STUDY FRAMEWORK ™

FINANCIAL ACCOUNTING AND REPORTING

PLANNER

NINJA STUDY FRAMEWORK Copyright 2024 — Ninja CPA Review, LLC FINANCIAL ACCOUNTING AND REPORTING | 0
NINJA STUDY FRAMEWORK Copyright 2024 — Ninja CPA Review, LLC FINANCIAL ACCOUNTING AND REPORTING | 1
 STUDY FRAMEWORK
TM

Read your NINJA Book before doing ANY MCQ. Begin reading

N
the NINJA Notes and listening to the NINJA Audio - even if you
Nail the Concepts haven’t covered a particular subject in the NINJA Book. One
key to success is to listen to the NINJA Audio and read the
NINJA Notes as many times as possible in the weeks leading up
to the exam.

As you are Nailing the Concepts by reading the NINJA

I
Book and NINJA Notes and listening to the NINJA Audio,
Intense Notes take Intense Notes. The goal is to never have to go back
and re-read the book because you’ve written down the key
concepts covered.

You’ve read your NINJA Book and the NINJA Notes. You’ve
listened to the NINJA Audio. You’ve taken Intense Notes and

N
have a killer stack of Keywords and Notes going. Now it’s time
Non-Stop MCQ to dive into NINJA MCQ. If you miss a question, write down the
Keywords and Notes that the question is testing you on and
add it to your stack of notes. If you get a question correct, but
think you’ll forget the concept later on, write it down.

It’s tedious. It’s awful. It works. The process will take about a
week, so plan accordingly. Take your stack of notes and re-

J Just Re-Write It
write them into the Keywords and Notes area of this study
planner (you’ll likely need to make multiple copies of each
page). The easy road is to skip this step. Don’t take the easy
road - it will pay dividends on Exam Day.

You’ve Nailed the Concepts. You’ve taken Intense Notes.

You’ve worked MCQ until you hate life. You even hate the
word “NINJA” at this point. You’ve re-written your Keywords
and Notes. This is where it all comes together. Carry your stack

A All Comes
Together
of Keywords and Notes everywhere you go. Read through the
NINJA Flashcards. Make a list of your weakest MCQ topics and
work backwards. Start with your weakest and do 20 question
“mini-testlets” until you score in the 70s and move to your next
weakest topic. Finish your Review and then go give your Exam
a Reverse-Roundhouse Kick in the face.

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 N I N J A

Nail the Concepts

 Read the NINJA Book cover to cover
 Read NINJA Notes in your down time instead of social media, etc.
 Listen to NINJA Audio 24/7 in the car, at the gym, etc.
 Take Intense Notes while reading the NINJA Book and Notes and
listening to the NINJA Audio (see page 6).
 Don’t move on to the MCQ until you have read the complete NINJA
Book - or have gone past the time you’ve budgeted for the book. If you
get behind - it’s ok to skim and read the examples. It’s more important
to stay on schedule.

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 "Nail the Concepts" Checkoff List

Books Notes Audio

Introduction   

Fundamentals of Accounting & Conceptual Framework   

Income Statement and Statement of Comprehensive   

Income
Balance Sheet   

Statement of Cashflows   

Statement of Changes in Stockholders’ Equity   

Notes to Accounts   

SEC Reporting Requirements   

Earnings Per Share   

Ratio Analysis   

Revenue & Expense   

Foreign Currency Transactions   

Accounting Changes, Error Correction & Fair Value   

Measurement
Cash and Cash Equivalents & Bank Reconciliation   
Statement (BRS)
Accounts Receivable & Notes Receivable   

Inventory   

Property Plant & Equipment (PPE)   

Intangibles   

Investment in Equity Securities   

Investment in Debt Securities   

Business Consolidation and Combination   

Current Liabilities & Contingencies   

Bonds and Troubled Debt Restructuring   

Income & Deferred Taxes   

Lease Accounting - Lessee   

Equity   

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 Partnership Accounting   

Special Purpose Frameworks   

Not-for-Profit Accounting   

Governmental Accounting   

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 N I N J A
Throw away your highlighter and
pick up your pen! According to
Harvard Library:
Intense Notes
“Throw away your highlighter:
 As you read the NINJA Book and Highlighting can seem like an active
NINJA Notes, and listen to the NINJA reading strategy, but it can actually
Audio, take intense notes. The goal is distract from the business of learning
to never have to go back and re-read and dilute your comprehension.
the book because you’ve written
Those bright yellow lines you put on
down the key concepts covered.
a printed page one day can seem
 Take Notes while reading the NINJA strangely cryptic the next, unless you
Book have a method for remembering why
they were important to you at
 Take Notes while reading the NINJA another moment in time. Pen or
Notes pencil will allow you to do more to a
text you have to wrestle with.”
 Take Notes while listening to the
NINJA Audio

Keywords Notes

HOME MORTGAGE INTEREST Mortgage Interest deductible on loans up to $1M.

Home Equity Interest deductible on loans up to $100K.

As for the actual notes, we recommend using the Cornell Method for
note-taking, a method preferred by universities and other learning
centers. The basic idea is that the left side of your page will contain
keywords, key concepts, or questions while the right side of your page
will contain general notes that correspond to the keywords and
concepts on the left. The bottom of the page is reserved for you to
write a summary of what is contained on that page.

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 Keywords Notes

Summary

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 Keywords Notes

Summary

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 Keywords Notes

Summary

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 N I N J A

Non-Stop MCQ

STOP!
Do not start the MCQ until you’ve read the NINJA Book (or you’ve
surpassed the time budgeted in your study plan for the NINJA Book).

 Dive into NINJA MCQ

 The software knows what you do not based on the questions you answer incorrectly.

 If you miss a question, write down the “main point” of the question as a Keywords and
Notes and add it to your stack of notes.

 If you get a question correct, but think you’ll forget the concept later on, write it down.

 There are two phases to NINJA MCQ:

1. The Evaluation Phase (the first 15% of the material, which figures out what you know
— and what you don’t),

2. The RECON Phase (the software tailors the questions to help you improve in the
areas where you are weakest).

3. After completion of the Evaluation Phase, the RECON Phase and its progress bar will
be enabled. During this phase, you will be presented with MCQ using our proprietary
algorithm that is designed for your optimal retention of the study material. The
RECON progress bar will reflect the percentage of correctly answered questions out
of the total questions present in the course.

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 NINJA MCQ Checkoff List

1. Financial Reporting

 A. General-Purpose Financial Reporting: For-Profit Business Entities

 i. Fundamentals of Accounting & Conceptual Framework

 ii. Balance Sheet/Statement of Financial Position

 iii. Income Statement/Statement of Profit or Loss and Statement of

Comprehensive Income

 iv. Statement of Changes in Equity

 v. Statement of Cash Flows

 vi. Consolidated Financial Statements (including Wholly-Owned

Subsidiaries and Non-Controlling Interests)

 vii. Notes to financial statements

 B. General-Purpose Financial Reporting: Nongovernmental Not-for-Profit

Entities
 C. State and Local Government Concepts

 D. Public Company Reporting Topics

 E. Special Purpose Frameworks

 F. Financial Statement Ratios and Performance Metrics

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2. Select Balance Sheet Accounts
 A. Cash and Cash Equivalents

 B. Trade Receivables

 C. Inventory

 D. Property, Plant and Equipment

 E. Investments

 i. Financial Assets at Fair Value

 ii. Financial Assets at Amortized Cost

 iii. Equity Method Investments

 F. Intangible Assets

 G. Payables and Accrued Liabilities

 H. Debt (Financial Liabilities)

 i. Notes and Bonds Payable

 ii. Debt Covenant Compliance

 I. Equity

3. Select Transactions
 A. Accounting Changes and Error Corrections

 B. Contingencies and Commitments

 C. Revenue Recognition

 D. Accounting for income taxes

 E. Fair Value Measurements

 F. Lessee Accounting

 G. Subsequent Events

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 N I N J A

Just Rewrite It
It’s tedious. It’s awful. It works. The process will take about a week, so plan accordingly.
Two weeks out from your exam sounds about right. Take your stack of notes and rewrite
them into the Keywords and Notes area of this Study Planner (you’ll likely need to make
multiple copies of each page). The easy road is to skip this step. Don’t take the easy road
- it will pay dividends on Exam Day.

Keywords Notes

Summary

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 Keywords Notes

Summary

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 Keywords Notes

Summary

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 N I N J A

All Comes Together

You’ve Nailed the Concepts. You’ve taken Intense Notes. You’ve worked MCQ until you
hate life. You even hate the word “NINJA” at this point. You’ve rewritten your Keywords
and Notes. This is where it all comes together.

 Carry your stack of Keywords and Notes everywhere you go.

 Read through NINJA Flashcards

 Make a list of your weakest MCQ topics and work backwards.

Start with your weakest topic and do 20 question “minitestlets”
until you score in the 70s and move to your next weakest topic.

 Finish your Review and then go give your Exam a Reverse-

Roundhouse Kick in the face. HIYA!

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 The ELL Plan™
Copyright 2024

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 Schedule
 With the ELL Plan™ you will exceed the recommended 130 study
hours in seven weeks.

 You will incorporate 25 hours of studying into each week using the
Early-Lunch-Late method.

 You have an extra five hours of study time built in to allow for the
unexpected.

The Early Late Lunch Plan is simple. The sacrifice is not. The idea is that you set a
schedule, make a habit it of it over the course of the 7 weeks necessary to pull this off.

How it works:

Get up 1.5 hours earlier than normal. If you are already getting up at 4, don’t shake your head in
disgust. This plan isn’t for you. For those who normally get up at 6 or 6:30 am, start getting up at
4:30 or 5. Stumble to the coffee pot (which you loaded the night before) and hit the “go” button.
EARLY

While the coffee is brewing, go take a quick shower and wake up. Head back to the coffee, grab a
cup and sit down at your computer and books (which you also set up the night before).

Study for an hour.

Notice that checking your e-mail, Facebook, sports sites, or news was nowhere in this sequence.

Say no to the co-workers heading down the street to grab lunch and talk about how dumb their
boss is for an hour. You take your lunch to your desk (which you also packed the night before).
Start eating and hit play on your NINJA Audio.
LUNCH

Your legal pad and pen will get food smears on it while you take notes, as will your mouse, but who
cares. Same rule applies as the morning: no e-mail or Internet.

Study for an hour.

This is where it will differ greatly based on your home situation, based on whether you are single
with no children, married with no children, or married with children but your spouse is at home, etc.
LATE

Somewhere between the hours of 7:00 p.m. to -11:00 p.m. set aside the time to study. Study at a
coffee shop, the library, stay late at work, do it at home...whatever works for your situation.

Study 2 hours.

Do this four days a week. Have lunch out Friday and take Friday night off.

Repeat for 7 Weeks!

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 Work Day Schedule

0 1 2 3 4

Friday

Thursday Early
Lunch
Wednesday
Late
Tuesday

Monday

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 The ELL Plan™ 7-Week Calendar

MON TUE WED THUR FRI SAT SUN

WEEK 1 Early 1 Early 1 Early 1 Early 1 Early 1 As As

25 Study Lunch 1 Lunch 1 Lunch 1 Lunch 1 Eat Out 0 Schedule Schedule
Hours Late 2 Permits 4 Permits 4
Late 2 Late 2 Late 2 Late 0

WEEK 2 Early 1 Early 1 Early 1 Early 1 Early 1 As As

25 Study Lunch 1 Lunch 1 Lunch 1 Lunch 1 Eat Out 0 Schedule Schedule
Hours Permits 4 Permits 4
Late 2 Late 2 Late 2 Late 2 Late 0

WEEK 3 Early 1 Early 1 Early 1 Early 1 Early 1 As As

25 Study Lunch 1 Lunch 1 Lunch 1 Lunch 1 Eat Out 0 Schedule Schedule
Hours Permits 4 Permits 4
Late 2 Late 2 Late 2 Late 2 Late 0

WEEK 4 Early 1 Early 1 Early 1 Early 1 Early 1 As As

25 Study Lunch 1 Lunch 1 Lunch 1 Lunch 1 Eat Out 0 Schedule Schedule
Hours Permits 4 Permits 4
Late 2 Late 2 Late 2 Late 2 Late 0

WEEK 5 Early 1 Early 1 Early 1 Early 1 Early 1 As As

25 Study Lunch 1 Lunch 1 Lunch 1 Lunch 1 Eat Out 0 Schedule Schedule
Hours Permits 4 Permits 4
Late 2 Late 2 Late 2 Late 2 Late 0

WEEK 6 Early 1 Early 1 Early 1 Early 1 Early 1 As As

25 Study Lunch 1 Lunch 1 Lunch 1 Lunch 1 Eat Out 0 Schedule Schedule
Hours Permits 4 Permits 4
Late 2 Late 2 Late 2 Late 2 Late 0

WEEK 7 Early 1 Early 1 Early 1 Early 1 Early 1 As As

25 Study Lunch 1 Lunch 1 Lunch 1 Lunch 1 Eat Out 0 Schedule Schedule
Hours Permits 4 Permits 4
Late 2 Late 2 Late 2 Late 2 Late 0

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 Weekly Progress
Tracker

You should complete

20 to 25 Hours of
studying per Week
to stay on a 7-week
track.

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 STUDY LOG

Week 1 Week 2
 Read 50% of the NINJA Book  Read 50% of the NINJA Book
 Read all of the NINJA Notes  Read all of the NINJA Notes
 Listen to all of the NINJA Audio  Listen to all of the NINJA Audio
 Take your own notes on all of this  Take your own notes on all of this

Study Hours Study Hours

Monday  Early 1 Monday  Early 1
 Lunch 1  Lunch 1
 Late 2  Late 2

Tuesday  Early 1 Tuesday  Early 1

 Lunch 1  Lunch 1
 Late 2  Late 2

Wednesday  Early 1 Wednesday  Early 1

 Lunch 1  Lunch 1
 Late 2  Late 2

Thursday  Early 1 Thursday  Early 1

 Lunch 1  Lunch 1
 Late 2  Late 2

Friday  Early 1 Friday  Early 1

 Lunch 1  Lunch 1
 Late 2  Late 2

Saturday  4 Saturday  4
Sunday  4 Sunday  4
TOTAL 25 TOTAL 25

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 STUDY LOG

Week 3 Week 4
 Non-stop MCQ  Non-stop MCQ
 Read all of the NINJA Notes  Read all of the NINJA Notes
 Listen to all of the NINJA Audio  Listen to all of the NINJA Audio
 Take your own notes on all of this  Take your own notes on all of this

Study Hours Study Hours

Monday  Early 1 Monday  Early 1
 Lunch 1  Lunch 1
 Late 2  Late 2

Tuesday  Early 1 Tuesday  Early 1

 Lunch 1  Lunch 1
 Late 2  Late 2

Wednesday  Early 1 Wednesday  Early 1

 Lunch 1  Lunch 1
 Late 2  Late 2

Thursday  Early 1 Thursday  Early 1

 Lunch 1  Lunch 1
 Late 2  Late 2

Friday  Early 1 Friday  Early 1

 Lunch 1  Lunch 1
 Late 2  Late 2

Saturday  4 Saturday  4
Sunday  4 Sunday  4
TOTAL 25 TOTAL 25

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 STUDY LOG

Week 5 Week 6
 Non-stop MCQ  Non-stop MCQ
 Take notes where applicable  Just rewrite it.
 Listen to all of the NINJA Audio  Review all of your Keywords and
Notes over and over again

Study Hours Study Hours

Monday  Early 1 Monday  Early 1
 Lunch 1  Lunch 1
 Late 2  Late 2

Tuesday  Early 1 Tuesday  Early 1

 Lunch 1  Lunch 1
 Late 2  Late 2

Wednesday  Early 1 Wednesday  Early 1

 Lunch 1  Lunch 1
 Late 2  Late 2

Thursday  Early 1 Thursday  Early 1

 Lunch 1  Lunch 1
 Late 2  Late 2

Friday  Early 1 Friday  Early 1

 Lunch 1  Lunch 1
 Late 2  Late 2

Saturday  4 Saturday  4
Sunday  4 Sunday  4
TOTAL 25 TOTAL 25

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 STUDY LOG

Week 7
 You should now be in the RECON
Study Hours Phase of the MCQ
1. Find your weakest section, based
Monday  Early 1
on your scores, and start there with
 Lunch 1 drilling down into those questions
 Late 2 until you are at 70% proficiency or
higher.
Tuesday  Early 1 2. Then move on to your second
 Lunch 1 weakest topic
 Late 2 3. Your Trending Goal this week is to
be at 85% or higher.
Wednesday  Early 1
 1-3 Days Before Exam
 Lunch 1
 Late 2 1. Read NINJA FlashCards over and
over again
Thursday  Early 1 2. Continue watching Sparring
Lectures on
 Lunch 1
 Late 2 3. your weakest topics

Friday  Early 1
 1 Day Before Exam
 Lunch 1 1. Read NINJA FlashCards over and
over again
 Late 2
2. Read your Keywords and Notes
Saturday  4
 Day of the Exam (try to schedule
Sunday  4
your exam for around 1:00 p.m.)
TOTAL 25
1. Do the MCQ of your weakest topic
2. Read NINJA Notes
3. Read your Keywords and Notes
4. En route to the Exam listen to the
NINJA Audio topic that is your
weakest section
5. At the testing center, in your car,
review the
6. NINJA Notes on your weakest
topic.

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