▲ 3 r/CPA
How testable is the concept of avoidable interest?
Should I really REALLY know avoidable interest vs capitalized interest? Man I'm struggling with this. 😞
u/Famous-Issue-2534 — 14 hours ago
u/Famous-Issue-2534
▲ 1 r/CPA
What would you think the answer to this would be? $21,000? WRONG! Why? Because even though the question SPECIFICALLY asks what is the benefit recorded in 2019, the answer is the benefit from 2020 + 2021.
Even Newt agrees:
I keep running into nonsense like this in Becker's final review courses, and that's for every section! I vaguely remember arguing about some topics in AUD where they tried to introduce new concepts in the final review section. Turns out they were wrong anyway.
IMHO, don't do the Becker final review stuff. Not worth it.
u/Famous-Issue-2534 — 13 days ago
▲ 3 r/CPA
Question got cut off at the bottom: In its June 30 balance sheet, what amount should Gold report as current assets?
I got this wrong because I counted that overdraft fee as a current liability, so I didn't include it in the calculation of what's a current asset. But here, the AICPA treated a bank overdraft as a reduction to current assets. Why?
u/Famous-Issue-2534 — 13 days ago
▲ 2 r/CPA
Oh yeah, by the way, the university and the for-profit ALSO made a deal we didn't tell you about! They also signed an exclusive deal for the uni to give the research back to the company. Oh you didn't know? It's not just public info like normal? Sorry, WRONG!
Getting REAL tired of this...
u/Famous-Issue-2534 — 15 days ago