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June 14, 2011
CPA Review for FREE
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Lesson 98
From: Joe
(1) – Do you ever wonder whether all those other review programs ever pay any attention to CPA Review for FREE (www.CPAreviewforFREE.com)? If you ask them, they will tell you that they pay no attention to us at all.
Well, here’s some information you might find interesting.
---We are able to trace where the traffic to our website comes from. Last month, we had 269 visits from one of the major review courses—IN ONE MONTH! We don’t know what they were looking for but they sure were interested in our website.
---Another major review course now boasts on its website “Experience the best in CPA Exam Review for FREE. Just enter….” I even wrote that review program to suggest that they needed to hire someone who could come up with some new ideas of their own. At the very least, they could have made it sound different.
---Another CPA review website just recently started bragging that they are going to start giving away a “FREE study planner.” Oh my goodness, where did that idea come from, I wonder? What a coincidence.
Okay, here is my point – these other review programs are asking for thousands of your dollars. They have one goal: your money in their pockets And, yet, they can’t even come up with their own ideas.
--We are the innovative ones.
--We are the ones who have the ideas.
--We are the ones who care about you enough to do this week in and week out.
--All those other review programs have is just fancy marketing.
--Don’t be fooled.
--When’s the last time they had a creative educational idea that they didn’t get from us?
So, shouldn’t you go directly to the source?
Shouldn’t you trust the people who actually come up with the ideas and not the ones who follow 8 steps behind?
--Our 2,200 questions and answers are free – always have been, always will be.
--Our subscription service has hundreds of pages of content about each topic you need to know.
--Our subscription service has examples of ten task-based simulations per part and numerous written communication questions for BEC.
--Our subscription service provides a study guide to show you how to combine our free questions and our subscription service.
--Our subscription service cost $15 per month per part. Yeah – 50 cents per day.
What do we ask? Give us $15 and try one part for one month. At the end of that month, give us another $15 or give the other guys $2,500. That is a very reasonable approach. Worst case scenario – you lose $15. Best case scenario – you save thousands.
Why not go with the people who have all the real ideas and not the ones who obviously don’t?
(2) – In my last email, I talked all about our latest (and potentially greatest) addition to CPA Review: Points to Pass. Questions that you can work over and over until you can get them right every time. We have had a lot of questions about how soon that will be available. We plan to roll out the FAR version in the next week or two. Stay tuned.
(3) – If you are a college student, I want you to know that we will have an exhibit table at the Beta Alpha Psi convention in Denver this August. If you are a member of BAP and will be there, please stop by the booth and say hello. We have the niftiest gifts to hand out. I stole five of them for myself.
(4) – We posted the following note on our Facebook page a couple of days ago. This is exactly what we want to hear from each of you. This is what victory sounds like. This is what success feels like. This is what we want for you.
“I just wanted you to know that I used CPAreviewforfree.com and have just been issued my CPA license from the North Carolina Board of Accountancy. Thanks for all you have done to help me and so many others prepare for this exam. RB, CPA”
Our wants are simple – we want to see you get four grades of 75 so you can move on with your life and your career (with your money still in your pocket).
(5) – They played a great basketball game on Sunday night. It was a game that went back and forth. One team got ahead and then the other team caught up and got ahead. It proved to be the final game of the season because Dallas won and took the championship.
Those guys had been practicing and playing for at least 9-10 months day in and day out.
--Do you think they ever got tired along the way?
--Do you think they ever got discouraged?
--Do you think they ever wanted to slack off?
--Do you think they ever wanted to give up?
Of course they did – it is a long season that requires an incredible amount of work—day after day, week after week. But, they won the championship because they stuck with it. Even in the dark days, they kept pushing themselves on.
Giving up is easy. Slacking off is easy.
You know how it starts. One day you quit studying early and promise yourself to make up the time tomorrow. But, tomorrow, you study a bit less. Studying less feels good and you start to make excuses. When you don’t want to do something, any excuse will work. You start to give yourself permission to lose.
Sticking with it takes courage. Sticking with it takes heart.
If you ask the Dallas players today how success feels, I guarantee they will tell you it feels absolutely wonderful. They had a dream of being the champions and now they have the trophy. They will always know what being the champion feels like.
Your dream is to pass the CPA Exam.
Your dream is to get your scores and see 75 or more on all four parts.
Your dream is to be able to tell your friends and family that you have passed a very difficult test.
And, like a basketball championship, it is not easy. It is real work. They don’t give you points for smiling. They give you points because you are able to answer questions. And, you become able to do that through long hours of practice where you sit and answer questions and read answers and take notes.
They work in a hot gym for hours and hours. You sit in front of a computer screen and work question after question.
No, success is never easy. Success requires courage and heart.
Everyone wants success but not everyone is willing to do the work that it takes.
Dallas did it.
So can you.
(6) – To unsubscribe from these weekly email lessons, just scroll to the bottom of this screen or any other email lesson and click on “Unsubscribe.” We hope you’ll stay. We like talking with you. We appreciate it when you tell others about us (well, don’t tell those other review courses since they seem to like our ideas too much). We are glad to have you get these emails lessons.
Please stay just as long as you wish.
(7) – Let’s do some practice. More importantly, let’s add some points. My goal is always the same – after you read each of these questions and answers can you get them right the NEXT TIME you see them. If so, you are adding points and that’s the real secret to success on the CPA Exam.
Okay, here’s what I decided to do this week. I wanted to give you a feel for the information available in our subscription service. So, for each part of the exam, I went into our subscription service and picked a general topic (like inventory or contract law). Then, I randomly scrolled down through that topic and stopped. Wherever I landed, I took that material and used it to write the following questions for you. If you are using our subscription service, the answers to each question are readily available
FAR
The Lutz Company is using IFRS to prepare its annual financial statements. Under IFRS, revaluation of fixed assets is permitted but it must be done for an entire class of assets. One class of the company’s fixed assets has gone up in value. Another class of fixed assets has gone down in value. What is the impact of revaluation under IFRS?
A. Decrease in value reduces net income; increase in value increases accumulated other comprehensive income.
B. Decrease in value reduces net income; increase in value increases net income.
C. Decrease in value reduces accumulated other comprehensive income; increase in value increases accumulated other comprehensive income.
D. Decrease in value reduces accumulated other comprehensive income; increase in value increases net income.
Answer is A
Probably because of the conservatism that is inherent in much of financial accounting, if a class of assets goes down in value, IFRS reflects that revaluation as a reduction in net income. However, if a class of assets goes up in value, IFRS reflects that revaluation as an increase in accumulated other comprehensive income (within stockholders’ equity on the balance sheet) rather than in net income.
Auditing and Attestation
In auditing, what is meant by the term “inherent risk?”
A. It is the chance that a reporting entity will go bankrupt regardless of its current financial position.
B. It is the chance that a material misstatement will exist in a financial statement assertion, assuming no re¬lated internal controls are in place.
C. It is the chance that an independent auditor will make a mistake purely because of being a human being.
D. It is the chance that an independent auditor will see a material misstatement but not recognize that it a material misstatement.
Answer is B.
When an audit is started, the independent auditor needs to assess the inherent risk which is the chance that a material misstatement exists in one of the financial statement assertions. Companies with great accounting systems, well-trained employees and transactions that do not contain a lot of risk may have virtually no inherent risk. Material misstatements probably will not occur. Other companies with poorly designed accounting systems or untrained employees or very risky transactions may have an incredible amount of inherent risk. As you can imagine, the work that the independent auditor does to reduce audit risk to an acceptably low level is impacted significantly by the assessed level of inherent risk.
BEC
The Jones Corporation is publicly-held and subject to the rules of the SEC. In the current period, to reduce its registration costs, the company issued unregistered bonds directly to a specific number of accredited investors. This practice is common. What is it called?
A. Undisclosed sale
B. Private placement
C. Accredited sale
D. Approved sale
Answer is B
The SEC has certain rules that permit the private placement of securities. These rules allow the sale of securities with only a limited amount of registration and disclosure information which will save the company money. Such an issuance is referred to as a private placement.
Regulation
The Lambert Company bought a piece of equipment this year on October 9. The company’s tax return is filed on a calendar year basis. MACRS (the Modified Accelerated Cost Recovery ) is used to determine depreciation for income tax purposes. Which of the following is true as to the amount of depreciation that can be recognized in this initial year?
A. Lambert can take no depreciation
B. Lambert should take a full year of depreciation.
C. Lambert can take depreciation for 3/12 of the year.
D. Lambert can take depreciation for 1/2 of the year.
Answer is D.
According to the rules of MACRS, personal property is treated as placed in service or disposed of at the midpoint of the taxable year, resulting in a half-year of depreciation for the year in which the property is placed in service or disposed of by the company.
Hey, it is a beautiful day here in Richmond. I hope it is beautiful wherever you are today.
Work hard
Add points
We really do want you to pass and get on with your lives.
Do me a favor – give someone a hug today and tell them that you are cheering for them. It might make all the difference in the world to that person.
Joe Hoyle
Co-Founder and President
CPA Review for FREE
www.CPAreviewforFREE.com
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