[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]

Good luck to everyone testing today! Have faith in yourselves and kick some @$$! Remember, you put all of this work in, you've read the material, slaved and sweated over numerous simulations and MCQs. You've earned this moment to shine. Let the examiners know who's boss!

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

IM GOING TO BE A CPA!!!!!

[Sandia]

@Dabutler – Simple if you put the problem in numbers like algebra

(600 – X) / (950 – X) = 50%

X = 250

Then 600 – X will be 600 – 250 = 350 shares or 249

FAR - 77 x2 Wiley book & no test bank
AUD - 83 x3 NINJA Test bank 3 time
REG - 80 x1 NINJA Test bank
BEC - 78 X2 NINJA Test bank ..done!!promesa cumplida mama -que llege al cielo 🙂
Ethic 100% Licensed VA CPA

[Sandia]

Then 600 – X will be 600 – 250 = 350 shares or 349

FAR - 77 x2 Wiley book & no test bank
AUD - 83 x3 NINJA Test bank 3 time
REG - 80 x1 NINJA Test bank
BEC - 78 X2 NINJA Test bank ..done!!promesa cumplida mama -que llege al cielo 🙂
Ethic 100% Licensed VA CPA

[Gabe]

Good luck to everyone taking REG in the next few days! I plan on studying today, so I can watch House of Cards tonight!! 🙂 Keeping you all in my thoughts!

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

[Anonymous]

Thank you both that makes sense

[Anonymous]

Just took REG – my first CPA test ever. It was difficult. I studied a lot (probably not enough) and was trending overall/balanced at 75%+. Got to the point where the majority of MCQ's were ones I had seen previously, so I thought I had a good shot.

.

And yet, the questions on the first 3 TLets seemed so much more difficult than Ninja.

It wasn't, “What is A?” It was “Is it B or C? and by the way D”!

In most cases, I mostly ignored D and did my best . . . guess.

Maybe it was not having the immediacy of getting confirmed that my good guesses were (occasionally) correct, but I felt quite humbled. Maybe I will pass . . . but aninitial71 is quite realistic as well.

Gave myself almost 80 mins on the SIMS and needed each one as the research was quite challenging and . . . the topics for data analysis were not particularly easy or superficial.

I do however now believe that the entire TSA could be replaced with ProMetrics; They are very thorough!

[lauren725]

Well, that was…. Terrible.

The first testlet was from planet earth and I marked 4. Teslet 2 was ridiculous. We can just compare it's difficulty to the terrible testlet in Becker practice test 2. Seriously marked like 14. A few could have gone either way and some I just had to narrow down and move along. Teslet 3 was along same lines as second one but maybe only marked 8. Lovely!

So that left me with 70 minutes for sims. One research was a bitch which seems to be the norm so not sure if I got that right. None of mine were too terrible but I did not have enough time to utilize the AL as much as I wanted to/could have if I had more time. I feel pretty good about 3 then two were a lot of info so only feel partial credit, proabably could have done better give more time. I would much have rather taken that practice test again rather than what I just took!

Not expecting much on March 10, at all. But I will say I prepared my best, didn't cut any corners and did all I could do…

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]

This is a question 826 from ninja

Which of the following is correct concerning the LIFO method (as compared to the FIFO method) in a period when prices are rising?

A.Deferred tax and cost of goods sold are lower.

B.Current tax liability and ending inventory are higher.

C.Current tax liability is lower and ending inventory is higher.

D.Current tax liability is lower and cost of goods sold is higher.

Correct answer is D. And the explanation is :

“LIFO treats the last items added to inventory as being the first ones charged to cost of goods sold. In a period of rising prices, this would result in a higher cost of goods sold compared to FIFO. With a higher cost of goods sold, current taxable income would be reduced resulting in a lower current tax liability.”

I think this is backwards and the right answer is B.

[Gabe]

@lauren pullin for ya on 3/10!

@dabutler- nope…https://www.diffen.com/difference/FIFO_vs_LIFO

check it out.

LIFO, during inflation= Higher COGS, which would reduce GP, which would reduce current tax liability.

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

[NJPRU]

@Dabutler – I think it's right. If you end up selling under LIFO – your cost of goods would be higher due to the fact that your inventory would be higher than FIFO (assuming inflation). If your COGS is higher your Gross Profit will be lower than it would have been under FIFO, thus creating a lower taxable liability.

@Lauren – I'm sure you did great! All you need is a 75!

To everyone else – I CANT STUDY ANYMORE!!!! ahhhh

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

IM GOING TO BE A CPA!!!!!

[NJPRU]

haha Gabe – same time! good stuff!

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

IM GOING TO BE A CPA!!!!!

[Gabe]

@NJ when you have the time (in between Sunday and March 10th haha) could you send me those notes again? Didn't see them on fb messenger…

oh and you'll CRUSH it tomorrow. Have a chill night!

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

[Anonymous]

I understand now. I was just mixing the terms up. Thank you!

[Holly]

Hi. New here because I found out this week I can leave BEC in the past! Anyone who just finished REG have any study tips?

BEC - 79
REG - 85
AUD - 5/27/16

[lauren725]

Thanks guys. I really don't feel good about it but we will see.

GOOD LUCK NJ! You are going to do great. Don't let those questions from planet cray get to you!!!!!!!

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!

[Author]

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