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stayingfocused
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Joined: 09 Jan 2009
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Posted: 08 Feb 2009 at 22:06 \| IP Logged

Becker teaches the CARIMAG method for eliminating entries.

Not only do eliminating entries confuse me, but I never use or see a way to use CARIMAG.

Is CARIMAG completely pointless? If there are certain questions you use it on, please let me know. maybe I'm missing something

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espy
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Joined: 20 Aug 2008
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Posted: 09 Feb 2009 at 11:01 \| IP Logged

CARIMAG is very useful on the exam. Very useful when it comes to simulations when they give you the Equity section and stuff and you have to enter in elimination entries

C A R I M A G

High Priority because you never know when you would get a consolidation simulation * wink wink * cough cough *

I had a dream that I had a consolidation simulation...

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stayingfocused
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Posted: 09 Feb 2009 at 12:54 \| IP Logged

Thanks espy!

So, basically on a simulation if the equity (CAR) does not equal the Investment (I) then reconcile it using (MAG)

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terpfan101
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Posted: 09 Feb 2009 at 18:41 \| IP Logged

stayingfocused wrote:

Thanks espy!

So, basically on a simulation if the equity (CAR) does not equal the Investment (I) then reconcile it using (MAG)

that is correct, in Becker's simulation for ch3 which is what I'd imagine it would be similar to on the exam, when you have to choose the accounts for those boxes, I just went down the list with CARIMAG. Makes it easy to identify what you need in the entry! I do find their acronyms helpful...like PUFE, PFT (passing feels terrific), etc.

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