[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

Post by Another71.

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

[NJPRU]

Just a quick general question for everyone – are you memorizing the different personal vs refundable credits (distinguishing between the two types)? I ask because this subchapter stinks.. it's so short! I know it's important to memorize the to and from AGI items, but didn't know about the credits. Thanks!

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[lauren725]

NJ – I posed the same question last week (duh #twins) LOL and I agree with you. So many little details to remember but only a few questions in the software. I am going to try to remember as much as I can but not get too bogged down and just make sure I know refundable vs. nonrefundable.

AUD - 73,91
FAR - 79 - Thank you God!
BEC - 73,79!!!!
REG - 92 whatttt??!

I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

Done! Praise God!

[Anonymous]

@lauren, that's true. I heard it so many times not to sweat so much with the numbers. But those numbers, most of them will get you, like the 2%, 5%, or 10%, 2 years or 5 or 10 years, the $250,000 or $25,000. It's crazy like nuts!

I am sure the examiners will provide the figures from the tax table, but those little numbers must be remembered to get the answers correct.

As far as with the refundable and nonrefundable and general business credits, I just memorized all of them. I wrote about five pages of notes from Tax Credits lecture and I don't know what to do with them. LOL

[Anonymous]

OK, I got antsy today and started into REG. Was going to give myself the whole weekend off after taking BEC on Friday but I was going a bit stir crazy.

I started with B5 in Becker. So far so good. It's actually been, mostly, review from AUD and BEC. I know that will change when I get into the actually Business Law and Tax portions. But right now I'm fine with that since it's helping to “ease” me into REG.

[lauren725]

Does anyone have any suggestions or experience in how much time to leave for REG Sims? I am assuming I will need at least an hour, hopefully will have more time. I was not sure what the “norm” was on how long the REG mcqs take ppl. I just know BEC questions took forever both times and so my time for writing was limited. Hopefully these REG questions don't take me as long.

AUD - 73,91
FAR - 79 - Thank you God!
BEC - 73,79!!!!
REG - 92 whatttt??!

I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

Done! Praise God!

[BEACPA]

lauren725

I'm not writing from experience. The only source I have is Becker, which recommends 60 – 70 minutes for the simulations. I trust that you'll do fine.

Cheers,

BEACPA

FAR - 2/28/14 PASS Praise be to God!
AUD - 7/5/14 PASS Praise be to God!
BEC - 11/29/14PASS Praise be to God!
REG - 2/28/14 PASS Praise be to God!

[Anonymous]

How's everyone doing? And hows the preparation coming along? I sit on Thursday and don't know what to think…there are days when you feel good and days when I feel I don't know anything….I don't have a good feeling about this…I wish the CPA exam was pass any three out of the four…I am sick of REG!!

[Gabe]

Jefferson Hardware ordered 300 Ram hammers from Ajax Hardware. Ajax accepted the order in writing. On the final date allowed for delivery, Ajax discovered it did not have enough Ram hammers to fill the order. Instead, Ajax sent 300 Strong hammers. Ajax stated on the invoice that the shipment was sent only as an accommodation. Which of the following statements is correct?

A.

Ajax’s note of accommodation cancels the contract between Jefferson and Ajax.

B.

Jefferson’s order can only be accepted by Ajax’s shipment of the goods ordered.

C.

Ajax’s shipment of Strong hammers is a breach of contract.

D.

Ajax’s shipment of Strong hammers is a counteroffer and no contract exists between Jefferson and Ajax.

Why is this not a counter offer? (correct answer is C)

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

[Anonymous]

Gabe: This is from my old Business Law textbook:

The seller's prompt shipment of nonconforming goods constitutes both an acceptance (a contract) and a breach of that contract. This rule does not apply if the seller seasonably (within a reasonable amount of time) notifies the buyer that the nonconforming shipment is offered only as accommodation, or as a favor. The notice of accommodation must clearly indicate to the buyer that the shipment does not constitute an acceptance and that therefore no contract has been formed.

So there's your answer. By sending nonconforming goods, the seller has accepted the contract but then they, immediately, breach that contract by sending goods that are not specified in the contract. The confusing part is that they did provide notification of the accommodation but I think the argument is that since the notice was included with the shipment, it was not done in a “reasonable” amount of time.

I actually remember this exact question on a Business Law quiz.

[Gabe]

Thanks @angel! So the seller basically simultaneously accepted and breached the contract. Perfect sense 🙂

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

[Anonymous]

for MACRS half year depreciation questions, am I always multiplying the depreciation rate percentage by 50% when calculating the depreciation for the year of placement no matter the date (even if Jan 1 or Dec 31)?

[300-CLUB]

Why am I having such a mental block on “like-kind” exchanges? Am I being a total blond or what am I missing? I am studying these all day today until I get them mastered. Anyone have any tricks? I am going to start using journal entries to figure this out…

You cannot have success without failure. Success is hard. If it was easy, everyone would do it. But it's the "hard" that makes it great!

AUD 70,75!
BEC 69,71,72,68,75!
REG 71,70, 80!
FAR 75!

Becker live and MCQ

[Anonymous]

@cpasucks, I am having issues with MACRs and depreciation myself. I will have to figure out or plan the tricks I will need to understand this topic.

@300, I personally laid out the table of formulas (below) and I've shared this on this thread so many times. It really works for every MCQ I answer. I hope you find this useful.

* If FMV (Old) > AB, there is a realized gain

Realized G/L = FMV (Old) – AB (Old)

OR

Realized G/L = FMV (New) – AB (Old) + Boot Received – Boot Paid

Recognized Gain = The lower of Realized Gain OR Boot Received

Deferred G/L = Realized G/L – Recognized G/L

Basis (New) = AB (Old) + Recognized G – Boot Received + Boot Paid

OR

Basis (New) = FMV (New) + Deferred L – Deferred G

* For Non-Like-Kind Items

Basis = FMV (New) + Boot Received

WARNING: Remember loss is never recognized in of Like-Kind Exchanges. So if you have to choose between the lesser of Realized Loss (Negative Amount) or Boot Received, your final “Recognized Gain” should be ZERO,

[wmcpa]

So – my first two months have been pretty shot to be prepared for REG end of this month. I'll still be studying, but now have April 4th as my target date. =( Hopefully, it won't sneak up on me like Feb 28th did. Geez!

Want these exams over so badly! =(

FAR: 83
REG: 69, 69, retake Q1 2015
AUD: Q2 2015
BEC: Q2 2015

[SDMAM65]

This post goes out to anyone who's used NINJA notes for there final REG review. I'm scheduled to take REG 2/23. If I don't pass this test, I loose both FAR and Becker. Anyone who has passed REG that wants to provide input would be greatly appreciated. I plan on finishing the REG Becker book latest next week. Do you think using NINJA notes/audio as my final review would be sufficient? If not, what would you suggest?

Thanks all….

[Author]

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