[jeff]

Welcome to the Q1 2016 CPA Exam Study Group for AUD.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

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

[Anonymous]

SSARS…NINJA MCQ's are updated or not?
Is there is any other source where i can practice on SSARS?

[yizhengCPA]

Hi guys. Plan to take AUD Q1 2016. Can i use 2015 study material to prepare my exam? Thanks!!

[Anonymous]

If you are in Dallas, you should try the 8 week live instruction group sessions by Barnett CPA Review, which supplements the national well-known material. Apparently, the instruction and set up is better than Becker's live instruction, and you can receive one-on-one coaching by someone who has passed all 4 parts of the exam in one sitting, has an extensive audit and accounting background available to help you understand and apply the material correctly, and has successfully coached numerous others to pass. I will be there in Feb. and March myself for FAR and Audit. There is more information available at https://www.cpareview.vpweb.com. I believe the instructor can coach via skype outside the local group sessions, so you don't have to be in Dallas to receive the one-on-one coaching. –

[If I can, u can too!]

@yizhengCPA are you kidding me? i'm using 2014 material (along w 2015 addendum for SSARS). lol

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[EuroAddict]

@hokinizeu

I saw that Q the other day and picked lawyer and auditor b/c it was the only choice with auditor. Threw me off to.

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[EuroAddict]

The answer is “C”. To me that sounded like piecemeal.

Park, CPA, was engaged to audit the financial statements of Tech Co., a new client, for the year ended December 31, 20X1. Park obtained sufficient appropriate audit evidence for all of Tech's financial statement items, except Tech's opening inventory. Due to inadequate financial records, Park could not verify Tech's January 1, 20X1, inventory balances. Park's opinion on Tech's 20X1 financial statements most likely will be:

Incorrect A.
a disclaimer opinion issued on both the balance sheet and the income statement.

B.
an unmodified opinion issued on the balance sheet and a disclaimer opinion issued on the income statement.

C.
a disclaimer opinion issued on the balance sheet and an adverse opinion issued on the income statement.

D.
an unmodified opinion issued on the balance sheet and an adverse opinion issued on the income statement.

Explanation: “When the beginning inventory balance cannot be verified (due to a scope limitation) and sufficient appropriate audit evidence is obtained for all other financial statement items, unmodified and disclaimer opinions are issued on the balance sheet and income statement, respectively. The only effect of a potentially materially misstated beginning inventory balance would be on the income statement (i.e., cost of sales); therefore, a disclaimer of opinion is appropriate.”

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[If I can, u can too!]

@EuroAddict guess you're confirmation my reasonable on my question. per your explanation, it appears the answer should be B?

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[EuroAddict]

did FARWARS ever report back how AUD went?

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[Anonymous]

Gil Corp. has current assets of $90,000 and current liabilities of $180,000. Which of the following transactions would improve Gil's current ratio?

A.
Refinancing a $30,000 long-term mortgage with a short-term note

Correct B.
Purchasing $50,000 of merchandise inventory with a short-term account payable

C.
Paying $20,000 of short-term accounts payable

D.
Collecting $10,000 of short-term accounts receivable

plz explain ….

[If I can, u can too!]

@AUDbothers just plug the numbers in. current ratio becomes 0.61 from 0.50. don't worry we all mess it up sometimes too.

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[If I can, u can too!]

Here's a slight variation of the same question i just ran into.

Heath Co.'s current ratio is 4:1. Which of the following transactions would normally increase its current ratio?
A.
Purchasing inventory on account
B.
Selling inventory on account
C.
Collecting an account receivable
D.
Purchasing machinery for cash

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[EuroAddict]

@AUDBOTHERS

current ratio = current assets / current liablities

As it stands its .50 (90/180)

Choice A.) 90/210 = worse

B.) 140/230 = better

C.) No effect b/c CA decreases the same amount as CL

D.) Collecting on AR doesn't change the CA.

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[TheHoundThatRides]

BEC - 78 (August 2015)
FAR - 80 (November 2015)
AUD - 73, 67. (Ok I gotta confess I was even more lazy this time around)
REG - August 27th, 2016

[EuroAddict]

Beckers Q:

“When a former partner of a registered public accounting firm who left the firm two years ago accepts a financial reporting oversight role at an issuer audit client, the independence of the registered public accounting firm is considered impaired unless which of the following is true?”

I got the answer correct so not listing the choices but my Q is in regards to the wording of the question itself. There is only a 1 year cooling off period I thought. So independence would NOT be impaired if the partner left 2 years ago I thought. This Q states that the 2 years wasn't long enough.

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[Stilgoin]

Audit procedures that center on observation and inspection include all of the following except:

A. inspection of documents, records, and internal control manuals (e.g., an organizational chart).

B. physical observation of the entity's premises and plant facilities (e.g., visiting the warehouse).

C. evaluating whether the financial statements as a whole are presented fairly, in all material respects, in conformity with generally accepted accounting principles.

D. All of the answer choices are audit procedures that center on observation and inspection.

B | 62, 78
A | 73, 67, 79
R | 82
F | 59, 59, Waiting

Ethics | 93

"Success is not final, failure is not fatal: it is the courage to continue that counts."
~Winston Churchill

“In a world full of critics, be an encourager."

[Author]

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