I've been asked how/when scores are released. I'll attempt to explain it.
Each quarter is a testing window. Each window you are able to take the test during Month 1 and Month 2. Scores are released twice per window. If you take the exam in Month 1 through the 1st week of Month 2 you have a good chance at being in the Wave 1 score release. Wave 1 score release usually happens between the 16th-25th of Month 2. Everything after the 1st week of Month 2 (and everything not released in Wave 1) gets released towards the end of Month 3 (again, typically the 16th-25th). This is not an exact science, but it is what I've seen and what others I've heard of have experienced.
Even if you take the exam in the time frame that would be in Wave 1 it is possible to be in Wave 2. If you get any of the non-graded pre-test simulations I understand you are automatically moved to Wave 2. There is no way to know if you get these pre-test simulations though.
On the actual score releases each wave: There is a two-step release process. The AICPA releases the scores to NASBA & the State Boards. The next day usually NASBA releases the scores to the students. A few states do not use NASBA to release scores to the students. For those states the State Board releases them. Those states do it however they want. In my case, Texas does not use NASBA but rather releases scores on their own website. This usually happens a day or two after the NASBA release. Other states come out as fast as NASBA while others only send scores by mail. Basically, pray you are in a NASBA state or a state that has their stuff together. Each section of the exam is released separately. The goal is typically for them to release a section per day for 4 days. That doesn't always happen, but it is the general idea. The end result is the AICPA starts the release process and everyone is glued to their computers for 4-7 days checking to see if their scores have been updated on a website.
Jeff over at another71.com has put together a good video explaining the above and has more information. Check it out: http://www.youtube.com/watch?v=ZhniViOfPr4
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I still have to read it, but thank you for going out of your way to explain it. I really appreciate it. :)ReplyDelete
Question, if you remember.ReplyDelete
Why do we add back "minority interest in net income of subsidiary" to operating activities of the statement of cash flows?
I am just a bit confused because I am looking at another example that subtracts "equity in earning of unconsolidated affiliate" from the operating activities of the statement of cash flows.
At this moment, it is not registering.
Your help would be appreciated, again! :)
I would have to see the questions to get the difference between the two. Feel free to email me them if you'd like.ReplyDelete
Final Review Book- Section 4 Page 17. Also, from the homework questions from section 4, question #8.ReplyDelete
Alas, I do not have the final review book, just the basic course. I'll take a stab at it though.ReplyDelete
You would add in the net income from non-controlling interest (assuming indirect method)since you have consolidated 100% of the entity. (emphasis on 'net income'). Basically you are adding back the minority interest portion of income in the calculation to come up with actual cash flow. If you sold $100 worth of widgets to someone your cash flow is +$100 even if ultimately you had to pass some of those earnings to another party.
You would subtract equity in earnings as it is not an operating activity per say (emphasis on 'equity in earnings'). While you may not get that portion of the income, it is not part of your operating activities. Although, any actual cash dividends paid to the minority holders would be a minus to cash.
Hopefully that will help.
Thank you for your explanation! I will just have to remember or memorize what to do with these items on the cash flow statement.ReplyDelete
I handled several items like that. I finally came to a point I said "I don't understand this but I can memorize it for the exam" and then just memorized it. Of course I ended up with a written item covering that topic which was harder to do since I didn't fully grasp that material, but I got the MC parts right.ReplyDelete
I completed the application for the CPA exam and I paid the fees associated with the application. I paid for only one section of the exam. I got the NTS letter for that section. How do I go about registering for other sections and paying for them?ReplyDelete
You are the person I first think of when I have a question, sorry :)
Registering for the exam is done by your state board. For me that is Texas I everything is pretty straight-forward on their site. I just log in and then select 'CBT Eligibility Application (apply online)' and I'm off and running.ReplyDelete
Very good site you have here but I was curious if you knew of any message boards that coverReplyDelete
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