[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

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

[Amay]

NYC what did the call of the question say? Just to calc ROE? It is my understanding that ROE is just NI less pref. div / stockholder's equity. Dividing by the average is ONE WAY you can calculate ROE, but typically that is not the common formula.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[JamesBJames]

@NYCaccountant, I remember a question very similar to that in Becker's simulations. You're right, ROE is NI / avg. SE, which usually means you have to take year 1 + year 2 and average. Is there anything in the question that says “assume that the ROE uses only the current year SE,” or something similar?

FAR: May 1st, 2014 - 91
AUD: May 29th, 2014 - 97!
BEC: July 16th, 2014 - 91
REG: August 29th, 2014 - 88

Licensed December 2015

Feel free to add me on LinkedIn by clicking my username!

[AGI]

Yes, if it only give you one year. If it give you two, you must use two. If no instruction, one use one two use two.

New York - NYC
Passed CPA Exam (11/2014)
In search for a position in NYC that will fulfills the license requirement.

[NYCaccountant]

Sorry, it gives you two years and it even includes the definition of ROE but calcs it with one year.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[Gian]

can anyone help me explain why the correct answer is D and not C?

In evaluating the reasonableness of an accounting estimate, an auditor most likely would concentrate on key factors and assumptions that are:

A. consistent with prior periods.

B. similar to industry guidelines.

C. objective and not susceptible to bias.

D. deviations from historical patterns.

Thanks.

AUD - 69, 80
FAR - 71, rematch 01/19/2015
BEC - 01/12/15
REG - 02/23/15

If life knocks you down, try to land on your back, cause if you can look up, You can get up! No matter how bad it is or how bad it gets, I'M GOING TO MAKE IT.

[NYCaccountant]

A,B,C are all related. The estimate is more reasonable if it's consistent, in line with industry guidelines, objective and not subject to bias, so I'm not going to focus on these elements, or estimates because they seem correct. Now when the estimate deviates from historical patterns, I'm going to focus heavily on why.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[Gian]

Thanks NYCaccountant.

AUD - 69, 80
FAR - 71, rematch 01/19/2015
BEC - 01/12/15
REG - 02/23/15

If life knocks you down, try to land on your back, cause if you can look up, You can get up! No matter how bad it is or how bad it gets, I'M GOING TO MAKE IT.

[Gian]

@NYCaccountant – i tried to check sim#55. I got 50% score. ROE used year 2 equity data and did not average it. Can anyone shed some light please? we might missed something..

AUD - 69, 80
FAR - 71, rematch 01/19/2015
BEC - 01/12/15
REG - 02/23/15

If life knocks you down, try to land on your back, cause if you can look up, You can get up! No matter how bad it is or how bad it gets, I'M GOING TO MAKE IT.

[Anonymous]

Hey, everyone!

I think I'm going to move my exam date from the 7th to the 11th. I am currently re-reviewing the book and reworking the MCQ from Becker, and I am only on A3. I just feel like I will have more time to review SIMs and to do more Ninja MCQ if I move my exam from the Monday of that week to Friday. Although I really really really really want to get back to my life, I'm sure the $35 and extra study time will be totally worth it in the end. 🙂

Good luck on your studying, guys and gals!

[Anonymous]

Cindywindy,

Sound strategy, I postponed from the 7th to the 18th, then moved FAR back from Aug 14th to the 30th. I'm tired of coming close.

I finished a Becker review took a 90 question progress test and scored an 87. Now I'm going to start doing the Ninja.

[mjp44]

Thanks NYC…sounds like vouching has two different meanings…it can test for existence but it can also simply just be a comparison of two different items and not necessarily imply there is a test of existence.

FAR- PASSED (11/13)
REG- PASSED (2/14)
BEC- PASSED (5/14)
AUD- PASSED (8/14)

If it's important to you, you will find a way. If it isn't, you will find an excuse.

[Anonymous]

@Ancel, did you do the practice exams for Becker? With a score like that on a progress test, I feel like you have a really good grasp of the material.

[Anonymous]

Hi all,

I've encountered a few like this, where Ninja and Becker differ.

An auditor scans a client's investment records for the period just before and just after the year-end to determine that any transfers between categories of investments have been properly recorded. The primary purpose of this procedure is to obtain evidence about management's financial statement assertion of:

A. rights and obligations.

Incorrect B. classification and understandability.

C. existence.

D. valuation and allocation.

Becker says B It's to make sure they aren't incorrectly classified.

Ninja D It's to make sure they have the correct account balance.

Has anybody else noticed this and if so any ideas other than to hope you don't see it on the actual exam?

[Amay]

I think the key words are: “to determine that any transfers between categories of investments have been properly recorded.” Making sure the categories are correct implies classification. For example, if a transfer was made from Cat A to Cat B on 12/31, you want to make sure that Cat A correctly excludes the transfer at year-end and Cat B correctly includes the transfer at year-end. Net effect is zero, but for classification purposes, you want to make sure each category is correct.

Now, are those answer choices you listed the exact same for Becker and NINJA? Cause if they are not, sounds to me like both Becker and NINJA have correct answers here.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

Cindywindy,

No,

I had already re worked all of the sims, so I just moved on to Ninja.

Do you do practice exams?

[Author]

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