[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/

[Iggy_1985]

A?

FAR - 89 (8/19/14) Wiley TB, Wiley Book, Books from School, Ninja Audio/Notes
AUD - 92 (10/14/14) Wiley TB, Wiley Book, Ninja Audio/Notes
BEC - 82 (5/8/15) Ninja MCQ, A few Becker lectures during commute
REG - 84 (8/14/15) Ninja MCQ, A few Becker lectures during commute

Letters after my name soon!

[Anonymous]

Yeah, that is the only audit procedure unless I am missing something.

Iggy, what time is your test tomorrow?

[Future Ninja]

yes iggy you got that right. it's A.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

#3 for tonight.

On December 30, 20X1, Vida Co. had cash of $200,000, a current ratio of 1.5:1 and a quick ratio of 0.5:1. On December 31, 20X1, all cash was used to reduce accounts payable. How did these cash payments affect the ratios?

A.

Increased current ratio and decreased quick ratio

B.

Increased current ratio and no effect on quick ratio

C.

Decreased current ratio and increased quick ratio

D.

Decreased current ratio and no effect on quick ratio

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Iggy_1985]

12:30!

FAR - 89 (8/19/14) Wiley TB, Wiley Book, Books from School, Ninja Audio/Notes
AUD - 92 (10/14/14) Wiley TB, Wiley Book, Ninja Audio/Notes
BEC - 82 (5/8/15) Ninja MCQ, A few Becker lectures during commute
REG - 84 (8/14/15) Ninja MCQ, A few Becker lectures during commute

Letters after my name soon!

[Iggy_1985]

#3 hmmmm I got decrease for both…. :O

FAR - 89 (8/19/14) Wiley TB, Wiley Book, Books from School, Ninja Audio/Notes
AUD - 92 (10/14/14) Wiley TB, Wiley Book, Ninja Audio/Notes
BEC - 82 (5/8/15) Ninja MCQ, A few Becker lectures during commute
REG - 84 (8/14/15) Ninja MCQ, A few Becker lectures during commute

Letters after my name soon!

[Iggy_1985]

using arbitrary numbers

current ratio

400k/x=1.5, x=600k, 400k/600k = 1.5

cash decreased by 200k curr liab decr 200k

200k/400k = 0.5 = decrease in curr ratio

quick ratio

x/600k =0.5, x=300k, 300k/600k = 0.5

cash decreased by 200k curr liab decr 200k

100k/400k = 0.25 = decrease quick ratio

what am I doin wrong there >_>

FAR - 89 (8/19/14) Wiley TB, Wiley Book, Books from School, Ninja Audio/Notes
AUD - 92 (10/14/14) Wiley TB, Wiley Book, Ninja Audio/Notes
BEC - 82 (5/8/15) Ninja MCQ, A few Becker lectures during commute
REG - 84 (8/14/15) Ninja MCQ, A few Becker lectures during commute

Letters after my name soon!

[Iggy_1985]

nvm im dumb it's A, I was thinking 1.5:1 = ratio of 1.5 but it's just 1.5x numerator and 1x denominator, I hate when ratios are shown like that.. thanks for posting haha

FAR - 89 (8/19/14) Wiley TB, Wiley Book, Books from School, Ninja Audio/Notes
AUD - 92 (10/14/14) Wiley TB, Wiley Book, Ninja Audio/Notes
BEC - 82 (5/8/15) Ninja MCQ, A few Becker lectures during commute
REG - 84 (8/14/15) Ninja MCQ, A few Becker lectures during commute

Letters after my name soon!

[Future Ninja]

last one for tonight. tricky question (for me)

An auditor analyzes repairs and maintenance accounts primarily to obtain evidence in support of the audit assertion that all:

A.

noncapitalizable expenditures for repairs and maintenance have been recorded in the proper period.

B.

expenditures for property and equipment have been recorded in the proper period.

C.

noncapitalizable expenditures for repairs and maintenance have been properly charged to expense.

D.

expenditures for property and equipment have not been charged to expense.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Iggy_1985]

D, because any capitalizable expenses that were improperly expensed will show up on repairs and maintenance accounts. It can't be C because anything not properly charged to expense won't show up in repairs and maintenance account. Right?

FAR - 89 (8/19/14) Wiley TB, Wiley Book, Books from School, Ninja Audio/Notes
AUD - 92 (10/14/14) Wiley TB, Wiley Book, Ninja Audio/Notes
BEC - 82 (5/8/15) Ninja MCQ, A few Becker lectures during commute
REG - 84 (8/14/15) Ninja MCQ, A few Becker lectures during commute

Letters after my name soon!

[Future Ninja]

right iggy

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Anonymous]

Iggy, good luck and looks like you know your material answering these questions correctly. For the ratios, we're just going to have to write it down and do an example or else it is too hard. Well, at least for me it is hard Ha.

[Future Ninja]

when is your test iggy?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Iggy_1985]

in 12 hours, I should probably quit and go to bed lol

FAR - 89 (8/19/14) Wiley TB, Wiley Book, Books from School, Ninja Audio/Notes
AUD - 92 (10/14/14) Wiley TB, Wiley Book, Ninja Audio/Notes
BEC - 82 (5/8/15) Ninja MCQ, A few Becker lectures during commute
REG - 84 (8/14/15) Ninja MCQ, A few Becker lectures during commute

Letters after my name soon!

[Future Ninja]

best of luck iggy. get a good night sleep. 🙂

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Author]

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