[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

[iman_a]

Could someone please explain to me why we credit “income tax benefit – deferred” when we reverse a deferred tax liability? Or why debit “income tax expense – deferred” when we reverse a deferred tax asset?

AUD - 96
BEC - 85
REG - 81
FAR - 11/28

[mb0363]

How would you guys eliminate these inter company transactions?

During 2014, a parent sold 800,000 in merchandise to its subsidiary and reported a gross margin of 100,000 on these sales. The subsidiary still has merchandise purchased from the parent in its 2014 ending inventory reported by the subsidiary at 75,000 on which the parent recorded 15,000 of profit in 2014.

On January 2014, a parent sold equipment to its wholly-owned subsidiary f or 2,500,000. The parents books reported the equipment's original cost and accumulated depreciation at 1,000,000 and 200,000 respectively at the date of sale. The equipment had a remaining life of ten years, and is straight line depreciated no residual value. On december 31, 23014 two years after the sale the eliminating entries reduce…

BEC - PASS
AUDIT - PASS
REG - PASS
FAR - PASS

[Future Ninja]

@mb0363 there's a mneumonic for eliminating entries CAR IN BIG.

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

[mb0363]

@futureninja Thank you for your response! Unfortunately these are specifically for intercompany transactions (carinbig is the consolidation entry). This is one topic i don't understand at all…

BEC - PASS
AUDIT - PASS
REG - PASS
FAR - PASS

[Ssbknyc]

13 days until my exam, good luck to all. For those using Becker, I havent gone through Ch 10 yet but do not want to ignore it.. the lecture is 4 hours and i dont want to waste time. Do you think i should listen to the lecture and read the chapter or just read the chapter? One topic i want to definitely look at is GAAP vs IFRS.

Thanks for your thoughts.

Done 08/2014-08/2015

[Future Ninja]

@Ssbknyc – definitely view the lectures. some key points there for our notes. then knock down mcqs. Prioritize topic suggested by @602Kid (FV, Partnership and Financial Instruments)

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

[Future Ninja]

@mb0363 car in big is an eliminating entry in consolidation only? oh now im confused too. let's wait what others have to say. I definitely wanna know too.

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

[Future Ninja]

pasta and banana for dinner while studying. ^_^

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:

grants to other organization is considered an expense in NFP as well as the depreciation.

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

[mikferr]

Defined Benefit Plan … it is an extensive section in my study materials and goes into detail and the calculation. The NINJA notes only touch on the F/S information that would be needed. My understanding is that this is new topic for 2014. How extensive should we look at this?!

[Future Ninja]

@mikferr I have no clue at all. FAR has comprehensive topic like bonds.

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

[Anonymous]

Anyone else working on NINJA Sims tonight? Out of 71, I've only done 26 so far. Gotta get through those and the remaining MCQs that I haven't worked yet.

[Future Ninja]

@CPA title in 2015 – not started sims yet. Sometime next week Monday.

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

[Anonymous]

@future ninja, good luck w/ them because some of these are tricky. Wanted to work them all twice, but don't think I'll have time.

[Future Ninja]

anyone: please help.

In year 2, the Nord Association, a nongovernmental not-for-profit organization, received a $100,000 contribution to fund scholarships for medical students. The donor stipulated that only the interest earned on the contribution be used for the scholarships. Interest earned in year 2 of $15,000 was used to award scholarships in year 3. What amount should Nord report as temporarily restricted net assets at the end of year 2?

$115,000

$100,000

115,000

$0

both a and c are 115,000. which is which? ^_^

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

[Author]

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