[jeff]

Post by Another71.

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/

AUD - 79
BEC - 80
FAR - 76
REG - 92

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

[Satchman]

@sundizz

Yes, you get 2 noteboards and 2 markers in the actual exam.

The calculator has commas. It also has copy, paste function and tape (where you can see your prev calculations – i really like this feature)

In addition, It will be great if you take the sample test by the AICPA. IT is exactly what the real exam will look like.

Good luck !

[Satchman]

@Determined CPA

The journal entry will help you better

Cas Dr.

Loss on Notes Dr.

Notes Receivable Cr. (face amount)

Recourse Liability

The notes receivable discounted account is simply a contra account to remove the notes receivable off the books. Since, we have this Notes Receivable @ face value in our books as an asset and now we are selling it. Therefore, the notes receivable needs to be removed after the discounting transaction

All the best and good luck

[Determined CPA]

thank you Satchman! appreciate it!

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[Anonymous]

Hey Guys!

Is anyone using the BLITZ for FAR? I purchased the audios and notes..so I'm not sure if it makes sense to also get the BLITZ… let me know..thanks!

[Yaw]

On January 1 year 1, WSM Co purchased office furniture at a cost of $90,000. Book depreciation was calculated using the double declining balance method over an estimated useful life of 10 years for the first three years after purchase and accumulated depreciation @ dec 31 year 3 was $43,920.

At the end of year 3, the estimated useful life of the machinery was changed from 10 to 15 years effective Jan 1 year 4 and the depreciation method was changed to S/L method with no salvage value.

What is the JE to record the depreciation expense for year 4?

[rossk]

Hi, I took the first practice exam from Becker and I got 68% on the Mcqs and average of 72% on the TBS. I am wondering if the Becker exams are harder than the actual test? Any suggestion? Thanks

[excel monkey]

@Future Ninja

It is stipulated (indirectly) that they credit sales were collected. They give both a beginning and ending balance for A/R, and specify that no accounts were written off. The calculation for collected credit sales is a follows:

Beginning A/R………………..$40,000

Plus: Credit Sales………….$120,000

Less: Sales Discounts………..$6,000

Less: Cash Received…………..-?-

Equals: Ending A/R ………..$30,000

In this case we received $124,000 in cash from credit sales (40,000+120,000-6,000-30,000=124,000)

When then add in the $76,000 of cash sales to reach $200,000 of cash basis revenue.

FAR - 91
AUD - 88
BEC - 86
REG - 79

[excel monkey]

@yawampofoh1

The journal entry is:

dr. Depreciation Expense………………………$3,840

cr. Accumulated Depreciation……………………….$3,840 (46,080/12)

FAR - 91
AUD - 88
BEC - 86
REG - 79

[Yaw]

@ excel monkey, thanks….

[Future Ninja]

@excel monkey thank you. can you help me also on this one? i thought translation gain is included in OCI?

A company reported the following information for Year 1:

Net income $34,000

Owner contribution 9,000

Deferred gain on an effective cash-

flow hedge 8,000

Foreign currency translation gain 2,000

Prior service cost not recognized in

net periodic pension cost 5,000

What is the amount of other comprehensive income for Year 1?

A. $5,000

B. $14,000

C. $15,000

D. $43,000

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[AJE]

Thanks for the reply Satchman – eases the mind a little to know the test will only test my knowledge and not my patience and ability to use that silly tool.

I am getting through SIMS on Becker and was wondering how partially right answers are scored? I assume it'll be clear once I take an actual practice exam, but for the sims for each session it just shows you the right answers.

For example:

1. Blah blah comment – Expense Immediately as R & D expense

2. Blah blah comment – Capitalize and include depreciation in R & D expense

.

7. Blah…

There were 7 questions and I clicked on the 7 boxes and chose an answer. I got 6 out of the 7 right. Does it just tally the #'s correct?

FAR 91 - 04/16
BEC 87 - 05/15
REG 77 - 07/27
AUD 92 - 08/31

[excel monkey]

@ Future Ninja

This question was gone over well on page 9 of this thread.

OCI in this case is $5K, and consists of the effective portion of the hedge ($8K gain), foreign currency translation gain ($2K gain), and pension adjustment for prior service costs ($5K loss). The PSC will is parked in OCI and amortized over time into comprehensive income.

FAR - 91
AUD - 88
BEC - 86
REG - 79

[jinjuujii]

A company has a defined benefit pension plan for its employees. On December 31, Year 1, the accumulated benefit obligation is $45,900, the projected benefit obligation is $68,100, and the fair value of the plan assets is $62,000. What amount, if any, related to the defined benefit plan should be recognized in the balance sheet at December 31, Year 1?

Can anyone tell me what happens to the accumulated benefit obligation? The answer to the current question is a liability of $6100 (FV – projected obligation). Why shouldn't they have accounted for the accumulated benefit obligation into their liability?

FAR: 2-27-2015

[rossk]

The U.S. GAAP lower of cost or market rule for inventories may be applied to total inventory, to groups of similar items, or to each item. Which application generally results in the lowest inventory amount?

a. All applications result in the same amount.

b. Total inventory

.

c. Separately to each item.

d. Groups of similar items.

[jstay]

C?

[Author]

Replies