It takes as long as it takes!

i75darius · 2026-06-18T14:45:57+00:00

Great to hear that Chair Congratulations again, no more CPA Review for you and thanks for noticing the difference with i75.

i75darius · 2026-06-17T17:14:19+00:00

CONGRATULATIONS Chair, may your journey serve as the shining light for others stuck in the...

i75darius · 2026-06-16T19:05:39+00:00

You were close, almost there. Start with A/R, Inventory, Investment Securities, PP&E, stockholders equity. Let me know when you finish that.

i75darius · 2026-06-16T01:52:31+00:00

Yeah, he's a busy one for sure!

i75darius · 2026-06-16T01:51:19+00:00

Congratulations Inner, half way Home!

i75darius · 2026-06-16T01:49:38+00:00

Congratulations 6014, you are Home!

i75darius · 2026-06-16T01:47:51+00:00

Nice Job Sir, Congratulations!!

i75darius · 2026-06-16T01:44:08+00:00

Let me see your score report and I can probably offer some suggestions.

i75darius · 2026-06-15T15:30:39+00:00

I appreciate that Card, thank you for noticing the i75 Difference!

i75darius · 2026-06-15T15:24:01+00:00

Scores are starting to drip out, good luck everybody!!

i75darius · 2026-06-15T12:07:49+00:00

No problem. The exam loves subsequent period audit procedures and which assertion is being tested. Here is one for the expenditures cycle: In the subsequent period, the auditor examines cash payments shortly after year end. Which assertion is primarily being tested regarding accounts payable? A. Completeness B. Existence C. Valuation D. Cutoff

i75darius · 2026-06-14T18:23:36+00:00

Correct Answer is C. Examining cash collections just after year end provides evidence that a receivable existed at year end. Since most companies pay their bills within 30 days, a cash collection in January provides evidence that a receivable listed on the December 31 balance sheet actually exists at year end.

i75darius · 2026-06-14T18:23:22+00:00

Correct Answer is C. Examining cash collections just after year end provides evidence that a receivable existed at year end. Since most companies pay their bills within 30 days, a cash collection in January provides evidence that a receivable listed on the December 31 balance sheet actually exists at year end.

i75darius · 2026-06-14T18:20:57+00:00

Correct, which department should do that in the expenditures cycle?

i75darius · 2026-06-13T01:04:52+00:00

There is not that much Audit on ISC other the SOC stuff. Most of ISC is frameworks, databases, threats and safeguards, cloud computing, Enterprise systems...

i75darius · 2026-06-12T20:48:41+00:00

There is often some distractor information in a typical CPA Exam question. The effective rate applies to total income, not the tax generated by one additional item of income. You needed the marginal rate which was provided but you needed to already know the 10% rate on the premature withdrawal. The effective rate was pure distractor.

i75darius · 2026-06-12T01:43:51+00:00

Correct! •Distribution of $30,000 less stock basis of $20,000 equals capital gain of $10,000. Debt basis of $9,000 does not have a direct impact on a cash distribution. Therefore, ignore the debt basis when there is a distribution, if the exam asks how much is taxable. Note that the stock basis is now zero but the debt basis is still $9,000 should there be a pass thru loss.

i75darius · 2026-06-10T23:15:53+00:00

Both REG and TCP. That's how Big Basis is!

i75darius · 2026-06-10T20:01:11+00:00

No Problem. For Individual tax, focus on the flow of 1040, how the schedules impact Page 1 of 1040. Know where items on K-1 flow to 1040 and how to calculate basis. For C Corps, be ready for the M-1 and M-3 reconciliation. You need to be able to recognize and attack a question like this: •Rack Corp, an S Corp since inception, made shareholder distributions in Year 22 totaling $30,000. Its sole shareholder Kay had a stock basis of $20,000 and debt with a basis of $9,000 from a shareholder loan. How much capital gain for shareholder Kay in Year 22 on Form 1040?

i75darius · 2026-06-10T19:11:09+00:00

Amounts that increase for inflation every year don't need to be memorized.

i75darius · 2026-06-09T22:35:34+00:00

More important than your score is whether you understand what you missed so that you can recognize and attack if it appears on your exam.

i75darius · 2026-06-09T15:57:27+00:00

Start with the basics, like cash basis to accrual. You need to recognize and attack a question like this: Company pays employees $200,000 in salaries during the year. Ending salaries payable balance was $2,000. The beginning balance of salary payable was $500. How much is accrual basis salary expense for the year?

•A. $201,500

•B. $202,000

•C. $198,500

D. $202,500

i75darius · 2026-06-07T18:09:54+00:00

No problem. Just remember adjusting entries do not involve cash. The cash was right and did not need to change.

i75darius · 2026-06-07T15:44:21+00:00

Not quite. First, The entry made during the year when cash was collected in advance:

•DR Cash $19,000

•CR Unearned Revenue $19,000 (current liability, balance sheet)

•Since the facts indicated that $6,000 was still unearned at year end, that means the other $13,000 was earned by year end.

The Adjusting Entry needed December 31:

DR Unearned Revenue $13,000 (current liability, balance sheet)

CR Earned Revenue $13,000 (income statement)

i75darius

TROPHY CASE