[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/

[Tarheelgirl]

@Qlad – why don't you write down all the MCQs that you get wrong and review over them each day? This might help in you retaining the material and actually learning from the MCQs.

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!

[Qlad]

@Mariam…thanks for suggestion….I don't feel like listening to the audio lectures in the Becker online course when I have taken the class live too…but I don't want to waste my time waiting for the class to start…mcqs are helping me …but I see that Im making more mistakes bcoz I don't remember the procedures very well…may be, I shud not focus on my % and get discouraged right now…hopefully , I will be ok once I start getting the hang of it…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Anonymous]

@Mariam Becker** sorry, driving me crazy 🙂

Also,

Patentex developed a new secret formula which is of great value because it resulted in a virtual monopoly. Patentex has capitalized all research and development costs associated with this formula. Greene, CPA, who is examining this account, will probably

A. Confer with management regarding transfer of the amount from the balance sheet to the income statement.

B. Confirm that the secret formula is registered and on file with the county clerk’s office.

C. Confer with management regarding a change in the title of the account to “goodwill.”

D. Confer with management regarding ownership of the secret formula.

[mariam almas]

@Tarheelgirl agree with u

^

^

@Qlad try her advice it works I'm doing this as well, it's u last exam do and try everything just to pass, u have enough time till Nov ( happy for u for reaching ur last section)

AUD: 81 (Done)
REG: Currently studying
FAR: TBD
BEC: TBD

NH

[mariam almas]

@CopyPasteMonkey loool thnx, will writ it correctly next time don't worry (BECKER )

AUD: 81 (Done)
REG: Currently studying
FAR: TBD
BEC: TBD

NH

[Qlad]

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Qlad]

@tarheelgirl…thanks …that's what I needed…I love ur idea…cud not think of how to improve myself…hope this will help me…I have just 2 attempts and too stressed to take anymore chances..

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Tarheelgirl]

@CopyPasteMonkey – Answer D??

@Qlad – your welcome. I did that for FAR and it helped me gain the extra points I needed. I am also doing it again for AUD and hoping to overcome this exam in 2 weeks. Your almost there, just one final push to get through.

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]

@tarheelgirl

The correct answer is A

“This answer is correct because the proper accounting for research and development costs is to expense them in the period incurred. Therefore, the firm’s capitalization of the expenditures is likely to be of concern to the auditor.”

FAR/AUD overlap.. remember you can only capitalize R&D if your purchase it through another company 🙂

[Anonymous]

In which of the following circumstances would an auditor be most likely to express an adverse opinion?

A. The statements are not in conformity with a FASB pronouncement regarding the capitalization of leases.

B. Information comes to the auditor’s attention that raises substantial doubt about the entity’s ability to continue as a going concern.

C. The chief executive officer refuses the auditor access to minutes of board of director’s meetings.

D. Tests of controls show that the entity’s internal control structure is so poor that it cannot be relied upon.

[Anonymous]

@CopyPasteMonkey Is it A? C is definitely not correct, D, uhm, I don't think so. B as long as it is properly disclosed in FS it can be unmodified? A is misstatement so yes, I'll go with A.

I'm actually doing Taheergirl's suggestion when I studied FAR. What I do is make screenshot (I am using free PC software called Greenshot or you can use the Snipping Tool in your PC) of all questions that I flagged or missed and compiled them in MS Word. I'm doing the same for AUD and I'm planning to go back to them during the final week.

[Tarheelgirl]

A was my guess as well, based on process of elimination.

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!

[mariam almas]

D or A ??

AUD: 81 (Done)
REG: Currently studying
FAR: TBD
BEC: TBD

NH

[Anonymous]

I always get confused with Going Concern questions because it technically wouldn't follow GAAP, but will you issue an Unmodified Opinion with an E.M. because it is immaterial to the financial statements?

Also, when GAAP is not followed is the opinion Qualified or Adverse ONLY when mgmt refuses to change and it is material or material and pervasive?

There are so many angles with this section it's hard to memorize it all…

[Anonymous]

A is the correct answer

lol I exited out of the study session with out copying the answer.. either way that would be a pervasive AND a material departure from GAAP thus the auditor would express an adverse opinion

Also, @CPAHopeful and Tarheel… that is a fantastic idea (e.g. screenshot/compile your missed questions).. lol wish I had thought of that 🙂

[Author]

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