[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

[Anonymous]

3. An accountant compiles the financial statements of a nonissuer and issues the standard compilation report. Although not specifically stated in this report, it is implied that

A. Substantially all disclosures required by GAAP are included in the financial statements.

B. The financial statements should not be used to obtain credit.

C. The compilation is limited to presenting information that is the representation of management.

D. The accountant has not audited or reviewed the financial statements.

[Iggy1985]

For #3, I feel like C and D are specifically stated.. and I think B is okay so.. is the answer 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
BEC - 82 (5/8/15) Mostly Ninja MCQ, sprinkles of Becker lectures and Ninja Audio
REG - (8/14/15)

[Iggy1985]

I got this one wrong so I'll share

Which of the following is considered “unaudited” information when included with historical financial statement?

A. Interim information.

B. Segmental information.

C. Notes to the financial statements.

D. Investment security classifications.

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
BEC - 82 (5/8/15) Mostly Ninja MCQ, sprinkles of Becker lectures and Ninja Audio
REG - (8/14/15)

[Tarheelgirl]

3. C?

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!

[Tarheelgirl]

Hey guys, I'm back for more today. Husband just left so hope to get in at least 6 hours today.

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]

3. Answer is A. C is included in the 3rd paragraph and D is in the 1st paragraph.

Btw, does compilation requires management representation letter?

[mariam almas]

@CPAby 2015 thnx, yeah I should be positive

The MCQs were good (mid-mid-mid) got most of the topics that were discussed here specially report on the supplementary information (thnx guys). But the Sims were tough and very long. Audit procedures were heavily tested in sims I got three tough long questions related to audit procedures. One full question related to sampling (bump) in sampling question I got fill in blank (double bump) there were no choices so at least I could guess of randomly choose the answers. one pure financial accounting entries questions related to investment and gain/loss in holding investment (choose the entry but fill in blank the amount) I expected adjusted entries !!!!!!!!!!. Question related to internal control report and engagement report (the easiest). One research question unfortunately I didn't solve it because the time was up.

I recommend those who haven't taken FAR yet to go through the fundamental financial accounting entries ( if it possible)

Keep posting the questions.

Good luck guys, hope ur exam will be better than mine 🙁

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

NH

[Iggy1985]

@CPAby2015 I think compilations only require signed engagement letter which states management's responsibility, not written representation letter?

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
BEC - 82 (5/8/15) Mostly Ninja MCQ, sprinkles of Becker lectures and Ninja Audio
REG - (8/14/15)

[Anonymous]

Thanks mariam for sharing. The fact that you ran out of time means you have been very diligent with your answers. Now you got me worried about the entries, I hope the JE question is not as complicated as in FAR, since I already forgot what I've learned in FAR (my brain has limited space). When I took FAR, I jump quickly into the research question in SIM but I spent like 15 minutes and I can't find it so I ended up skipping it and went back to it at the end. If you nailed the MCQs and maybe got at least 50% of SIMs then it's reasonably possible that you will get at least 80%.

[mariam almas]

@cpaby2015 sorry I didn't mean to get u worried, u passed FAR so u shouldn't be worried at all, there were easy entries but I'm not familiar with them. If I excepted or anyone told me, sure I would go through them.

Thank u sooo much for keeping me positive 🙂 hope I pass the exam otherwise will retake it end of Nov.

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

NH

[Mary 2496]

Wow, thanks for being so detailed on what the actual exam involved! I just did an aud retest and am really hoping that I am done with it this time and that I never, ever have to deal with an aud sim or MCQ AGAIN!!

I'm sure you did just fine. 🙂

[mariam almas]

@mary2496 happy to know u did well, hope u pass the exam, I think we all will meet again in Score released topic (lol)

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

NH

[Mary 2496]

Most definitely! I am new here. This will be my 1st time here during a score release. 🙂

[rzrbkfaith]

Please be careful with what you reveal about your exam. Remember, we promised to keep our exams confidential, and revealing too much information can be detrimental…

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

[mariam almas]

@rzrbkfaith oppsssss

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

NH

[Author]

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