[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]

Lol, how do you feel about your test in two days?

[Iggy_1985]

I'm freaking out, mostly because I'm not freaking out enough.. does that make sense? I'm not going nearly as hard as I did for FAR.. I was just shopping on petflow for dog treats for like 15 mins wasting time.. ughhh >_> you?

edit: okay lets be honest it was like 35 mins not 15 -.-

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]

I'm alright right now but we will see the day before the exam Ha. I feel pretty good but some of the questions posted here kind of puts some doubt in me if I really understand the concept or not. Have you taken the AICPA practice exam? If so, how did they get 50,000 for the sales part on the question where you had to make a JE, reversing the sales relief and inventory.

So the answer was:

DR Sales 50000

DR Inventory 45000

CR A/R 50000

CR COGS 45000

[Iggy_1985]

well it says there's a 10% profit margin, so 10% of sale price is profit and 90% is cost of goods sold.

45,000 is the value of the inventory so cogs = 45,000 which is 90% of sales price

45,000/.9 = 50,000 total sales price

profit margin of $5,000 (10% of sales price)

had to check back cause I didn't remember the question 😀 I think I'm going to do the sims in Wiley Book once I do a final 20 mcq on each topic.. if they suck I'm just gonna suck it up and get ninja for one day of access 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!

[Anonymous]

Ah yeah, I missed that part thanks.

There are some good sims on the evidence section, but Ninja MCQ has the best ones.

[waffle_house]

Which of the following is not an attestation standard?

A. Sufficient evidence shall be obtained to provide a reasonable basis for the conclusion that is expressed in the report.

B. The report shall identify the assertion being reported on and state the character of the engagement.

C. The work shall be adequately planned and assistants, if any, shall be properly supervised.

D. A sufficient understanding of internal control shall be obtained to plan the engagement.

According to Ninja the answer is D. I thought it was B?? TID PIE CDOG anyone?

[Future Ninja]

#1.

Which of the following is not generally considered necessary if an auditor applies principal substantive tests to details of balance sheet accounts at an interim date?

A.

The auditor should assess the difficulty in controlling the incremental audit risk associated with applying substantive tests at an interim date.

B.

The auditor should consider whether the year-end balances of the particular asset or liability accounts that might be selected for interim examination are reasonably predictable with respect to amount, relative significance, and composition.

C.

The auditor should consider whether there are rapidly changing business conditions or circumstances that might predispose management to misstate financial statements in the remaining period.

D.

Assessing control risk below the maximum is required in order to have a reasonable basis for extending audit conclusions from an interim date to the balance sheet date.

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

[Iggy_1985]

well internal control is not required for review or examination, those are attest engagements, but I am not good with the mnemonics I'll have to look that one up lol

edit: okay tip pie cdog is for GAAS/reporting for audit engagements I think?

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]

@FutureNinja That one is a toughie.. I feel like it's not A or B.. so maybe… C?

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]

@iggy – My first answer was C. but Ninja answered D.

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

[Iggy_1985]

good to know. From PCAOB AU313 .05 “Assessing control risk at below the maximum is not required in order to have a reasonable basis for extending audit conclusions from an interim date to the balance-sheet date “

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]

Internal control is not one of the attestation standards for fieldwork. If you guys haven't, you should read up on the differences between those standards and the GAAS standards.

[Anonymous]

Which of the following procedures would be most appropriate for testing the completeness assertion as it applies to inventory?

A. Scanning perpetual inventory, production, and purchasing records.

B. Performing cutoff procedures for shipping and receiving.

C. Examining paid vendor invoices.

D. Tracing inventory items from the tag listing back to the physical inventory quantities.

Answer: B

[Anonymous]

Which of the following is a correct statement about the circumstances under which a CPA firm may or may not disclose the names of its clients without the clients’ express permission?

A. A CPA firm may disclose this information if the practice is limited to bankruptcy matters, so that prospective clients with similar concerns will be able to contact current clients.

B. A CPA firm may not disclose this information because the identity of its clients is confidential information.

C. A CPA firm may disclose this information unless disclosure would suggest that the client may be experiencing financial difficulties.

D. A CPA firm may disclose this information if the practice is limited to performing asset valuations in anticipation of mergers and acquisitions.

Answer: C

[Iggy_1985]

Random tip on sampling.. if it makes the audit INeffective, it relates to effectiveness. If it makes the audit INefficient, it relates to efficiency.

incorrect acceptance = ineffective

incorrect rejection = inefficient

Random tip on audit risk model – think of detection risk/acceptable level of detection risk as NON-detection risk = the risk of NOT detecting a misstatement.

for some reason those things bug me 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!

[Author]

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