[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

[Future Ninja]

night night @cpaby2015.

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

[Anonymous]

Well done. B is correct!

Signing off!

[mariam almas]

@kappa1032 if u did better than REG so i'm sure enough u will pass don't worry

good luck in ur coming exam

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

NH

[kappa1032]

Thanks Mariam! Good luck to all of you guys on your upcoming tests. I love that we've been exchanging questions back and forth. That's what study groups are for. Keep it up!

FAR - 81
REG - 74, 87
AUD - 88
BEC - 88

Finally.

“The only guarantee for failure is to stop trying”
― John C. Maxwell

[mariam almas]

Wooow helpful questions were posted while l'm sleeping (Yaay), thnx all

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

NH

[mariam almas]

@LilEngineThatCan what was the answer for the following question??

In accordance with the AICPA Audit Guide: Special Considerations in Auditing Financial Instruments. a primary consideration in determining the appropriate classification of investments depends on:

A. the dollar amount of the investments.

B. management's intent in purchasing and holding the investments.

C. the ability of management to negotiate favorable sale terms in relationship to the entity's needs in the area of cash flow.

D. the structure of the entity's investment portfolio and whether the securities are purchased “rights-on” or “ex-rights.”

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

NH

[mariam almas]

@CPAHOPEFUL11 the question that u posted >>>>>(The IESBA Code of Ethics for Professional Accountants establishes ethical requirements for professional accountants through which of the following?) always kills me 🙁 please keep posting this kind of question, Becker doesn't focus more in this kind of questions.

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

NH

[mariam almas]

okay it seems I'm the only member who wake (lol)

anyway, I will post the question first then at the bottom of the post will put the correct answer ( just to avoid the headache when searching for the post that induces the correct answer). Hide the bottom, read the question, think about it, then look at the answer.

Which of the following best explains why an analytical procedure might be used as a substantive test?

a.

To assess the conclusions reached by staff auditors.

b.

To determine the adequacy of evidence gathered in response to unusual or unexpected balances.

c.

To assist in planning the nature, timing, and extent of the auditing procedures to be performed.

d.

To achieve audit objectives in the most effective and efficient manner possible.

correct answer: D

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

NH

[Future Ninja]

6am.. rise and grind!

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

[Mary 2496]

Geesh … it's already practically afternoon. Been up since 4. (only picking on you a bit, good morning!)

[plotikkk85]

morning all! Been up since 6 am. Still going over material, going to do MCQ during this weekend at least 300 🙂 using becker and NINJA. keep posting questions. Loved it. Happy Friday everybody!

[Qlad]

Which of the following controls will most likely prevent the concealment of a cash shortage resulting from the improper write-off of a trade account receivable?

A. Write-offs must be approved by the cashier who is in a position to know if the receivables have, in fact, been collected.

B. Write-offs must be approved by a responsible officer after review of credit department recommendations and supporting evidence.

C. Write-offs must be authorized by company field sales employees who are in a position to determine the financial standing of the customers.

D. Write-offs must be supported by an aging schedule showing that only receivables overdue several months have been written off.

I used to up all my brains understanding these situations …every option looks right…

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

[Mary 2496]

This — B. Write-offs must be approved by a responsible officer after review of credit department recommendations and supporting evidence.

A won't work. The cashier could pocket the $.

C won't work – this wouldn't be a duty for a sales rep. since customer credit has to be evaluated.

D won't work either – watch for answers that use the word “only.” Certain AR accounts may need to be written off before a certain time frame due to other circumstances (customer bankruptcy, for instance).

The correct choice is B.

[Qlad]

@Mary…thanks a lot…I have been trying to learn how to eliminate the wrong answers but all in vain…it's great help…hope I will be able to learn to do this soon (before my exam…)

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

[Mary 2496]

No problem. I am at work but will try and check periodically to see if I can help with any other questions. 🙂

Just as a few tips for questions like these for auditing, as I mentioned, watch the “only” answers. That's a pretty strong word (only) and usually isn't the answer. Also, try to link things. In this case, we're discussing A/R. Would the sales rep really have anything to do with A/R or would it create a problem with conflicts due to the sales rep being involved with AR? Same with the cashier. S/he takes in the $ so we wouldn't want that person to be able to write off accounts because s/he could pocket the incoming $ and then write off the account as uncollectible.

[Author]

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