http://www.another71.com/cpa-exam-forum/ Powered by Another71.com en-US Sat, 25 May 2013 13:49:48 +0000 http://bbpress.org/?v=1.0.2 q http://www.another71.com/cpa-exam-forum/search.php http://www.another71.com/cpa-exam-forum/topic/bec-exam-experience-official-thread/page/27#post-329452 Sat, 25 May 2013 09:44:44 +0000 CPAdiva 329452@http://www.another71.com/cpa-exam-forum/ <p>Hi all! </p> <p>I've been reading this post for the past month while studying BEC and finally decided to post! I took my exam yesterday and overall it was an ok exam. My first testlet was very easy- I felt as if I answered all questions correctly. My confidence was boosted when I got to my second testlet because it was absolutely nuts! However, I still think I did ok. It had gotten to a point when I hoped I only did good enough on it so that my third testlet would be a little easier (yes- it was that crazy). When I saw my third testlet I had a whole new appreciation for the second testlet. My third testlet was some kind of BEAST. I worked my way through most of it, I actually had to guess on a few, and I was a little unsure of my responses to the other questions on this testlet. </p> <p>The written part of the exam was way easier than I expected. Two of the topics were on very basic level accounting and the third was out of left field but I was able to work through it. I used all 3 hours. I feel as if I did ok on the exam because even though the testlets were getting more difficult, I was able to work through them and notice a lot of the exam tricks that were thrown at me. I just hope that I answered enough questions correctly!</p> <p>My strategy for the few days before the exam were to focus on the Corporate Governance, Economics, and IT sections. I figured that, because they were more theory related and covered roughly 60% of the exam in total (according to the outline of the exam per Becker), if I knew enough about these then I could work through the theory related questions on the exam. Other than that, I reviewed formulas and any *special considerations* that may accompany any of the formulas when they were applied. I was spot on with this strategy! </p> <p>I definitely felt prepared for the exam. I used Becker, Nija notes, and Wiley as a supplement. </p> <p>I am confident but there is always the possibility that I didn't score high enough, even though I feel as if I did ok. So I am still freaking out waiting for scores! </p> <p>Good luck to all who are taking the exam this last week! I hope this helps! </p> http://www.another71.com/cpa-exam-forum/topic/score-release-aprilmay-2013-thread-3/page/11#post-329451 Sat, 25 May 2013 09:38:16 +0000 cpa runner 329451@http://www.another71.com/cpa-exam-forum/ <p>Hopefully waiting for my very last time. Here's to a quick couple of weeks! </p> http://www.another71.com/cpa-exam-forum/topic/reg-study-group-april-may-2013/page/33#post-329450 Sat, 25 May 2013 09:34:47 +0000 kip_snoodles 329450@http://www.another71.com/cpa-exam-forum/ <p>You are right. I guess since the question did not specifically say "40% in the last quarter," you will have to use half-year. It is a poorly written question. Of course with tax there could be some crazy random rule we are both missing! </p> http://www.another71.com/cpa-exam-forum/topic/bec-study-group-april-may-2013/page/21#post-329449 Sat, 25 May 2013 09:32:04 +0000 WhenISay 329449@http://www.another71.com/cpa-exam-forum/ <p>I'm sure that pizza tasted all that much better being on the other side of the BEC exam. Not a wine drinker, unless it's out of a wine cooler of course (Got to keep it classy lol). </p> <p>But thanks for the feedback and input. I was stressing out about memorizing all the formulas, but thats good to know nothing on that part caught you off guard. I'm semi-worried about the WC, not because I'm a bad writer, but because it usually takes me a while to put my thoughts together on paper. </p> <p>I'm sure you killed it and have fun in Mexico! Hopefully i'm walking out on Thursday feeling the same way! </p> http://www.another71.com/cpa-exam-forum/topic/reg-study-group-april-may-2013/page/33#post-329448 Sat, 25 May 2013 09:18:09 +0000 cpamama 329448@http://www.another71.com/cpa-exam-forum/ <p>Help anyone? I've been using Becker and decided to do some problems on cpareviewforfree...this one has me confused. </p> <p>I thought that if you place 40% of depreciable property in service in the last quarter...you must use the mid-quarter convention?? The question goes as follows:</p> <p>The Lambert Company bought a piece of equipment this year on October 9. The company’s tax return is filed on a calendar year basis. MACRS (the Modified Accelerated Cost Recovery ) is used to determine depreciation for income tax purposes. Which of the following is true as to the amount of depreciation that can be recognized in this initial year?</p> <p> A Lambert can take no depreciation<br /> B Lambert should take a full year of depreciation.<br /> C Lambert can take depreciation for 3/12 of the year.<br /> D Lambert can take depreciation for 1/2 of the year.</p> <p>Their answer is D...I thought it was C. I'm sure I'm missing something so easy and right in front of my face...please enlighten me!?! </p> http://www.another71.com/cpa-exam-forum/topic/score-release-aprilmay-2013-thread-3/page/11#post-329447 Sat, 25 May 2013 09:12:48 +0000 ready2baCPA 329447@http://www.another71.com/cpa-exam-forum/ <p>@Qlad put it like this..I am going to buy every section of ninja notes and anything else Jeff has to offer. I studied the same amount of time, but I studied THE RIGHT way the third time. The first two times I did it the old school way and I failed...terribly! Then, I found this site and I was skeptical....just like you. I took a leap of faith and I'm so happy I did. I must wishsd I purchased the complete set....now I'll have to pay more. I'm still using Yaeger, but I bought my ninja audit material first! Im waiting for the update for 2013...coming soon. And I going to use the Blitz too. I'm a true believer in this product...it added 20 points to my score!!!!!!!! Hiya!!!!! </p> http://www.another71.com/cpa-exam-forum/topic/exam-day-question#post-329446 Sat, 25 May 2013 08:55:17 +0000 mangos 329446@http://www.another71.com/cpa-exam-forum/ <p>Weird that they let you schedule without a photo, thought it was a requirement.</p> <p>Never ran into that trouble, but as long as you have your NTS, Prometric will probably let you take the exam -- they'll take their own picture of you, fingerprints, etc.. </p> http://www.another71.com/cpa-exam-forum/topic/kricket-bnrhilton#post-329445 Sat, 25 May 2013 08:53:22 +0000 Casagarber 329445@http://www.another71.com/cpa-exam-forum/ <p>Does Louisiana send you the performance report if you pass a section of the exam? I am just curious as to how I did in each area. Thanks! </p> http://www.another71.com/cpa-exam-forum/topic/bec-question-4#post-329444 Sat, 25 May 2013 08:43:07 +0000 jcgarciarosa 329444@http://www.another71.com/cpa-exam-forum/ <p>Thankssssssss I understand now!!!!!!!!! </p> http://www.another71.com/cpa-exam-forum/topic/score-release-aprilmay-2013-thread-3/page/11#post-329443 Sat, 25 May 2013 08:37:46 +0000 CPA_Driven 329443@http://www.another71.com/cpa-exam-forum/ <p>@ready2bacpa lol! I checked mine 3x that day. I was absolutely positive I had flunked and was planning a retake in Aug. Still on a happy high 3 days later. </p> http://www.another71.com/cpa-exam-forum/topic/score-release-aprilmay-2013-thread-3/page/11#post-329442 Sat, 25 May 2013 08:34:40 +0000 Casagarber 329442@http://www.another71.com/cpa-exam-forum/ <p>It's always good to get a different perspective. </p> http://www.another71.com/cpa-exam-forum/topic/score-release-aprilmay-2013-thread-3/page/11#post-329441 Sat, 25 May 2013 08:32:43 +0000 Qlad 329441@http://www.another71.com/cpa-exam-forum/ <p>I will e-mail him right away! thanks </p> http://www.another71.com/cpa-exam-forum/topic/top-5-excel-skills-go#post-329440 Sat, 25 May 2013 08:27:04 +0000 smalltimeauditor 329440@http://www.another71.com/cpa-exam-forum/ <p>My favorite is "Concatenate" when importing trial balances. So, knowing "Left", "Right", "Mid" are very useful. </p> http://www.another71.com/cpa-exam-forum/topic/score-release-aprilmay-2013-thread-3/page/11#post-329439 Sat, 25 May 2013 08:26:47 +0000 Casagarber 329439@http://www.another71.com/cpa-exam-forum/ <p>Yeah I've done the first few lectures in Audit and the Ninja AUD notes really help bring it all together. It's definitely worth it to buy. If you email Jeff he could probably send you a few sections of FAR for free. Maybe tell him what you are struggling with and he can send you that section of the notes. </p> http://www.another71.com/cpa-exam-forum/topic/score-release-aprilmay-2013-thread-3/page/11#post-329438 Sat, 25 May 2013 08:15:13 +0000 Qlad 329438@http://www.another71.com/cpa-exam-forum/ <p>@casagarber</p> <p>Thanks... u r always a help to me! I hope May 29th goes well for me and I buy the NINJA notes for next one..AUD. </p> http://www.another71.com/cpa-exam-forum/topic/bec-question-4#post-329437 Sat, 25 May 2013 08:13:22 +0000 KatieM 329437@http://www.another71.com/cpa-exam-forum/ <p>the answer is C--- if their imports were to lag, this would cause their exports to increase which would cause their currency to appreciate. Whenever exports exceed imports currency appreciates. This is of course how I have figured out this question-- I simplified it to layman's terms... if I sell more than I spend my bank account will appreciate... so I will be worth more. </p> http://www.another71.com/cpa-exam-forum/topic/score-release-aprilmay-2013-thread-3/page/11#post-329436 Sat, 25 May 2013 07:56:33 +0000 Casagarber 329436@http://www.another71.com/cpa-exam-forum/ <p>Qlad ..I know you didn't ask my opinion but I used Ninja Notes and found them very helpful. They are a good refresher. I used them everywhere! </p> http://www.another71.com/cpa-exam-forum/topic/top-5-excel-skills-go#post-329435 Sat, 25 May 2013 07:45:39 +0000 Casagarber 329435@http://www.another71.com/cpa-exam-forum/ <p>We also use macros every day at work as well as pivot tables. OR function is also a good one. Also defining a named range I think is pretty important. Hlookups are also good (don't use as much as vlookups though). We work in excel ALL day and use formulas any time we can to make our lives easier. We normally use Macros to parse data file but knowing how to manually parse might be good as well. Anyways, good luck on your interview!! </p> http://www.another71.com/cpa-exam-forum/topic/bec-exam-experience-official-thread/page/27#post-329434 Sat, 25 May 2013 06:39:32 +0000 Casey 329434@http://www.another71.com/cpa-exam-forum/ <p>After resting up, I decided that it wasn't that bad of an exam. Becker, Yaeger, and Roger can teach you all of the formulas and definitions, but they can't teach you to think critically, and that's where I dropped the ball. If I had to do it again, I'd probably pay more attention to reading the book and really trying to grasp the concepts behind the formulas. I'd also make sure that I got a full night of sleep, and not drink a bunch water prior to the exam!</p> <p>I wouldn't be shocked if I came away with a pass, but I'd definitely bet against it. </p> http://www.another71.com/cpa-exam-forum/topic/power-weekend-revival/page/5#post-329433 Sat, 25 May 2013 04:50:13 +0000 MCLKT 329433@http://www.another71.com/cpa-exam-forum/ <p>I think the real world answer is if you file a police report it was stolen. </p> http://www.another71.com/cpa-exam-forum/topic/final-thoughts-1#post-329432 Sat, 25 May 2013 04:35:40 +0000 choicpa 329432@http://www.another71.com/cpa-exam-forum/ <p>@MCLKT,</p> <p>Thanks for sharing your story.</p> <p>Funny thing is, I actually tend to do better when I'm studying less.</p> <p>By less, it is not like I'm not studying as hard, but I prepare within shorter time frame.</p> <p>For instance, my total preparation time for BEC was 2.5 weeks for my first try, which I got 73.</p> <p>I also got 70 for my first FAR, which took 5 weeks.</p> <p>I prepared 3 Months for AUD, and I got 60..... </p> <p>Studying is important, but sometimes I feel that I get too caught up doing 'xxx amount of MCQs'.</p> <p>You just get upset that exam tends to ask you on things your review courses barely focus on. (not like you didn't study hard enough)</p> <p>I am also encouraged in a way that I came so close within short period of time, I will work on my weak areas and...</p> <p>I'll BE BACK to beat this thing! </p> http://www.another71.com/cpa-exam-forum/topic/power-weekend-revival/page/5#post-329431 Sat, 25 May 2013 03:45:39 +0000 SeattleAccountant 329431@http://www.another71.com/cpa-exam-forum/ <p>Progress for today: took Becker final #1 and survived alright but what a drain on my brain :)<br /> It is so tiring that I have to sleep-off this experience and evaluate results/take notes on it tomorrow. </p> <p>Among a few things that went apparently forgotten, was the issue of lost vs. stolen items. Lost diamond ring = tough, no Casualty &amp; Theft deduction. But if that same ring was stolen = claim deduction per rules!<br /> Now, it is ever too late in the evening or had over studied, but can somebody explain this to me: when ring is missing, how does one knows for sure that it is stolen or simply lost?!!!! </p> <p>Off to bed, hopefully don't dream Becker :( </p> http://www.another71.com/cpa-exam-forum/topic/the-downside-of-a-power-weekend#post-329430 Sat, 25 May 2013 03:36:22 +0000 SeattleAccountant 329430@http://www.another71.com/cpa-exam-forum/ <p>double post, getting late into the night. </p> http://www.another71.com/cpa-exam-forum/topic/the-downside-of-a-power-weekend#post-329429 Sat, 25 May 2013 03:36:04 +0000 SeattleAccountant 329429@http://www.another71.com/cpa-exam-forum/ <p>Don't you love these type of mishaps?<br /> This is always a fear to me to see one of those situations on the actual exam.</p> <p>Try clicking on $13K.My bet is that Wiley updated the question &amp; answer but kept the old options for answer.</p> <p>You are completely right:<br /> If paid directly to educ. institution = exclude all<br /> If paid to person for whatever reason including education = exclude allowable amount (2012: $13K, 2013: $14K) and record the rest for the cumulative gift tax purposes. </p> http://www.another71.com/cpa-exam-forum/topic/the-downside-of-a-power-weekend#post-329428 Sat, 25 May 2013 03:05:47 +0000 MCLKT 329428@http://www.another71.com/cpa-exam-forum/ <p>Looking at CPA review materials for 10 - 12 hours a day can make you feel crazy...</p> <pre><code>Gift Tax Exclusion question in Wiley.... 2013 gift $15k to a friend to use for tuition. What is the maximum exclusion allowed?</code></pre> <p>I think, 2013... hmm... it's $14,000.<br /> But that isn't an option!?<br /> <pre><code>a. 0 b. 12k c. 13k d. 15k</code></pre> <p>Ok... 2013... they are trying to trick me, right? Does this have something to do with the tuition?<br /> $15k would be excluded if paid directly to school, so that's not right.<br /> Is it $0??? What gives???</p> <p><a href="http://postimg.org/image/ur9epyw2n/" rel="nofollow">http://postimg.org/image/ur9epyw2n/</a></p> <p>LOL! It's 2 am, maybe I should just sleep. </p> http://www.another71.com/cpa-exam-forum/topic/power-weekend-revival/page/5#post-329427 Sat, 25 May 2013 02:43:05 +0000 MCLKT 329427@http://www.another71.com/cpa-exam-forum/ <p>I'm forcing myself to work a tax sim in between business law chapter final reviews.<br /> Mints, you have quite the day ahead of you tomorrow. You are gonna be a rich woman with all of those billable hours.<br /> Cost accounting might want to consider filing Chapter 11 so it doesn't go completely under!</p> <p>Calling it a night...<br /> Good job every body! Keep up the hard work, test is next week! </p> http://www.another71.com/cpa-exam-forum/topic/top-5-excel-skills-go#post-329426 Sat, 25 May 2013 02:38:55 +0000 MCLKT 329426@http://www.another71.com/cpa-exam-forum/ <p>I'd like to second the importance of protecting cells and setting security password for access to the file. :) </p> http://www.another71.com/cpa-exam-forum/topic/aud-rpt#post-329425 Sat, 25 May 2013 02:35:59 +0000 MCLKT 329425@http://www.another71.com/cpa-exam-forum/ <p>You can't guess what an arm's length transaction would have been and try to compare to a related party transaction.<br /> So, you can't state that a related party transaction is "equivalent" to a transaction that would qualify as arm's length.</p> <p>Hope this helps! </p> http://www.another71.com/cpa-exam-forum/topic/aud-rpt#post-329424 Sat, 25 May 2013 02:34:30 +0000 n.ACMA 329424@http://www.another71.com/cpa-exam-forum/ <p>this line is taken from the chapter on related parties. An arms length transaction is the one which is done in the normal course of business such as sales or purchase to a normal customer, whereas transaction which is not done in the normal course of business indicates the possibility of related parties, such as sales or purchases on terms quite favorable to what is offered to normal customers. One of the audit procedure to find out related parties transaction is to look for non-recurring and out of the ordinary transactions. Related parties disclosure is a GAAP requirement. If the client doesn't disclose related parties transactions, the auditor can qualify or issue an adverse opinion, depending on the significance. </p> http://www.another71.com/cpa-exam-forum/topic/wiley-scores-mostly-75#post-329423 Sat, 25 May 2013 02:15:44 +0000 Mia 329423@http://www.another71.com/cpa-exam-forum/ <p>@lloraine congrats! and wow only Wiley Testbank? Care to share your method with just that? :) </p> http://www.another71.com/cpa-exam-forum/topic/bec-exam-experience-official-thread/page/27#post-329422 Sat, 25 May 2013 01:21:42 +0000 whitelilies04 329422@http://www.another71.com/cpa-exam-forum/ <p>@bcjasper09 - thank you for your post. I'm taking BEC for the first time on tuesday and the recent BEC threads have really made me afraid. I needed to see what you posted. Best of luck to you! Now back to Becker for me! </p> http://www.another71.com/cpa-exam-forum/topic/far-question-9#post-329421 Sat, 25 May 2013 01:12:30 +0000 dethnode 329421@http://www.another71.com/cpa-exam-forum/ <p>another one for you guys to try to dumb down for me if you can...</p> <p>On October 1, 2010 Fleur Retailers signed a 4-month, 16% note payable to finance the purchase of holiday merchandise. At that date, there was no direct method of pricing the merchandise, and the note's market rate of interest was 11% Fleur recorded the purchase at the note's face amount. All of the merchandise was sold by December 1, 2010. Fleur's 2010 Financial statements reported interest payable and interest expense on the note for 3 months at 16%. All amounts due on the note were paid February 1, 2011. Fleur's 2010 cost of goods sold for the holiday merchandise was</p> <p>a: overstated by the difference between the note's face amount and the note's october 1, 2010 present value plus 11% interest for 2 months</p> <p>b: understated by the difference between the note's face amount and the not's october 1, 2010 present value</p> <p>c: overstated by the difference between the note's face amount and the note's october 1, 2010 present value</p> <p>d: understated by the difference between the note's face amount and the note's october 1, 2010 present value plus 16% interest for 2 months.</p> <p>correct answer is B, but the explanation in wiley is just a little to wordy and i cant follow it, can someone bread this down for me </p> http://www.another71.com/cpa-exam-forum/topic/calling-all-past-and-present-financial-analysts#post-329420 Sat, 25 May 2013 01:10:57 +0000 HelloREGmyoldfriend 329420@http://www.another71.com/cpa-exam-forum/ <p>I work at an industrial bank doing something similar to what you describe. The bank extends asset-based lines of credit to small- to medium-sized businesses and also does equipment loans and leases. In two years there, I've had two pretty distinct roles. My first year or so was spent working with underwriters, who are normally VP level. Once a salesperson brought a deal in, we would create a credit write-up talking about the business, the collateral, and financial performance. It involves looking at trends, picking out and mitigating risks, assessing management, etc. I was hired mainly because of my writing ability (hadn't quite finished the master's at the time, but that helped, too), and I imagine strong writing skills will be key even if this is a completely different type of lending. As I gained more experience, I was trusted with more of the responsibilities, but there was always an underwriter to at least review what I was doing. </p> <p>For the last year, I've had the title of senior financial analyst and have mainly done field exams for existing clients. On our higher level product, we don't have as much visibility of the collateral (A/R and maybe inventory) day-to-day, so a field exam is done once a year or as needed. I landed in that role since it involves a lot of travel and I'm pretty much the only educated single person at the bank (Mormons like to get married young). With that, I'm usually the only person from the bank on-site, so I've had about a dozen CFO's subject to my every whim (bwahaha) since they want to keep getting money from us. There's a PR aspect to it as well that I've enjoyed and has helped me crack out of my shell a bit more. The exposure to upper-level management has been really valuable, I think, as have all the rewards points.</p> <p>That about sums it up. It's been a good job, but I'll probably be leaving soon for various reasons mostly unrelated to the work itself. If banking interests you, it's a great way to get some cross-functional exposure, which could make you pretty valuable down the road. If you have a job description or something, I could maybe tell you more or tell you if it's completely unrelated to what I do. Good luck! </p> http://www.another71.com/cpa-exam-forum/topic/aud-rpt#post-329419 Sat, 25 May 2013 01:01:44 +0000 amordiva 329419@http://www.another71.com/cpa-exam-forum/ <p>"It will generally not be possible to substantiate representations that the transaction was consummated on terms equivalent to those that would have prevailed in an arm's-length transaction."<br /> Please can someone explain it to me like I'm a 2-year old. What's an arm's-length transaction in relation to RPT?<br /> Thanks! </p> http://www.another71.com/cpa-exam-forum/topic/aud-study-group-april-may-2013/page/14#post-329418 Sat, 25 May 2013 00:45:19 +0000 amordiva 329418@http://www.another71.com/cpa-exam-forum/ <p>The auditor will NOT express an opinion on the effectiveness of IC over compliance.<br /> Does this rule have any exception somewhere?<br /> My thoughts are mixed up now. I've just learned about this integrated audit of issuers' FS which is composed of (1) FS audit &amp; (2) audit of IC over compliance.{And an opinion on the effectiveness of IC would not be expressed??}<br /> I hope someone can clarify this to me. Thanks! </p>