I was reaaaally hoping this was going to be an option because of all the weather conditions and all. Looks like NASBA is not budging at all with allowing testing for the 1st week of March. Sigh*
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needhelpnow on "Testing in March 1st week"
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jinjuujii on "Bond Amortization Sim question"
On January 2, 20X3, the Lyndhurst Company, Inc., a privately held company, issued $1,000,000, 5-year, 10.00% bonds, dated January 2, 20X3. The bonds provided for semiannual interest payments to be made on June 30 and December 31 of each year. Terms of the bond indenture allowed the company to call the bonds at 102 after one year. The bonds were issued when the market interest rate was 8.00%.
Lyndhurst Company uses the effective interest method for amortizing bond discounts and premiums. The bonds are term bonds that mature on December 31, 20X7. Lyndhurst Company's fiscal year for financial reporting purposes is December 31. The company called the bonds at 102 on June 30, 20X4.
Given:
1/1/X3 Bond Premium at $81,105
Carrying Amount of Bonds: $1,081,105
Bond Face Amount: $1,000,000
The solution had interest expense at 6/20/X1 at $43,244... I have no idea where this number came from....
Can anyone help?
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DebitKredit on "House of Cards Season 3"
Is there anyone else out there like me who is taking a section in the morning knowing that when they make it back home they get to indulge in binge watching an entire new season of House of Cards?
I'm walking in to take the exam tomorrow with the go-getter attitude of Frank Underwood. Frank would never let some exam like this stand in his way, and neither will I.
On a serious note, it really is nice to have something to look forward to when the exam is over.
Good luck to everyone testing at the end of this window.
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shanek327 on "AUDIT - Becker and NINJA MCQ"
I'm in Becker A2, but still haven't finished enough material to know Ninja's first section.
Can anyone help me understand which Becker chapters align with the first section of Ninja Audit MCQ's?
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sundizz on "Public to Government?"
I am a bit older (almost 30) and just finished up my Master of Accountancy and am set to start full-time with a large size regional firm soon.
I know I don't plan on being in public accounting for the long haul to get to partner level. I interview well, have a good size network in my area, excellent school stats (3.9 GPA), and should have my CPA license soon.
Has anyone gone from public to government? My career before going back to school was in education and, if possible, I'd like to get back into education (e.g., controller for a school board or something).
Anyone know about the exit opportunities of going from public to government, or into the education industry?
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tonybrunoar on "Farting During Exam"
There should be some kind of deduction of points or time penalty for someone who farts during the exam.
First attempt at FAR the guy next to me was on a schedule of one every 10 min which was terrible. Yesterday i was cruising along through testlet 3 when is smelled like someone in the room had shit their pants.
I think I should receive bonus points or should have gotten more time added to my test based on the severity of the smell.
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JJJSFL on "Far Experience- just walked out."
To start off, I used Becker. I've passed Aud, Reg, & Bec all on the first try. About 3 weeks dedicated to study (2-3 hrs/day at first, 4-5 hrs/day in the last week). I was scoring in the 60's for the becker final and I usually score 20-25 pts higher on the exam so I felt decent walking in.
MCs on the exam were not bad. The first three testlets covered a nice range of material but nothing too challenging or in depth. The second testlet definitely got harder so I knew I was on track. Not sure about the third.
I had a little more than 1 hr on the TBS and got absolutely murdered. The TBS was way more in depth and complex then the MCs, which hadn't been in line with my experiences with the exam so far. Sophisticated material, dense fact patterns. It took me 5 minutes just to get my bearings on each question before I could move forward. Some were easier than others but none were easy. I ended up running out of time. Answered 0's on about half of the Sims and walked out beat up. I underestimated the Far Sims. I needed more time. I needed to keep moving. Both of which I neglected to do.
Advice-
1. Budget your time. I think 1.5 hrs is at least the amt of time you would need to finish the TBS. More is better.
2. Preview Sims. Click on each sim to get an idea of whats in front of you and attack the ones you can answer. Maybe get the research out of the way first.
3. Keep moving. Don't go back and forth, you will run out of time.
4. You must know JE's!
5. One of my TBS's was so out in left field that I was sure it was the throw-away. I'm not sure if that helps but I've heard of people not attempting to answers certain Sims and still passing.
6. Things you need to know like the back of your hand- Stmt of Cash Flows, Depreciation, Inventory, Receivables, Fixed Assets, Govt & NFP, Leases.
Good luck guys. I hope it goes better for you than it did for me. Back to the books...
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carpediem37 on "CPA licensure timeline in Minnesota (MN)"
Just as an FYI for future MN CPAs interested in the process, I wanted to post a brief account of my experience. I did see another forum on MN Licensure timeline, but found it a little hard to follow, so thought I would post something fresh. Here is my timeline:
11/24/14 - took final section of exam (REG)
12/9/14 - received notice that I passed (NASBA online results)
Mid-December - took and passed the AICPA ethics exam.
Late December - submitted requests for transcripts, sent reference forms and experience forms to relevant people
1/14/15 - sent in formal application with payment
1/16/15 - spoke with MN Board office to confirm all elements of my application had been received and were in process
1/20/15 - Received official letter of "congratulations" from MN Board of Accountancy on passing all 4 parts of the exam. This letter is important because the MN Board will NOT process your licensure application until you have received this letter. As you can see, it nearly 2 months for me to receive this letter from the date of sitting for my exam.
2/4/15 - Received letter of "congratulations" from NASBA on passing all 4 parts of the exam. I think this is just a "bonus" letter. The letter from the State board is the one that "counts."
Still to come:
2/27/15 - MN Board of Accountancy February board meeting is scheduled. I expect to have my application approved during this meeting, as all my application materials have been submitted and I've received my congratulations letter from the State Board.
Hope this is helpful to others. I will update after the 27th to confirm that my application was approved.
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TxCPA2B2015 on "Has anyone else had difficulty taking the exam this week due to weather?"
I was scheduled to take REG on Monday, but Prometric was closed due to icy weather. I proactively rescheduled it to Tuesday, and Prometric was still closed. So I rescheduled for Saturday, the only day that had any spots open. It’s snowing again today and not looking good for tomorrow. I live in Texas, and everyone freaks out at the sign of any winter weather.
As of Wednesday, NASBA tweeted that they do not have any plans to extend the Q1 testing window. This is absurd given how many sites have been closed across the country just this week due to bad weather. If your test has been delayed this week, please tweet @NASBA or send them an email at cpaexam@nasba.org to urge them to extend the Q1 testing window.
This is only my 2nd test, so I’m a newbie when it comes to NASBA, but I’m really hoping that the past month I spent studying doesn’t go to waste.
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Andria - Another71 on "Return of the NINJA Bloggers...(LAST CALL)"
Calling all potential ninja bloggers! Are you interested in being semi-famous in the CPA Exam world? Do you want to share your experience as you study for and take the exam and help other candidates in their journey?
Another71 is starting up the bloggers again. Along with some of our reliable, past bloggers, we need new faces and fresh content.
If you are interested in writing for Another71 on a weekly/bi-weekly basis, please send your introductory post as a writing sample to tracie@another71.com. It will take a few days to sort through the submissions, so please give us some time before following up.
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berrygoose on "No one really knows"
No one really knows how hard it is to work 12+ hour days and then go home to study for the exam right after until they've done it. No one outside the cpa community knows how humiliating it is to study your ass off only to fail.. once twice.. 3 times..
i guess what im trying to say is no one outside the community knows how hard this exam is..
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Chantel on "Back at it - What to use to study? Ninja only?"
I graduated in 2010, studied for the exam 2011/2012. Never passed / didn't put in the effort. Decided it wasn't for me. I used Yaeger to study and bought Jeff's Ninja Notes. I don't think I'd like to use Yaeger again.
That being said... What is the best way to go? I see negative about Becker as I always have... I was leaning towards Roger, but now I see Jeff as all this new great stuff, books, MCQs, etc. Can I just purchase all of Jeff's NINJA things to study for the exam? Is that what it is meant to do now?? It looks like the entire package for one exam is about $277. Is this correct? Just trying to catch up on times :P
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cc77 on "Audit Committee"
What happens when there is no audit committee? What does the CPA do? Anyone?? :)
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memmy29 on "Public Accounting and Pregnancy"
I am currently in state government as an internal auditor, which provides for incredible benefits and six months of parental leave. The problem is that the pay is not good and I am not able to gain any financial statement experience. I am looking to transition to public accounting and have my sights on a mid-sized regional firm.
My dilemma is this: I am looking at starting a family in the next year or so. How is pregnancy viewed in public accounting? I don't want to be skipped over for promotions or good projects because of it, or have it viewed as me not caring about my work with the firm. I have heard it can be a bit of a boy's club and this worries me. Should I wait to make this transition just because of having a baby, or am I over-thinking this?
Any and all personal experience welcome!
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Icannotgiveup on "Have you ever guessed on a majority of BEC MCQs and passed?"
That was my experience for all three testlets even though I used becker and wiley.
I guessed way more than I knew :( I studied
Most of the materials tested were familiar, but extremely advance... wow.. just wow
I feel horrible. I would feel better if this worked for others..
Please share your thoughts....
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needhelpnow on "Tax or Audit, please help?"
A little bit about my background: I currently have about 2-3 years of IT experience developing/designing websites with a good amount of portfolio to show for it. Some of these projects required me to learning a little bit more about my clients systems. For example, some VBA excel integration, MySQL, and secure log in for data retrieval and what not. This is all small scale because majority of the work was design/development. The point is, at times I have to evaluate their existing site for information and controls to make sure I can implement them on their new site. I recently took my REG exam with crazy amount of studying and have NOT taken Audit yet. But I feel that taxes wouldn't be too bad because of the studying time for the principles so far, but again, I don't know the full scope of it because of lack of experience. Audit on the other hand, I have no experience yet.
My question is, based off of the above information, do you think that I have put myself in a neutral position if I were start applying right now, or should I be leaning more towards Audit (May IT Audit?). Again, I don't know much about Audits conducted at firms, but I sort of do Audit on my clients content right now? I am pretty good with learning new softwares and computers if that helps.
Any advice is appreciated. Thank you everyone!
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ReadyToBeaCPA on "To check my FAR score or Not to check my FAR score that is the question?"
I took FAR on 1/24/2015, so my exam score should be coming out either tomorrow or Tuesday, but I'm taking my BEC exam this Saturday (the 28th). I have been having so much anxiety about whether or not I passed FAR that looking at the score when it comes out will give me some closure, but I'm afraid to look at my FAR score when it comes out because it could easily be a failing score and discourage me when I take my BEC exam a few days later. My question is whether or not it would be worth looking at, and if I'm over-thinking this?
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Jeff - another71.com on "NINJA BOOKS ARE DONE."
AHHHHHH
2004 pages total.
The project took over a year.
I'm going to Disneyland.
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mkrohmer on "Bond Amortization"
Im currently studying using Becker and F5 is impossible in my mind. While listening to the lecture on Leases I thought it was terrible but then scored a 78% on the HW first time through and thought the questions weren't that difficult. I hoped the same thing was true for bonds, but this hasn't been the case. The MCQ are killing me. I just don't understand the concept of amortization and valuing the bonds during their life. Im lost before even getting to bonds issued between dates, bond sinking funds, serial bonds, etc. I saw another post that said u should be fine if u can answer these questions:
Can you explain, using your own words, the reason that bonds are sold at a discount or a premium? Can you explain the amortization of the discount/premium in plain English, as well as how it affects interest expense and the carrying amount? Why do we discount at the market rate of interest rather than the stated rate, and what happens if you accidentally discount at the stated rate?
I really can't answer any of these, I'm lost. Someone PLEASE HELP!!!!!!!
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Ivan_Nunez1 on "Where should I get my MS in accounting."
I currently have 121 credits and need 29 more to meet the 150 requirement, so I will go and get my masters. I do not know where I should go in NYC or Long Island area. I want to go somewhere that isn't too expensive. Also, would a school waive the GMAT if I have successfully passed the CPA.
Thanks
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