CPA Exam Tips from an Elijah Watt Sells Award Winner

The NINJAs recently caught up with Matt Durette – an Elijah Watt Sells Award Winner, to get his take on the CPA Exam, winning the EWS Award, and find out about his future plans. Tell us about yourself – what is your educational and work background? I received my B.S. in Accountancy from Arizona State University in 2010. I then went to work as an accountant for a real estate services company for about 3 1/2 years. I knew I wanted to get into tax, so I decided to go back to school at night and did the Master of Taxation program at ASU from 2012 to 2014. After graduation, I started working at a top-10 public accounting firm in the tax group. I am also a married father of three: ages 8, 5, and 2. My family has been a tremendous support during work, school, and CPA exam preparation. […]

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Accounting Song – Death and Taxes (REG)

MP3 Download (Right-click and Save): Death and Taxes   VERSE 1: IRS, the taxes amounting Let’s go through cash basis accounting Allowed for individuals owning a business But corporations, they can’t get with this Carryovers, passive activity loss No carryback, no not at all Investment interest expense Is greater than investment income, yes, yea Installment sales Gross profit divided by contract price, that’s right Home Mortgage Interest, we doin’ it real Deductible on loans up to $1 mil Business Gifts, Schedule C $25 dollars per person, don’t ya see? Service awards up to 400 bucks Are deductible, yea that’s what’s up CHORUS: Death and Taxes, both unavoidable Death and Taxes, both unenjoyable You got Death, You got Taxes The IRS always coming after VERSE 2: Business losses are no fun But they only offset active business income Like W2, yea that’s true But Passive Losses, nah they don’t do it […]

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Accounting Song – Unmodified (AUD)

MP3 Download (Right-click and Save): Unmodified   CHORUS: Unmodified, no longer unqualified These standards are clarified Financial Statements verified Yea, unmodifed, I gotta say welcome to the other side VERSE 1: Audit Reports must be in writing, must be signed and The location, city and state, where to find ‘em And the Unmodified Opinion The title must include “Independent” Who, what and when, management’s responsibility Fair presentation of financials, you feeling me? Internal control, design and maintenance Don’t forget the implementation Auditor’s Responsibility, GAAS Audit in accordance in the US Plan and perform the audit Obtain reasonable assurance, you better be on it Performing procedures to obtain evidence About amounts and disclosures, now you gettin’ it The info is appropriately presented But the auditor wants to bring something to attention VERSE 2: The modified opinion, the financial statements Is when they are materially misstated Unable to obtain sufficient appropriate evidence […]

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Accounting Song – Economic Cycles (BEC)

MP3 Download (Right-click and Save): Economic Cycles CHORUS: It’s the E-C-O to the N – O – M – I- C -S Better do good on your test Supply & Demand, that’s the plan Economic cycles all across the land VERSE 1: Yo, let’s talk about supply curve When an item price increases, supply does for sure Positive Supply Curve Shift, shift right The market’s flooded with companies sellin’ all night Shift left for a negative supply curve shift Cost of producing an item increases If gold goes up, less gold watches are made, see Lower equilibrium GDP On the demand curve, when the price goes up Demand goes down, they don’t want that stuff If demand changes due to somethin’ other than price A demand shift occurs, ain’t that nice? Yea VERSE 2: Equilibrium price Quantity supplied = quantity demanded, yea that’s right Optimal production Marginal revenue = marginal […]

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