[jeff]

NINJA Study Notes, Flashcards, and Audio: https://www.another71.com/products-page/

Wiley Software: https://www.another71.com/wiley-cpa-software/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

@occams_razor

Not to sound like a smart a$$, but the best thing you can do is beat those MCQs into your head. Forget about everything that applies in the real work. Just learn the MCQs in the study material, and I promise you will be much better off.

I kept trying to pass FAR by applying my “real world” knowledge to answering questions. As a result, it took me five attempts to finally pass it. The difference the time I passed was that I relied solely on the study material (Becker and Wiley).

Just my 2 cents.

Will

[occams_razor]

@brattonportera

Will,

Thanks for your help man, I think you're right and that's what everyone including my audit professor keeps telling me. MCQ's until I go blind and then do 30 more. The vouching and tracing stuff can be confusing though. Hopefully it'll just click. Thanks again!

AUD - 79!
REG - (67,69-without NINJA and Wiley Test Bank) 84!(with NINJA and Wiley Test Bank)
FAR - 75!
BEC - 83!
Every test I passed, I used Ninja Notes. Couldn't have done it without them!
I am done!!!

[momto5]

@ occams_razor

I'm in the same place as you and agree completely! And does it seem like the word “trace” can be a general word for going in either direction sometimes? I thought it would be helpful to remember that vouching is going downwards to test for existence and tracing is going upwards to test for completeness. But it seems that sometimes they just say to trace from one thing to another to check something, which has confused me. Hopefully it will get better the more MCQ's I do. Haven't even made it through all the practice ones for this section yet.

FAR - 92 (4/27/12)
AUD - 96 (7/17/12)
BEC - 92 (8/30/12)
REG - 91 (11/12/12)

[Anonymous]

Hi Guys,

You are so right!! this transaction cycle in Becker is completely throwing me off , I tried to do MCQ and correlate it with real world work. I scored 45% in MCQ in becker and 30% in Wiley test bank. I am so frustrated. I have 2-3 weeks left for my exam. I am doing good in other topics, like I m scoring atleast 75-80% . in MCQ.

Please guys suggest me how to beat MCQ in Audit Evidence topic. Do I learn and memorize the concept behind MCQ?

Any suggestion would be helpful.

Regards,

nam

[NapkinThief]

I'm in the same boat. At this point I think I would rather wrestle a grizzly bear, or attempt to nail Jello to a tree than do any more multiple questions in the Audit Evidence section of Becker. I had some problems in BEC with some of the H.W.'s, but nothing like this…

My only consolation is that a lot of the questions seem to be ‘newly released' (as in 2005-2011). Alternatively, a lot of the other sections seem to contain older questions – predominately from the 90's. If they're releasing so many of these questions early it's because they aren't going to use them again… most likely because nobody was getting them right because they're so ridiculously ambiguous.

The Becker guy says at the start of the lecture that “this is the section that most students struggle with, because it involves using judgement and opinion.” No – this is the section students struggle with because I couldn't answer half these questions right with the book open and 15min per question!

The best suggestion I've read on here is “Don't try to apply logic – memorize the answer.”

BEC - 89 (5/31/2012)
AUD - 88 (7/02/2012)
REG - 76 (7/31/2012)
FAR - 83 (8/30/2012)

"Amateurs practice until they can get it right. Professionals practice until they can't get it wrong."

[NapkinThief]

I wrote that last comment before I tried to do the “Audit Procedures by Transaction Cycle” questions of Becker AUD 4.

…On the BEC H.W. questions I averaged 70-80% on some of the ‘harder' sections. I was also averaging about ~70% on all of this section and found it to be rather annoying. However, that was before I attempted the “Audit Procedures by Transaction Cycle.” 50% on my first run through – Including missing the first 10 questions.

I have officially never done anything so infuriating in my life. There just aren't words to describe how unbelievably frustrating this section is. My actual percentage may even be lower, as I had to stop at question 40 of 98 because I can't even look at my computer right now without wanting to test its aerodynamics.

BEC - 89 (5/31/2012)
AUD - 88 (7/02/2012)
REG - 76 (7/31/2012)
FAR - 83 (8/30/2012)

"Amateurs practice until they can get it right. Professionals practice until they can't get it wrong."

[momto5]

Agreed agreed agreed!!!!!!! Hate this section!

FAR - 92 (4/27/12)
AUD - 96 (7/17/12)
BEC - 92 (8/30/12)
REG - 91 (11/12/12)

[Anonymous]

Yay!!! I nailed it ! I have solved 60question so far from 120 questin in becker (Scored 95%).

I am making flowchartafter reading each transaction cycle from Becker book and .making small bullets on that flowchart and just memorizing it. Don't go crazy in over memorizing. just get the concept and learn it! Don't corealte with real world this will reduce some doubts and over thinking.

Ok i am back to my practice questions. Good luck !

[Anonymous]

Don't stress too much over transaction cycle. I still don't understand it!!

A lot of people posted useful information about transaction cycle here:

https://www.another71.com/cpa-exam-forum/topic/aud-4-is-a-killer

[momto5]

Very helpful!! Thanks so much for sharing that!

FAR - 92 (4/27/12)
AUD - 96 (7/17/12)
BEC - 92 (8/30/12)
REG - 91 (11/12/12)

[Anonymous]

oh wow great help @ dual matrix..

[Anonymous]

Thank you !

[NapkinThief]

Thanks dualmatrix – the link definitely helped. (Equally as helpful is seeing someone who passed admit they still don't get it!)

If nothing else, its nice to know that I'm not just especially obstinate or stupid, and that I'm not the only one that thinks this section was written by the Captain of the Grammar Police… I ended up with 61% overall when I finally mustered the patience to finish the MCQ for it.

I think the hardest thing is that most of the people taking the CPA are used to making relatively high grades and doing well in general, and so its hard to wrap your head around a 60-70 being acceptable or a good score on anything (especially a practice test!)

BEC - 89 (5/31/2012)
AUD - 88 (7/02/2012)
REG - 76 (7/31/2012)
FAR - 83 (8/30/2012)

"Amateurs practice until they can get it right. Professionals practice until they can't get it wrong."

[Anonymous]

Please help! I am not able to make any sense out of 4 choices. After spending 10 minutes i selected wrong answer . And that wrong answer looks so correct to me.

can some one help me in understanding this with better logic? Thanks 🙂

A client is a defendant in a patent infringement lawsuit against a major competitor. Which of the following items

would least likely be included in the attorney's response to the auditor's letter of inquiry?

a. A description of potential litigation in other matters or related to an unfavorable verdict in the patent

infringement lawsuit.

b. A discussion of case progress and the strategy currently in place by client management to resolve the lawsuit.

c. An evaluation of the probability of loss and a statement of the amount or range of loss if an unfavorable

outcome is reasonably possible.

d. An evaluation of the ability of the client to continue as a going concern if the verdict is unfavorable and

maximum damages are awarded.

[momto5]

It is not the attorney's job to evaluate the ability of the client to continue as a going concern. I got this one wrong too the first time, but afterwards it made sense to me. The attorney only needs to reply regarding the suit itself and its possible outcomes. The accountant would look at the ramifications of the outcome related to the client's business.

By the way – does anyone know how in depth we need to know all the ratios that are given in the Appendix? Do we have to memorize ALL of them??

FAR - 92 (4/27/12)
AUD - 96 (7/17/12)
BEC - 92 (8/30/12)
REG - 91 (11/12/12)

[Author]

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