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!
We dont consider the $10K uncollectible coz the question is asking for AR b4 uncollectible accounts. When there is a recovery you reverse the original entry that DR bad debt expense and CR AR therefore the recovery would DR AR and CR bad debt, therefore an increase on both sides of the T account.
@Robert, when am having difficulty understanding a topic, I do tons of MQ's and sims on the topis and eventually concepts start making sense. I would suggest doing like 10 multi's on a topic and reading through all the answers and understand why they are wrong or right. Even if you get 5% in the multi's don't give up just keep hammering them until you improve and read the answers multiple times until you feel like you are about to throw up looking at the questions.
Becker has about 15 questions regarding the Statement of Cash flows for proprietary funds. They mostly relate to classification of transactions under 1. Operating, 2. Financing Non Capital, 3. Financing Capital, and 4. Investing. I keep messing up their classifications.
WT*. im frustrated. GOVT and NFP just dont make sense to me. averaging 57% first view. I'd be happy if I get 60%. just venting guys. NFP is my date this friday night. going home in a little while.
AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,
Pension Expense… NINJA notes say to subtract the ACTUAL return on plan assets but my study materials say to subtract the EXPECTED return on plan assets. Which one is it?!
The plan sponsor can use either actual return on plan assets or expected return on plan assets. However, if there is a difference you must book this to OCI and amortize using corridor approach.
@Troblin, I got this explanation of the internet, this is one of the topics I hadn't read thanks for posting. This explanation makes sense to me.
Implications of Valuation Allocation
A deferred tax asset is a reduction in future cash outflow (taxes to be paid). But, the asset has value only if the firm expects to pay taxes in the future. For example, an Net Operating Loss (NOL) carry-forward is worthless if the firm does not expect to have positive taxable income for the next 20 years. Since accounting is conservative, firms must reduce the value of their deferred tax assets by a deferred tax-asset valuation allowance. This is a contra-asset account CR (credit) balance on the balance sheet – just like accumulated depreciation or the allowance for uncollectible accounts) that reduces the deferred tax asset to its expected realizable value.
On March 31, 20X1, Ashley, Inc.'s, bondholders exchanged their convertible bonds for common stock. The carrying amount of these bonds on Ashley's books was less than the market value but greater than the par value of the common stock issued. If Ashley used the book value method of accounting for the conversion, which of the following statements correctly states an effect of this conversion?
A: Stockholders' equity is increased.
Can someone please show me the JE for this?
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.
In NFP = depreciation is recognized as an expense but not reported as contra revenue. Do not net them when examiner asked net revenue. Becker CPA-04695. F9.
can someone explain this please.
AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,
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