AUD Study Group Q4 2014 - Page 94

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  • #623252
    Anonymous
    Inactive

    Unfortunately some are, but for the most part they are straight forward.

    #623253
    Anonymous
    Inactive

    95 A

    94 A

    93 B

    #623254
    johnny_debt
    Member

    @CPAHopeful11, is there any trick or advice you would give to decipher which is the correct answer in questions which could be vague?

    AUD - 91
    BEC - 84
    FAR - 91
    REG - 91

    #623255
    Iggy1985
    Member

    @Johnny I thought it would be B too

    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)

    #623256
    Iggy1985
    Member

    @Johnny I found that same question elsewhere, and it says “checks are misappropriated BEFORE being forwarded to the cashier” = Monthly statements are mailed to all customers with outstanding balances.

    “DISCUSSION: Checks misappropriated (stolen) prior to forwarding to the cashier are not posted to customer accounts (assuming that the remittance advices were stolen as well). Thus, customers will complain when their payments fail to be reflected in the balances on the monthly statements.”

    and “checks are misappropriated AFTER being forwarded to the cashier” = Total amounts posted to the A/R ledger from remittance advices are compared with the validated bank deposit slip

    I think it will be more clear on the exam.

    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)

    #623257
    johnny_debt
    Member

    @Iggy1985, thank you for searching for those questions. The question “checks are misappropriated BEFORE being forwarded to the cashier” is also in the Ninja MCQ but I had already answered that. That question was more specific. This question is just shown as is shown above and vague.

    Thank you for the support, I hope I don't get questions that are vague on the exam as I tend to dwell on them. Not good for time management.

    On another note, I see that you use Wiley TB. How do you like it? I was halfway done with Wiley TB and I see testimonies here that it wasn't very good, hence why I switched over to Ninja MCQ. There are repeat questions in Wiley TB that are in Ninja MCQ.

    AUD - 91
    BEC - 84
    FAR - 91
    REG - 91

    #623258
    Iggy1985
    Member

    I used Wiley TB for FAR and pretty much nothing else except ninja audio at night, and I did well with it, I found a lot of errors though and sent them a million emails lol. I know a lot of people complained when they switched from 2013 to 2014 cause they messed up some features but I think they fixed most of that.. I don't like their progress reports so I have my own in excel. I feel like there aren't enough questions for AUD.. there's 1094 mcqs. How many does Ninja have? I actually bought ninja AUD mcqs earlier in the year when I was studying for FAR but I didn't realize they'd expire in 3 months so I never used them 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
    BEC - 82 (5/8/15) Mostly Ninja MCQ, sprinkles of Becker lectures and Ninja Audio
    REG - (8/14/15)

    #623259
    Anonymous
    Inactive

    Johnny, those types of questions give me a lot of trouble as well. One advice for other questions would be read the question and every option twice before answering. I know it sounds tedious but these questions are tricky. Always looks for words like ALWAYS, NEVER, ect as those usually are wrong.

    #623260
    Anonymous
    Inactive

    Iggy, exactly small companies will not have segregation of duties due to the low level of employees. I need to work on service organizations portion myself. Even though I got those questions right, they were more so educated guesses and not me having a great handle on the material.

    #623261
    jeff
    Keymaster

    Iggy – NINJA MCQ has over 1,300 AUD MCQs and 81 SIMS…$47 for 3 mo.

    https://www.another71.com/products-page/ninja-mcq

    #623262
    magatha12
    Member

    Hey Ninjas,

    I'm currently trending at 76% on the MCQs with a little under a month until my exam (11/6). I'm feeling a bit more comfortable with the material and wanted to make sure I was solid on the MCQs before starting on any SIMS. How much time do you guys think I need to allocate to the AUD Sims to study?

    FAR: 79
    AUD: 81
    REG:5/29/15
    BEC:85

    Using CPA Excel, NINJA notes and audio, NINJA MCQs

    #623263
    Iggy1985
    Member

    hmm might be worth it to buy again for the SIMs alone, even though my test is in 3 days.. Wiley only has 31 SIMs 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
    BEC - 82 (5/8/15) Mostly Ninja MCQ, sprinkles of Becker lectures and Ninja Audio
    REG - (8/14/15)

    #623264
    Iggy1985
    Member

    confused about something… obtaining information about internal control.. not required for reviews, but required for interim reviews?

    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)

    #623265
    Qlad
    Member

    The answer is not A…why?

    Which of the following statements is false with respect to management representation letters on a review engagement?

    A.The accountant need not be in physical receipt of the management representation letter as of the date of the accountant's review report.

    B.The letter should be signed by those members of management whom the accountant believes are responsible for and knowledgeable about the matters covered in the representation letter, normally the CEO and CFO.

    C.If the current management was not present during all periods covered by the accountant's report, the accountant should nevertheless obtain written representations from current management on all such periods.

    D.The accountant acknowledges his or her responsibility for the fair presentation in the financial statements of financial position, results of operations, and cash flows.

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

    #623266
    Anonymous
    Inactive

    @qlad Is the answer D? It's management's responsibility not the reviewer?

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