[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

[willpassby2014]

In performing the year-end “sales cutoff” procedures, the auditor identified several sales transactions recorded in December 20X1, which were not actually shipped to customers until January 20X2

What assertion is tested here?

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

I'm going to go with cut off

[Tarheelgirl]

My guess is cutoff too

FAR - 46, 79 (7/8/14)
AUD - 56, 59, 2/23/15 3rd times a charm!
BEC - 69, 74 Really??
REG - April, I hope. Fingers crossed!

[hzhao0802]

I think it should be existence. The transaction recorded not exist until next year.

FAR - 88
REG - 88
AUD - 99
BEC - 87

[willpassby2014]

It is existence.

Cutoff is often confusing as it addresses two assertions, Existence and Completeness. Determining which of the two requires figuring out which transactions are being examined. In this item, the auditor is looking at transactions recorded in December which were not shipped until January. As a result, these transactions are really January sales, NOT December sales. The assertion being addressed is Existence as the auditor is verifying that December sales actually exist, i.e., they are valid sales. By proving that the supposed December sales were not shipped until January, the auditor has verified that the December sales do not exist

BEC Passed
FAR Passed
AUD Passed
REG Passed

[willpassby2014]

When an auditor qualifies an opinion because of inadequate disclosure, the auditor should describe the nature of the omission in a separate explanatory paragraph and modify the

Introductory paragraph Scope paragraph Opinion paragraph

Yes No No

Yes Yes No

No Yes Yes

No No Yes

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Tarheelgirl]

D

FAR - 46, 79 (7/8/14)
AUD - 56, 59, 2/23/15 3rd times a charm!
BEC - 69, 74 Really??
REG - April, I hope. Fingers crossed!

[Anonymous]

I'm going with D too

[ruggercpa2b]

I have my test August 14 and am really struggling with audit evidence. Mostly the assertions. Does anyone have any suggestions on how I can master these??

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[Tarheelgirl]

@ruggercpa2b – I am creating flashcards and going to go over them everyday until I get it. Also, add notes to them as I come across something new.

FAR - 46, 79 (7/8/14)
AUD - 56, 59, 2/23/15 3rd times a charm!
BEC - 69, 74 Really??
REG - April, I hope. Fingers crossed!

[ruggercpa2b]

@tarheelgirl Thanks! I am going to read through the Wiley book and then make flashcards as well as I am going through the questions. For some reason I just cannot seem to grasp that material. Probably overthinking it.

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[Anonymous]

How far back in the AICPA released questions should we review for AUD?

Didn't something significant change in recent years for AUD exam? I just want to make sure I'm not reviewing out of date material…

[Anonymous]

How are you guys memorizing the flowchart symbols? Or are you even memorizing them? Its been about 5 years since I took accounting systems and theory so I don't really remember much besides the report and decision symbols.

[rzrbkfaith]

@Amanda_88 I didn't learn any of the symbols. Becker emphasizes the document and decision symbols and I would suggest limiting it to those. Trying to absorb all of them can be overwhelming.

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[Anonymous]

Just curious- what are everyones trending scores for MCQs?

[Author]

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