[SeanW]

Do you have a sample question that illustrates what you are struggling with for consolidations?

[SeanW]

Steven,

I've had the best success by doing the multiple choice questions after I study each section and then going back and doing all of the multiple choice questions together (when I've finished the entire textbook) to see what areas I am still weakest at and then I go back and study that section again. It gives me a good idea of what stuck and what did not. That's just what works for me though.

[SeanW]

I figured out #2. The Allowance is netted against the Deferred Tax Asset similar to how the Allowance for AR is netted against AR. Then to close the allowance once enough time has passed, you can just remove the Asset and related Allowance.

Still looking for assistance with #1 though.

[SeanW]

Two questions I'm struggling with (conceptually).

1. When a Foreign Sub is required to use the Remeasurement Method, what is the journal entry to record the Currency Gain/Loss to balance R/E? Obviously one side is the Currency Gain/Loss Account used to affect Net Income; but I can't picture what the other side is.

2. The Deferred Tax Valuation Allowance Account – How is this account presented on the Balance Sheet and second, what happens to it over time? I realize it can be reversed if enough future income is generated; but what happens over time if no income is generated? Is it written off somehow and if so, what does that journal entry look like?

Thank you.

[SeanW]

If I understand what you're asking correctly, then the journal entry to purchase the piece of equipment in December would have been:

Db: Equipment $50,000
Cr: Cash $20,000
Cr: Notes Payable $30,000

The lender would have paid the equipment seller directly (most likely) so it would not have touched your cash account. The Note Payable would have increased your Long-Term Liabilities (and short term for the portion due this year); but not income. If any interest expense was paid during the year, it would be applied to income. I hope I understand your question correctly. Good luck.

BEC – 89
REG – 89
AUD – 87

[SeanW]

I've used Becker for all three of my exams and while I can't tell you this will work for you, I can tell you it worked for me.

1. I read every chapter 1st, making notes and highlighting major points.
2. Second, I listen to the lecture, adding additional notes.
3. For areas that are new, meaning, I've never seen it before; I will make hand written notes.
4. I take the practice exam.

When I've done this for every section, I will go back to section 1, module 1 and retake every single test and track the score for each exam in a spreadsheet. This gives me an idea of where I'm strong and where I'm weak. I'll take them all again and average the two grades. For every section that is still below 75, I run back through my notes again. If I'm really doing bad, I'll re-read the whole section again. Again, this is just what has helped for me. That being said, there have been quite a few questions on the CPA Exam that were not in my notes, lectures or practice tests. I know some questions on the exam are experimental and won't count too.

Also, I know that I am a visual learner and I have to remove all distractions from my personal space. I usually study after work, in a quiet place where the only light source is my computer and desk lamp. This removes all other distractions and allows me to focus solely on what's in front of me. It may be useful to determine what kind of learner you are and study accordingly. It helped me in College and now on the CPA. Good Luck. You're almost there.

BEC – 89
REG – 89
AUD – 87

First tries, using Becker CPA Review.

[SeanW]

Taking FAR in Jan-Q1. Last exam!!! I've used Becker for all 3 exams to date and will use for FAR.

BEC – 89
REG – 89
AUD – TBA (12/10)
FAR

[Author]

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