[jeff]

NINJA Study Notes, Flashcards, and Audio: https://www.another71.com/products-page/

Wiley Software: https://www.another71.com/wiley-cpa-software/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Veronica75]

I'd like to know the same thing @honestmike.

FAR - 79 (2x)
AUD - 81 (expired), 77!
REG - 74! omg (3x) 87!!!!!!! I'm done! OMG!
BEC - 81 (4x)

[Anonymous]

I am the third person interested in the same thing. Using Becker 2011. Are there any major changes?

[Anonymous]

Those who are wondering about changes to Becker 2012-

Link to Facebook page:

https://www.facebook.com/BECKERCPA?filter=1

Where they answered someone's question:

“Becker’s CPA Exam Review Hi Benny! There are no significant changes to the exam for 2012 and if you thoroughly study the 2011 materials, including the ancillary materials and online updates (available at https://​beckerkb.custhelp.com/), you will be fully prepared for the CPA Exam in 2012. Good luck to you!”

[katelyn]

CPAexcel keeps saying things like, “Through 2009 [xyz rules], but in 2010 and 2011 that did not apply. [xyz rule] will apply in 2012.” I'm taking the test on Jan7. Am I going to be tested on things that didn't apply in 2011? Technically I'm taking the test in 2012 but my study text, while up to date, doesn't provide any specific information on 2012. Maybe an easier question to answer would be how was it handled in 2011? Would xyz rule be tested or would the 2011 application be tested?

AUD: 92 (10/2011)
BEC: 82 (7/2011)
FAR: 55 (8/2010); 88 (8/2011)
REG: 62 (8/2009); 87 (1/7/12)
DONE!

[jenn603]

How much time should I be spending on the Becker ancillary material? Any ideas or suggestions?

FAR 81
AUD 82
REG 70, 67, 82
BEC 74, 77

[Anonymous]

@jenn603,

ALOT OF TIME, especially the ethics section, I was really surprised to see soooooooo many detail detail questions that were tested on my REG exam, can't tell you exactly what those questions are of course, but ya, you need to study ancillary materials in REG IMO. Good Luck!!

[Minimorty]

@jenn – It seemed like the ancillary material was more important in REG than in the other sections. That being said, I dont think you need to do any more than read through it once and do the multiple choice questions associated with that topic. There is a 17 minute YouTube video of Tim Gearty going through the Ethics portion. You should check it out.

https://www.youtube.com/watch?v=cfMo_gXLKzw

[jenn603]

Thank you, thank you! REG is a beast!!!

FAR 81
AUD 82
REG 70, 67, 82
BEC 74, 77

[hopeful_cpa]

Quick question for anybody that can help out:

1934 Act: is a form 8K required to be filed 4 DAYS after a major change or withing 4 Days after month end of a major change?

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[hopeful_cpa]

Check this one out, please tell me if I'm crazy for thinking this is an off the wall question:

~~~

Able, Baker, and Cannon are partners. Able gets 70 percent of the profits and losses and has a capital balance of $100,000. Baker gets 20 percent of the profits and losses and has a capital balance of $60,000. Cannon gets 10 percent of the profits and losses and has a capital balance of $10,000. The partnership has $170,000 in assets but no liabilities. The partnership is being liquidated. Assets of $70,000 are sold for $40,000 in cash. Which of the partners gets this available cash?

A Able gets $28,000, Baker gets $8,000, and Cannon gets $4,000

B Able gets $13,333, Baker gets $13,333, and Cannon gets $13,334

C Able gets $6,667 and Baker gets $33,333 (ANSWER)

D Able gets $20,000 and Baker gets $20,000

explanation

The actual sale of these assets created a $30,000 loss ($70,000 less $40,000). That loss is assigned 70 percent to Able ($21,000 bringing the capital down to $79,000), 20 percent to Baker ($6,000 bringing the capital down to $54,000), and 10 percent to Cannon ($3,000 bringing the capital down to $7,000). To decide what to do with the available cash, the partnership must assume that the remaining $100,000 in assets ($170,000 less $70,000) are a total loss. In that case, this $100,000 anticipated loss is assigned 70 percent to Able ($70,000 bringing the capital down to $9,000), 20 percent to Baker ($20,000 bringing the capital down to $34,000), and 10 percent to Cannon ($10,000 bringing the capital down to a negative $3,000). Then, finally, the remaining negative $3,000 balance in Cannon’s capital must be divided between Able and Baker based on their relative profit and loss ratios or 70/90 of the $3,000 to Able or $2,333 and 20/90 of the $3,000 to Baker or $667. This final allocation reduces Able’s capital from $9,000 to $6,667 and Baker’s capital from $34,000 to $33,333. That is how the available cash is distributed.

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Yvonne570]

I had the same issue with REG and skipping a lot of materials as ancillary. Put lots of notes out. I did catch the you tube and it just went through the notes but not a true lecture. Minimority, this is why I think our posting notes of important areas are helpful to interact and go back to research in this area that is so challenging.

AUD - Passed:)
FAR - Passed:)
REG - Retake TBD
BEC - Missed by 3 points Retake TBD

[StudyHarder]

@hopeful_cpa

Is that a FAR question? That problem looks like it falls under partnership accounting, so kind of wondering if that type of question will be tested in REG

Anyways, I worked the problem out to verify the answer and it looks like the Partnership had $0 in cash at the time and $170,000 in noncash assets which they sold off at a loss ($30,000 to be exact). This $30,000 loss is distributed among the partners with their profit & loss ratios.

Afterwards, a schedule of safe payments is created and the full loss of the noncash assets ($100,000) is distributed among the partners again. Since there is a deficit with Cannon's account, there has to be a distribution of that deficit among the 2 partners with regular credit balances (Able & Baker) with their respective ratios and it works out to 6,667 and 33,333 for Able & Baker.

Hope that helps.

REG - 11/12 - 87
BEC - 12/12 - 84
AUD - 5/13 - 97
FAR - 8/13 - 84

Ethics - DONE

Class of 2012 - 2013

Sending in License as we speak!

[hopeful_cpa]

@studyharder

for some reason i assumed out of the 170k assets that 100k was cash and the other 70 was being sold for 40k… it doesnt specify noncash assets so i dont know how i am supposed to assume that since it said 70 is being sold for 40 and not 170 is being sold for 40.

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[StudyHarder]

@hopeful_cpa

Yea that's what I thought too. Its a shame the question isn't clear on that and I'm not sure why the question does not explicitly say how much cash is on hand, but that assumption is the only way the problem made sense to me with the resulting calculations.

Did you get this question from Becker?

REG - 11/12 - 87
BEC - 12/12 - 84
AUD - 5/13 - 97
FAR - 8/13 - 84

Ethics - DONE

Class of 2012 - 2013

Sending in License as we speak!

[Anonymous]

9 hours of REG review!! Who is with me??

Also any suggestions to how others review? I have gone through all the becker lectures, read the book, and did all of the questions. Any thoughts, tips, prayers? Taking the test late Jan

[Author]

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