks salring. That really helps. may you please answer my query too?

isn't MD&A along with complete FS is also required when filing with SEC?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

did you know that:

Interest expense and Advertising expense are not General and Admin Expenses.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[salring]

Future Ninja MD & A is considered to be required supplementary information also known as RSI.

[Future Ninja]

@salring. thanks. when is your schedule for FAR?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[salring]

I take FAR on the 26th of November and am not prepared. I still have to do the sample test on the AICPA website and get comfortable with the research question. When do you take your test?

[Future Ninja]

last one for tonight:

did you know that:

a change from cash to accrual is a Prior period adjustment resulting from error and not a change in acctg principle.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

@salring – i'm taking FAR this coming November 14th. I'll let you guys know how it goes. ^_^

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[THISGIRLNEEDSTOPASSHERCPA]

I am so nervous for my FAR test. I am taking it on the 21st and I am only on chapter 7. So far I understand everything (not sure if I remember everything though) except for bonds and stocks! Really having a hard time in those areas. Am I alone here? lol If not, how did you guys tackle those areas? I also have the ninja notes, by the way.

This is my first time sitting for the FAR test. I plan to finish all the chapter by the end of this week and then buy a cram final review product from Yaegar or do you guys think becker is enough to pass FAR? Any suggestions are appreciated.

“I can do all things through Christ who strengthens me" - Philippians 4:13
BEC-80 yay!!
AUD- 91 whohooo!
REG- 67:( 74:( really?! I'll see you in April REG!!! 87!!!!!!!!!!!!!!!!! and I'm done as of August 2015!!!
FAR- 68:( 79!!!! 2015 is soooo loving me!

[ron10590]

What is the difference between amount of software costs included as inventory and amount of software costs capitalized? Why are they not equal?

During Year 4, Pitt Corp incurred costs to develop and produce a routine, low-risk computer software product, as follows:

completion of detailed program design $13,000

costs incurred for coding and testing to establish technological feasibility $10,000

Other coding costs after establishment of technological feasibility $24,000

Other testing costs after establishment of technological feasibility $20,000

Costs of producing product masters for training materials $15,000

Packing product (500 units) $9,000

In Pitt's december 31, year 4 balance sheet, what amount should be reported in inventory? Answer: $34,000

In Pitt's december 31, year 4 balance sheet, what amount should be capitalized as software cost, subject to amortization? Answer: $59,000

REG (7/14): 82
FAR (11/14): 81
BEC (1/15): 83
AUD (5/15):

[Author]

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