[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

[Anonymous]

Art.Vandelay,

I would do the Becker MC in order, then if you have time, do the Becker MC again for review. However, in my humble opinion, you should leave two weeks to do NINJA. The good thing about Jeff's system is the adaptive learning. Becker will give you the foundation, Jeff will fine tune it.

CPAHOPEFUL11, what do you need to know about payroll?

[Anonymous]

Ancel, how does the withholding part work? You add the employee tax with it?

[zkaraca2012]

This is for the “I'm pretty sure I will see a fail score next Monday/Tuesday so I better get into the mood of retaking it in Q4”:

What are you guys planning to start with? Are you going to do the videos all over again and rewrite notes, do the MCQs and sims? Or are you just going to focus on J/E and sims?

I understand that everyone's weakness might be in a different area but if you invested a good part of your summer into FAR and expecting a fail, then how are you planning to get back on to it? (I need some serious motivation/inspiration/study tips besides ninja planner or automated becker timeline)

AUD 78 Lost Credit, retake after FAR rematch
BEC 83 (Expires 2015-02-28)
FAR 71 Failed (2014-09-09), retake in Q4'14
REG 80 (Expires 2015-11-30)

[Anonymous]

CPAHOPEFUL11,

Say you have employees that make a total of $20000 in a period, the withholding is $1500 and the payroll tax is .0765 ,

they'll ask you how much money needs to be in the payroll account. Well all that you need to do is multiply the $20000 times 1.0765, to get $21530. The withholding is just that, the withholding of the EMPLOYEE's portion, it's already coming out of their portion..

So all you need to add to the payroll account, is the employer's portion.

The employees withholding will usually be given, $1500, then you also withhold their portion of fica medicare .0765, or whatever the given rate is.

The employer pays only fica medicare. That's the only “extra” portion that you add.

[Anonymous]

Thanks, makes more sense now. I don't completely have it down yet, but have about a month before my exam.

[Lilyana]

Hi guys!

A statement of financial position, which reports unrestricted, temporarily restricted, and permanently restricted net assets, is required for which one of the following organizations?

I. A public university.

II. A private, for-profit hospital.

Why is the answer neither of I and II? Isn't the statement of financial position is required for all NPO?

Thank you!!

[Anonymous]

Because it is for NOT-for-profit organizations not public profit organizations.

[Anonymous]

Ancel, thanks for the advice. I think I will go with that game plan, to leave 2 weeks for Ninja MCQ/reviewing, maybe 2.5

Its so hard to determine how long things will take when its your first exam. Good news is, in Becker F1 MCQs I crushed the I/S questions (about a 90%) which were the overwhelming majority of them (over 50%). Did decent for the first time through for the others, about 70%

[golfball7773]

@zkaraca2012

I am in the same boat as you. There is no way I passed based on the information I knew and leaving an hour early because I had no clue.

I plan on just nailing MC questions, but instead of just nailing, I will do JE's for each question that makes sense. That way I start to memorize my JE's and get a firmer understanding.

@lilyana – Those statements are only required for NFP entities. Not a public uni (gov't) and profit hospital(if it was nfp hospital then yes.)

FAR: 63, 55, 62
REG: 65, 77*
AUD: Fail, 64, 71
BEC: 72, 74, 81

*expired

[Anonymous]

zkaraca2012, I decided to start from page one and read the text anew. My issue was with J/E's, so I want to review everything with that perspective in mind. Now, as I read, I take note of the J/E and try to understand how it all fits into the various ledgers and financial statements. I didn't have much issue with the MCQ and was able to do most of the calculations without T accounts or J/E. In fact, for the exam, I felt pretty good about the MCQ, but then came the SIMs and I fell apart. I was lost on a couple and was pissed that I hadn't spent more time. Is there a chance I passed? Sure, but I'd rather not sit idly if there is a chance that I am south of the magic number.

DM

[Anonymous]

If the JE for DFP is:

DR. Unrealized Gross Profit

CR. DFP

What is the JE for realized Gross profit?

DR. Cash

CR. Gross Profit

?

[zkaraca2012]

Thank you for the responses! I appreciate your time in sharing your strategies.

@CPAHOPEFUL11; what does DFP stand for? Seeing you posted an unrealized j/e, I assume it is something related to deferred.

If that's the case, your first J/E doesn't seem to be right. You need to reflect the deferred activity at the balance sheet level because you received/paid for something related to future periods.

DR: Asset account (cash)

CR: Unrealized gain

or DR: Unrealized loss

CR: Asset account (cash)

And when you are ready to recognize the profit:

DR: Unrealized gain

CR: Revenue

AUD 78 Lost Credit, retake after FAR rematch
BEC 83 (Expires 2015-02-28)
FAR 71 Failed (2014-09-09), retake in Q4'14
REG 80 (Expires 2015-11-30)

[Anonymous]

Oops, I meant to write DGP but auto correct on the phone changed it to DFP.

And I got the first JE off the Roger book and it certainly confused me as well.

[zkaraca2012]

Do you mind sharing the context related to the J/E? Is there a question/text related to it?

AUD 78 Lost Credit, retake after FAR rematch
BEC 83 (Expires 2015-02-28)
FAR 71 Failed (2014-09-09), retake in Q4'14
REG 80 (Expires 2015-11-30)

[Anonymous]

DR. Cash 150

DR. AR 750

CR. Sales 900

DR. COGS 540

CR. Inventory 540

Then it posts this JE:

DR. Unrealized Gross Profit 340

CR. Deferred Gross Profit 340

[Author]

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