[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

[Gabe]

@onmyway same here! BEC is easy if you like cost accounting and economics…Unfortunately I hate both of those topics, so it was a struggle to basically re-learn Cost accounting. It is shorter, so that's nice

CPA, CFE
CISA- Experience will be completed by August 2016

[OnMyWay732]

@Gabe – Econ I can deal with…Cost accounting i was never a fan…but I know that I need to do this and i need to learn it. It will be my priority, and I will get this done.

Are you all using Becker? What do you think about Ch 10? I mean I couldn't imagine SIMS being these topics, and maybe a few MCQ that I could spare? I went through most of it once, but with one day left i don't think ti warrants my time. Maybe just learn what I can from doing the Becker MCQ

AUD - July 2014 - 76
REG - August 2014 - 82
FAR - November 2014 - 78
BEC - January 2015 - 81

DONE!!!!

Used Becker online. Who needs a text when you can burn your eyes out staring at the screen for months on end?

"Let me tell you something you already know. The world ain't all sunshine and rainbows. It is a very mean and nasty place and it will beat you to your knees and keep you there permanently if you let it. You, me, or nobody is gonna hit as hard as life. But it ain't how hard you're hit; it's about how hard you can get hit, and keep moving forward. How much you can take, and keep moving forward. That's how winning is done!"

[Determined CPA]

onmyway – after FAR, bec will be a breeze. the book alone is half the size – you will feel like you died and went to CPA heaven

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.

[Determined CPA]

and I wouldn't focus on ch10 too much if you only have 1 day, maybe do a progress test and youll get a few ?s to refresh your memory

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.

[OnMyWay732]

Thanks @Derermined…I agree…let's hope we all get through this soon!

AUD - July 2014 - 76
REG - August 2014 - 82
FAR - November 2014 - 78
BEC - January 2015 - 81

DONE!!!!

Used Becker online. Who needs a text when you can burn your eyes out staring at the screen for months on end?

"Let me tell you something you already know. The world ain't all sunshine and rainbows. It is a very mean and nasty place and it will beat you to your knees and keep you there permanently if you let it. You, me, or nobody is gonna hit as hard as life. But it ain't how hard you're hit; it's about how hard you can get hit, and keep moving forward. How much you can take, and keep moving forward. That's how winning is done!"

[mb0363]

A company has available-for-sale investments that cost $50,000 and were valued at $45,000 at the beginning of the current period during which the investments were sold for $48,000. Which of the following best reflects the impact of these events on the elements of comprehensive income of the current year?

A. Impact on net income: $3,000 gain; Other comprehensive income (reclassification): $5,000 loss; Comprehensive income: $2,000 loss

B. Impact on net income: $2,000 loss; Other comprehensive income (reclassification): $5,000 gain; Comprehensive income: $3,000 gain

C. Impact on net income: $4,000 gain; Other comprehensive income (reclassification): $6,000 loss; Comprehensive income: $2,000 loss

D. Impact on net income: $5,000 loss; Other comprehensive income (reclassification): $5,000 gain; Comprehensive income: $3,000 gain

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

[mb0363]

Also, has anyone done the simulations for becker chapter 3?

In the first simulation where we mark to market the investments, I'm not understanding the 7th JE. If we marked to marketed this investment shouldn't this be a gain of 10,000? Why are we still accounting for the original cost?

I realize there is a gap in my understanding here, because I miss the question above as well. Any help?

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

[mccaberp]

@mb0363

B?

AUD: Pass
REG: Pass
BEC: Pass
FAR: Pass

First try CPA. Thank god. God bless America.

[mccaberp]

@mb0363

B?

AUD: Pass
REG: Pass
BEC: Pass
FAR: Pass

First try CPA. Thank god. God bless America.

[mb0363]

@mccaberp yep! I chose A. I clearly have a problem with this. Can't figure out where I am misunderstanding.

My posts are lagging in this forum. really frustrating. I'm seeing my posts pop up about 10 minutes later…

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

[Nute]

@ mb0363

Im going to attempt to explain it the best I can….

There are two financial periods in the problem.

At the end of the first financial period AVS securities are valued at less than the original purchase price 45,000 instead of 50,000. At the end of that period therefore there would be a $5,000 loss attributed to OCI. (Do you understand this part?)

At the end of the second period the securities were reclassified and sold at $48,000. Reclassified to trading securities(does not say this in the problem but it is inferred based on the information given) When they are reclassified the loss from the previous year must be backed out of OCI. So the reclassification gain is $5,000.

Therefore the original loss from the previous year must be restated to be correct so there is now a $3,000 gain attributed to the Comprehensive income. Since the securities are now trading securities, they will be reported on the Income statement. The loss is $2,000 because the overall loss on the investment is 50,000-48,000 = 2K.

The simplified version: back out OCI loss of $5,000. Realize the actual loss of $2,000. And recognize the overall gain from last year's financial statements which equals $3,000.

Any questions feel free to ask.

Passed All Four Exams!

Best Exam Advice (came from a fortune cookie after I got a 74 on my first exam):
"Study and prepare yourself and one day, your day will come"

That day came on June 9th, 2015

Licensed NJ CPA

[silvercamaro77]

It might help if you think about it with T-accounts/ JE's. In the above question you start with a DR balance for an asset of $50k and an OCI balance for this investment of $0.

The next period you have to reduce the asset balance to $45k, so you have to CR the asset $5k and DR OCI for the same.

Now you have an asset balance of $45k and an OCI loss of $5k.

During the next period you sell for $48k, so you have to a) recognize the $3k gain because it's on your books for $45k and b) $0 out the related OCI balance. Since you had a loss in OCI of $5k to release it you're effectively recording a gain of $5k.

AUD- 95
FAR- 75
BEC- 83
REG- 85

Officially done! Exclusively used NINJA for BEC, REG, and FAR

[jakeeee]

How's everyone doing on their studying schedule? My test is next Tuesday.

I've taken work off since Wednesday and have been studying literally all day, every day–doing as many MC questions and SIMs as I can. Finished chapter 5 today and going over chapter 6 right now. Fortunately I actually like pensions/income tax accounting.

Which topics do you guys just HATE? Bonds and leases will be my downfall, so definitely gonna review it at least one more time. Also not a fan of percentage of completion method.

BEC - July 2014
REG - Aug 2014
FAR - January 2015
AUD - May 2014
Ethics - 3x...

[Determined CPA]

I hate all the ones you hate and I also hate R&D LOL – simply thing, cant seem to get it

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.

[jakeeee]

@Determined CPA Haha, me too! I get confused as to what to capitalize and expense. Haven't gotten it down 100% yet.

BEC - July 2014
REG - Aug 2014
FAR - January 2015
AUD - May 2014
Ethics - 3x...

[Author]

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