BEC Study Group – Q1 2018 - Page 15

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  • February 8, 2018 at 10:48 am #1709640
    Atiq
    Member

    @Jennifer Thanks for the link. The formulas are super helpful. I am taking my exam in two weeks going over these formulas will help.

    February 8, 2018 at 10:56 am #1709644
    Bourne
    Participant

    Thank you!

    February 8, 2018 at 11:05 am #1709655
    PJ
    Participant

    Anytime I need to use the ROE/ROA formulas, is it a safe assumption that I should use the average equity or average assets? This is assuming I am given enough information to know the average and if it differs from the ending number.

    I ask because sometimes I see it written as “total equity” and sometimes as “average equity”.

    February 8, 2018 at 11:20 am #1709656
    CS
    Participant

    @ Jennifer – Congratulations on conquering BEC and completing the CPA exam journey!

    @ PJ I could be wrong, but I've encountered a variety of MCQs and thus far, every time the average of Equity or Assets is given or can be obtained, it's used. Similarly, if only a single number of Equity or Assets is given, that is used as well.

    I ran into one Gleim MCQ regarding residual income, and the problem provided amounts for net working capital and the investment. I only used the investment in the equation but the answer stated that the net working capital should be included also. although I've never seen the formula include it otherwise. I try not to overthink it and hope the exam is more clear with regards to this.

    Also, I know it's being harped on, but the IT seems all over the place. I am improving in pretty much all of the other areas, but IT has been a hit or miss. I am solid in regards to general ideas of system, application, networks, database etc. including controls, segregation etc. but there's so many different terms I guess it's just hope for the best?

    February 8, 2018 at 11:56 am #1709670
    rencpa
    Participant

    PJ,

    It all depends on what it is going to be provided. IF you have an average or you are able to calculate the average (let's assume they give you the beginning & the ending numbers), for sure use the AVERAGE. IF you have only the total, use the total. Final point: AVERAGE is better than TOTAL!!

    ROE — will use Equity
    ROA — will use Assets
    ROI — will use Investment

    Just read the question, is that return on… WHAT? You may need to use PP&E or WC, etc.

    From my understanding, you have to be prepared for adjustments. Make the best judgment based on the provided information.

    This is the “beauty” of the BEC exam.

    February 8, 2018 at 12:38 pm #1709712
    rencpa
    Participant

    Just to answer my own questions about: Depreciation aka Capital Consumption Allowance under Income Approach in calculation the GDP.

    Depreciation must be added under the Income Approach because it has been subtracted from the amount the corporations actually received (from the corporation profit).

    GDP under Income Approach (as per Becker):
    I PIRATED, so
    “P” = profit of corporations (Depreciation was subtracted HERE!!)
    “D” = depreciation aka Capital Consumption Allowance –> must be added back!!

    Hope I am correct.

    February 9, 2018 at 2:42 pm #1710444
    Maura Lennie
    Member

    I've been studying everyday for BEC for about 6 weeks now .. my exam is on the 14th – Vday .. and now I'm feeling the burn out. I have becker. I've done all of becker and I also have Gleim I've done most of Gleim MCQS from the test bank and when I have time I go through their SIMS. I also have Ninja Audio thar I listen to while at the gym, and I've browsed through ninja notes a few times .. did not rewrite all of them as I have a lot of my own notes.l from practice. Any advice for this burnt out feeling? I don't want to slack off now a few days before my exam.

    February 9, 2018 at 3:01 pm #1710454
    Tim
    Participant

    @itagain

    42 days straight of studying sounds awful. Take a day off. Then do 3 more days of solid review. Then take the day before the exam off. Taking breaks makes you more productive. I would recommend studying 5-6 days a week for the next section, not 7.

    February 9, 2018 at 3:39 pm #1710495
    PJ
    Participant

    Yes, absolutely take a day off and then another the day before the exam. 100% agree with Tim.

    February 9, 2018 at 3:49 pm #1710499
    Recked
    Participant

    Eh, I can count on 2 hands the numbers of days off I have taken off from studying since August 28th.
    I took a week off after FAR, and then some select personal days, or when I was too busy with work deadlines or family things.
    I don't do any MCQ's the day before the exam (except the first FAR, never again) I'll review notes etc.
    Burnout is very real, but so is the pain if you miss by 1 point. You'd just be thinking if only I had studied that extra day.

    February 9, 2018 at 4:06 pm #1710502
    curlyhare
    Participant

    Taking the BEC test tomorrow, passed it with a 76 before but I let it expire before passing others. I passed it before they added the sims. Studied 4 weeks this time (two weeks on, one week off, two weeks on). Fairly confident the multiple choice questions will go well…but the sims :-(…either way, I'm ready to get put it behind me and get on to FAR. But how great would it be if I pass and FAR is all I've got left… (crossing fingers, toe, arms, and legs). Good luck to all taking it this week!

    February 10, 2018 at 4:07 pm #1710976
    Recked
    Participant

    Final push to get through Roger's MCQs today, finished the last 131.
    662 correct out of 803 total = 82.44% on first pass.
    Compared to my first pass averages on the other 3 sections I am in good shape. (Reg was 79.4% after 1400 MCQs and AUD was 75.2% after 1000 MCQs)
    I still have 6 more days to review and do more MCQs.
    Probably switch over to Gleim for more COSO, IT and variances questions tomorrow.
    Planning for the 2017 and 2018 AICPA practice exams on Monday when I get back to the office.

    Keep on trucking!

    February 11, 2018 at 9:28 pm #1711594
    Atiq
    Member

    Is it just me or does BEC seem harder than other parts?

    February 12, 2018 at 5:38 am #1711648
    Bourne
    Participant

    So glad I saved BEC for last. I was a finance and accounting double major so I've taken numerous classes over all of this. If this was my first time seeing most of it, I can definitely see how it could be very difficult

    February 12, 2018 at 10:41 am #1711829
    Recked
    Participant

    So I hit the 2017 AICPA Sample this morning. Results were ok.
    5 for 5 on MCQs.
    9 for 12 on the First Sim.
    12 for 14 on the 2nd Sim.
    Need to revisit the ratio sim, one was a stupid mistake where I put a yes that should have been a no, the other I am not sure about. I foolishly assumed that if BEC asked about cash flow from operations they would just do the depreciation addback, and not go all FAR with the inc/dec in A/R, accrued, A/P, etc. The ratio I used with simple Depr addback was wrong, so I need to dig into what they did to come up with the ratio.

    Missed the Sales Volume Variance for operating income and Direct Labor Efficiency Variance. I had the DLEV correct, but then rethought my answer and changed it to incorrect. Instead of Standard hours I used Standard hours allowed for actual production. I calculated SVV but ignored the CM and profit figures provided in the additional info, guessing that was important.

    The written portion does not have spell check, that I could find, not does it provide either a grade or even a comparative writing sample to compare your work to.
    A little disappointed in that. If I had known it wasn't graded I would have just skipped them.

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