[MPoni123]

Ugh that SUCKS!!! 🙁 I dunno how it works for MA though…I know that other people were receiving “contact coordinator” with their message…

I will be so pissed if my FAR score isn’t up tonight lol today would be a waste of a work day!!!

AUD - 84; REG - 90; BEC - 79; FAR - 75; ALL DONE!!

[Trevor]

Just had a question that asked about cash equvilents… it had CD's listed, I chose the right answer (because the one I wanted to choose included CD's, but didnt say when the were purchased but were due within 90 days…was answer A). The reasoning was that its only a cash equivilent if it can be had within 90 days without interest OR penalty… thoughts??

BEC: 73,81(7/6/2010); AUD: 75(5/24/2010); FAR: 76(8/31/2010); REG: 77 (10/18/2010) - DONE!!!!

[MPoni123]

cash equivalents are anything that is due 90 days and before…if the maturity of the CD was 90 days or less…it is a cash equivalent…if it is OVER 90 days …it is still considered a current asset b/c its maturity is less than one year

doesn't matter when they were purchased as long as they are due within the 90 days they are considered cash equivalents

AUD - 84; REG - 90; BEC - 79; FAR - 75; ALL DONE!!

[MPoni123]

not sure what you mean by penalty or interest?? you mean withdrawing the money in the CD before its maturity date??

AUD - 84; REG - 90; BEC - 79; FAR - 75; ALL DONE!!

[Trevor]

yea that was there reason for not including it as a cash equivilent..

BEC: 73,81(7/6/2010); AUD: 75(5/24/2010); FAR: 76(8/31/2010); REG: 77 (10/18/2010) - DONE!!!!

[MPoni123]

Oooh the CD wasn't included in the cash equivalents b/c it had penalties and interest on early withdrawal. Gotcha ….hm I didn't know that? I never came across a MCQ like that. Aren't all CDs structured that way??

AUD - 84; REG - 90; BEC - 79; FAR - 75; ALL DONE!!

[Trevor]

thought so…

BEC: 73,81(7/6/2010); AUD: 75(5/24/2010); FAR: 76(8/31/2010); REG: 77 (10/18/2010) - DONE!!!!

[MPoni123]

That is confusing to me…hopefully the MCQs won't say anything like that lol

AUD - 84; REG - 90; BEC - 79; FAR - 75; ALL DONE!!

[Anonymous]

who is ordering pizza – the cpa examine tester dinner of choice?

[Trevor]

FYI – ASC Topic 840 requires that capital leases that are modified so that the resulting lease agreement is classified as an operating lease be accounted for under sale-leaseback provisions.

I had no idea of this either lol

BEC: 73,81(7/6/2010); AUD: 75(5/24/2010); FAR: 76(8/31/2010); REG: 77 (10/18/2010) - DONE!!!!

[MPoni123]

LOL cpa journey!! that is so funny you say that because I was thinking of ordering Domino's later on tonight!

I am just gonna do as many MCQs in the Wiley software as I can from now until about 3 pm tomorrow. I do feel like I am learning more of the concepts that way and it is taking me too long to do the MCQs by hand.

Trevor – think there is much of a difference in the minimum assigned MCQs and the Wiley software?? I just get freaked because Cindy said the MCQs in the software are the LAST ones we should be doing…(like after ALL the ones in the book, the AICPA released questions, etc.)

AUD - 84; REG - 90; BEC - 79; FAR - 75; ALL DONE!!

[MPoni123]

aaah Trevor – you think we actually have to know that?!

AUD - 84; REG - 90; BEC - 79; FAR - 75; ALL DONE!!

[Anonymous]

going back to my books and MCQ

GOOD LUCK

Get plenty of sleep tonight

[Trevor]

LMAO, just made one outta the freezer!!!!

BEC: 73,81(7/6/2010); AUD: 75(5/24/2010); FAR: 76(8/31/2010); REG: 77 (10/18/2010) - DONE!!!!

[MPoni123]

It is gonna be such a long night…

AUD - 84; REG - 90; BEC - 79; FAR - 75; ALL DONE!!

[MPoni123]

I already have that anxious, nervous feeling and my adrenaline is pumping!!

AUD - 84; REG - 90; BEC - 79; FAR - 75; ALL DONE!!

[Author]

Replies