[jeff]

Welcome to the Q2 2016 CPA Exam Study Group for REG.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

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

[csvirk]

@just3

Honestly not sure how you do 300 questions. I am on a mark of 150 (Blaw section) and my brain is fried! Do you take breaks? My goal for today was at least 250+.

FAR: 71, 77!
AUD: 69, 80
BEC: 72
REG: 84

[Spartans92]

Just3, is a BEAST. He never take breaks. He can easily plow through 500 Questions in a day 🙂 I am sitting here pulling my hair out listening to Gearty.. IDK why Becker thought it was a great idea to have over 2 hr lecture for C-Corp. Like can you not break that Sh*t down to piece meal size.

BEC- PASS

[csvirk]

@Spartan

I would recomend you to do question and make notes. Than go back to video lectures. You will retain more information. at-least thats what worked from me when it comes to tax.

However B-Law is completely different story. Cant able to retain any of this BS!

FAR: 71, 77!
AUD: 69, 80
BEC: 72
REG: 84

[Anonymous]

@just3 – for the CSVIRK question – he didn't sell the car to Ross, he assigned the $800 contract to Ross; Ross paid $600 for it. So Ross took over Burns side of the contract and when Nagel pays the $800 on March 15th, that money will go to Ross now instead of Burns. So Ross is essentially profiting $200.

[Spartans92]

csvirk, thanks for the suggestion. I usually listen to the lectures then I read and take detailed notes then I work over those questions in the pass-master. I find this much better because the lectures provide me the foundation. But luckily, these topics are nothing new since I have covered it in 2 different tax courses recently.

I find these exams really varies based on preferences. I find Blaw much more interesting than FAR or Tax… I guess it was my professor who made the material more interesting than it really was. Hope, Olinto can do the same 🙂

BEC- PASS

[Anonymous]

Oh, Olinto is a genius Tax Guru.

I find all his lectures even in FAR and BEC computational topics really engaging. Taxation should be boring, but with Olinto, he just adds his charismatic spice and it makes tax really interesting to learn and master.

[Just3Letters]

@Csvirk and Spartans,

I am SO not any kind of accounting beast. I just really, really, “really” don't want to be taking CPA exams for the rest of my life. I feel that I've always had to do more studying than most of the people around me in order to get the same grade. So I'm continuing that here! Honestly whatever gets us through this nightmare right?

@Spartans, that two hour lecture was TERRIBLE! During FAR, I actually watched every single lecture for a specific group “F1, F2, etc.” all at once. After each lecture I took notes, but did not do any MCQ. Once I finished all the lectures, I spent two or three days just on MCQ until I moved on to next group. That was exhausting.

For REG, I did one lecture, took notes, then did MCQ. Then moved on to next lecture. Still sucks, just sucks less I think. I tried to have at least one full day (Saturday or Sunday) to do comprehensive tests up to everything I had studied.

Now that I'm in final review, it's just death again but hey… whatever haha

@allaboard, so it's essentially a novation then? DAMN that was confusing lol. I just hope I don't get too many contract questions

Done with 200 questions today. Keep it up friends!

Yes, I take small breaks. I start studying by 9 a.m. and usually stop for the night between 6-7 other than checking this forum once in a while. During the day, break for lunch, dinner, and coffee and taking dogs out 🙂

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[Spartans92]

Just3, I was taking a similar approach with AUD at first. Watch 2 chapters lecture then read and then MCQ. It was tiring. I adjusted my studying method along the way. Now, I watch one section/topic at a time then notes and follow by the MCQ associated with that topic. I too dont consider myself “smart” I also have to put in tons of hours of studying to get a B in my accounting courses.
Best of luck with REG.

BEC- PASS

[Bear-Bear]

I genuinely despise business law. With the raging fury of Poseidon's trident stirring up a tidal wave.

[Bear-Bear]

323 MCQs done today. I can't do any more. Time to watch YouTube.

[Just3Letters]

Bear Bear,

I did my 300 and that's pretty much when I crash for the day. three sets 81, 81, and 91 out of 100 for each. Doesn't really mean anything anymore although because I'm running out of new questions…

That's hilarious you talk about going to YouTube. I make it my reward to watch YouTube when I'm done too lol. My favorite Youtubers give me a little bit of sanity every day during this hell

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[Just3Letters]

Can somebody explain this? I don't understand how you accrue for the rent revenue that should be a receivable. Income should be recognized when actually or constructively received. A receivable is not constructive recepit. So why add the 10,000 increase in receivables? I actually thought you would subtract 10,000…

Correct answer is D.

Ace Rentals, Inc., an accrual-basis taxpayer, reported rent receivable of $35,000 and $25,000 in its Year 5 and Year 4 balance sheets, respectively. During Year 5, Ace received $50,000 in rent payments and $5,000 in nonrefundable rent deposits. In Ace's Year 5 corporate income tax return, what amount should Ace include as rent revenue?

A.
$50,000

Incorrect B.
$55,000

C.
$60,000

D.
$65,000

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[Bear-Bear]

Hah! That's exactly how I do it too. After every two sets of 30 MCQs, I watch a little YouTube.

[Bear-Bear]

@Just3Letters: It's a weird exception to the usual way Prepaids are done by accrual basis entities. I got it wrong the first time too. Apparently prepaid rent is a one-off situation where you are supposed to recognize ALL of it immediately, assuming it's not a “deposit” type thing that is potentially refundable.

[Just3Letters]

Of course there is an exception! Thanks bear 🙂

FAR- 81
REG- 81
BEC- Aug 22, 2016
AUD- TBD

[Author]

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