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May 12, 2011
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Lesson 94
From: Joe
(1) - Our Auditing and Attestation subscription service is now up and running!!! For a mere $15 per month (50 cents per day), you can get
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Try us first, before you spent thousands. Why not try us for a month and see if you can save thousands?
Okay, I know you want to know more about how the subscription service works. So, send me an email at Jhoyle@cpareviewforfree.com and tell me what part of the exam you plan to take next. I’ll send you the study guide for that part. As we like to say down here in the South, it is not good idea to buy a pig in a poke. We believe in our program and want you to see how our program works. Just send me an email (jhoyle@cpareviewforfree.com and let me know what part you plan to take next and I’ll send you our study guide by return email. You can see how our program is designed.
I’ve been in this business for over 30 years. I designed this program so that you can pass AND pay as close to zero as possible.
--If you are truly wealthy and are dying to spend thousands of dollars, then nothing I can say is going to change your mind. Nothing—that money is burning a hole in your pocket.
--However, if it were me, I’d invest $15 first and try this program for one month. That’s just common sense. At the end of a month, you can give us another $15 or you can give the other guys $2,500 but at least you’ll know what works for you. Come on – accountants should be smart enough to see that trying one month for $15 is a good idea.
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(2) – In case you missed it above, send me a note at Jhoyle@cpareviewforfree.com and tell me the part that you are going to take next and I’ll send you our study guide for that part ABSOLUTELY FREE. (Our favorite term around here - “absolutely free.”)
(3) – Recently, I have been posting daily messages on our Facebook page. I just like giving everyone a daily boost of “you can do it – put in the time and energy and make it happen.”)
However, I wrote an entry the other day that I have thought a lot about over the last few days. Here’s what I had to say:
“If you don’t dream enough, work becomes work – pure drudgery. However, if you dream about what you want to accomplish, work becomes a real joy. So, dream about passing the CPA Exam. If you don’t enjoy studying, maybe you are not dreaming enough. From Oliver Wright: ‘I got more thrill out of flying before I had ever been in the air at all – while lying in bed thinking how exciting it would be to fly.’”
I’ve had a terribly busy spring schedule and, in all honesty, work has really started to feel like drudgery to me. I can do it but there’s no real spark there. There’s not been enough excitement. I have just gone through the motions to get it done. I find that I whine and moan a lot. Not enough joy.
So, after I wrote that entry above, I decided that I probably was speaking to me more than to anyone else.
Since then, I have really worked on dreaming about what I want to see happen.
--I dream about having really efficient days where I just seem to work without stopping and everything goes well. I dream about having the energy to get up and get things done.
--I dream about finishing projects and saying to myself “I did it. I made it happen.”
--I dream about doing a good job and that wonderful, wonderful feeling of accomplishment.
--I dream about looking up one day and smiling and saying “it worked out just like I hoped it would.”
I have a request. Stop reading and ask yourself a couple of questions.
--Over the last few weeks would you say that your study for the CPA Exam has been drudgery or a joy?
--Over the last few weeks do you find yourself whining more than you’d like to admit?
--Over the last few weeks have you tried to avoid studying at all costs?
--Over the last few weeks when you have studied have you wanted to quit almost as soon as you started?
If the answer to these questions all tend to be in the “I’m sick to death of studying” mode, then maybe it is time for you to start dreaming. Every morning when you get up, take an extra minute or two and dream:
--Dream that you study and you are perfectly focused and just seem to learn every piece of information that you cover. It is all just very clear.
--Dream that you go to take the CPA Exam and you feel the exaltation as you realize that you know most of the questions. You catch the tricks and understand what they want.
--Most of all, dream about getting your scores and seeing four grades of 75 or above. Dream about how good that is going to feel. Dream about telling your mother, father, husband, wife, son, daughter, boss, coworkers, etc. Dream about that wonderful sense of accomplishment. Dream about yelling out “I DID IT!!!!”
I think you’ll find that having dreams of what you want to do will re-energize your spirits. We are all human. We all get sick of this stuff. It is easy to forget why you got started in the first place. Take five minutes a day – take five minutes every day – and dream about success, victory, and accomplishment. Dream great dreams!!!!
Speaking strictly for me, it really has helped. I feel better about my work and feel better about the whole process of working.
Motivation seeps away pretty quickly if you don’t stop to refill the tanks. Dreaming will help.
(4) – We are delighted to have everyone of you on this email service (and on our Facebook page). Please stay as long as you wish. I’ve been writing these lessons now for about 15 years; I’m pretty sure I can write them for another 15. However, if you ever decide you are ready to unsubscribe, just go to the bottom of this email (or any other email from us) and click on the “unsubscribe” button. Our goal is to help and motivate. Our goal is not to fill up your email box.
(5) – Okay, practice time. Let’s see if we can add some points – ABSOLUTELY FREE!!!
FAR
Living plants and animals are referred to as biological assets for accounting purposes. Assume a company has a large fruit orchard. Under IFRS, how should this asset be reported on a company’s balance sheet?
A. Fair value
B. Fair value less estimated cost to sell
C. Historical cost
D. Historical cost less accumulated depreciation
Answer is B
Under US GAAP, the orchard would be reported at historical cost less accumulated depreciation like most other long-lived assets. But, under IFRS, biological assets are reported at fair value less the estimated cost that it would take to sell them.
Auditing & Attestation
An auditor must make an assessment of control risk as part of the process to determine how much substantive testing must be done to reduce overall audit risk to an acceptably low level. Which of the following is not one of the five components that make up internal control?
A. Checks and balances
B. Monitoring
C. Control environment
D. Risk assessment.
Answer is A
The five components of internal control are (1) control environment—the organization’s commitment to having a strong internal control, (2) risk assessment—the organization’s ability to anticipate problems and work to prevent them in advance, (3) control activities-the policies and procedures in place to help ensure that the organization’s systems are working as intended by management, (4) information and communication-the organization’s ability to gather significant data and get it to the people who need it in a timely fashion, and (5) monitoring—the assessment of internal control by the organization over time to ensure that internal control properly adapts as changes are needed.
BEC
What is meant by the term “economic profit?”
A. It is just a different way of saying net income.
B. It is the amount of profit being earned in excess of a normal profit.
C. It is equivalent to gross margin.
D. It is the same as return on assets.
Answer is B.
Economic profit is any profit earned in excess of a normal amount of profit. In economics, it is important because it is assumed that additional competition will be drawn to areas where an economic profit can be earned so that, in the long run, it will be eliminated by the added competition. In fact, the term is also referred to as “excess profits” which is more self-explanatory.
Regulation
A company owes a bank $10,000. The company cannot pay. Jones is a surety on the debt for $6,000. Smith is also a co-surety on the same debt for $6,000. The bank releases Jones without reservation of rights against Smith. For what amount is Smith now obligated to the bank in connection with this debt?
A. Zero
B. $3,000
C. $5,000
D. $6,000
Answer is B
Initially, each co-surety is liable in for the amount that each has personally guaranteed. However, when the bank released one co-surety without reservation of rights against the other, the remaining co-surety is also released, but only to the extent that his right of contribution is affected. In other words, Smith has lost the right to step into the bank's shoes against Jones for contribution of $3,000, so is released to that extent.
Joe Hoyle
Co-Founder
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