Video: Compensated Absences Summary

In this lesson, Nick Palazzolo, CPA, wraps up the topic of compensated absences, reinforcing the significance of accurately reporting liabilities incurred from employee benefits like vacation and maternity leave. He energizes the approach to studying, urging for an increase in practice intensity, not just time spent. By advising on the strategy of drilling through practice questions and thoroughly analyzing explanations, Nick sets a clear path for grasping the intricacies of compensated absences accounting. He leaves off with encouragement, ready to dive into the next subject.

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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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Really. Just in summary here, we've got to be ready to answer the questions on the amount of compensated absences. So the liability account remember, compensated absences are liabilities that the company is required to report. That could be because of vacation, holidays, maternity leave, any of the items that we mentioned here. Keep putting in the effort.

I know you're doing it, but put a little bit more in, right? Just a little bit more. If you're doing 30 questions, do 40. Just a little bit more. Judge yourself based on how much you're getting through, not by time.

I know the sound of my voice is wonderful, but if you're just sitting here zoning out, that's not always the best use of your time. Drill through the questions. Practice. Get that hard, tangible result of you answering the questions, seeing the explanations why or why not you got it right or wrong, and you'll do well.

Thank you for joining, and I'll see you in the next one.

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