[jeff]

NINJA Study Notes, Flashcards, and Audio: https://www.another71.com/products-page/

Wiley Software: https://www.another71.com/wiley-cpa-software/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[musicamor]

There you go…that's definitely a motivation.

Texas CPA - licensed in 2012!!!

[musicamor]

There you go…that's definitely a motivation.

Texas CPA - licensed in 2012!!!

[uglyowl]

Wanted to say hello to everyone and I am currently drained, yet still much studying to do in the final week. I watched all the RogerCPA videos and now I have completed 4 modules in the Wiley 2012 test book and have gotten between 74%-77% right in each of them except economics where I got 91% right.

Good luck to everyone, I thought I nailed the financial management piece, but only got 75% right since many questions had an extra “tricky” piece I missed. Got a figure out how to pick up these hidden pieces without over-thinking the easy ones. I feel like it is a coin flip whether I will pass this.

BEC : 07/28/2012 (89)
FAR : 10/29/2012 (86)
AUD : February 2013 (80)
REG : 05/22/2013 (80)

[uglyowl]

Wanted to say hello to everyone and I am currently drained, yet still much studying to do in the final week. I watched all the RogerCPA videos and now I have completed 4 modules in the Wiley 2012 test book and have gotten between 74%-77% right in each of them except economics where I got 91% right.

Good luck to everyone, I thought I nailed the financial management piece, but only got 75% right since many questions had an extra “tricky” piece I missed. Got a figure out how to pick up these hidden pieces without over-thinking the easy ones. I feel like it is a coin flip whether I will pass this.

BEC : 07/28/2012 (89)
FAR : 10/29/2012 (86)
AUD : February 2013 (80)
REG : 05/22/2013 (80)

[musicamor]

Hang in there, uglyowl…that's how we all feel! LOL…just keep knocking out those MCQs and you'll get in the rhythm of identifying the tricky part of the question.

Texas CPA - licensed in 2012!!!

[musicamor]

Hang in there, uglyowl…that's how we all feel! LOL…just keep knocking out those MCQs and you'll get in the rhythm of identifying the tricky part of the question.

Texas CPA - licensed in 2012!!!

[momof4]

uglyowl

We are testing on the same day. I still have the last lecture to listen to and then lots of multiple choice questions.

I'm looking forward to exam day.

BEC 84
FAR 80
AUD 85
REG 78

[momof4]

uglyowl

We are testing on the same day. I still have the last lecture to listen to and then lots of multiple choice questions.

I'm looking forward to exam day.

BEC 84
FAR 80
AUD 85
REG 78

[RedMer007]

I was just wondering if anyone knows what makes a good answer on the written portion of BEC? I just watched the video in Becker Review that addresses this, but the way that Gearty makes it seem is that if I just dont use bullet points and have paragraphs ill get full points. Does there need to be precise answers related to the topic, or I can I be a little vague and still receive full points? The two different examples given in this video are just completely opposite so im just not sure as to what needs to be included.

[RedMer007]

I was just wondering if anyone knows what makes a good answer on the written portion of BEC? I just watched the video in Becker Review that addresses this, but the way that Gearty makes it seem is that if I just dont use bullet points and have paragraphs ill get full points. Does there need to be precise answers related to the topic, or I can I be a little vague and still receive full points? The two different examples given in this video are just completely opposite so im just not sure as to what needs to be included.

[uglyowl]

In the Wiley test book the answers average 3 paragraphs:

1. Rephrasing of the original question (using many of the same words) with a quick introduction (i.e. You have requested that I ….. )

2. On most questions, discussing the weaknesses of their current procedures/processes followed by the better options that are available to them or some questions are strengths and limitations of a process.

3. Wrap-up; most include a recommendation (suggestion) and conclude with “If you have any questions about xxxx, please contact me”.

The examples in the book are generally 12 sentences with 15-20 words in most. No bullet points, graphs, abbreviations, and use spell check, it is available. I am going to start to practice these, but have been putting this off since I don't enjoy writing.

BEC : 07/28/2012 (89)
FAR : 10/29/2012 (86)
AUD : February 2013 (80)
REG : 05/22/2013 (80)

[uglyowl]

In the Wiley test book the answers average 3 paragraphs:

1. Rephrasing of the original question (using many of the same words) with a quick introduction (i.e. You have requested that I ….. )

2. On most questions, discussing the weaknesses of their current procedures/processes followed by the better options that are available to them or some questions are strengths and limitations of a process.

3. Wrap-up; most include a recommendation (suggestion) and conclude with “If you have any questions about xxxx, please contact me”.

The examples in the book are generally 12 sentences with 15-20 words in most. No bullet points, graphs, abbreviations, and use spell check, it is available. I am going to start to practice these, but have been putting this off since I don't enjoy writing.

BEC : 07/28/2012 (89)
FAR : 10/29/2012 (86)
AUD : February 2013 (80)
REG : 05/22/2013 (80)

[Anonymous]

I have a question on Variable vs Absorption costing, maybe someone can help me out. Its regarding a becker question, the answer seems inconsistent with the book, heres the question and the answer:

Waldo Company, which produces only one product, provides its most current month's data as follows:

Selling price per unit $80

Variable costs per unit:

Direct materials 21

Direct labor 10

Variable manufacturing overhead 3

Variable selling and administrative 6

Fixed costs:

Manufacturing overhead $76,000

Selling and administrative 58,000

Units:

Beginning inventory 0

Month's production 5,000

Number sold 4,500

Ending inventory 500

Based upon the above information, what is the total contribution margin for the month under the variable costing approach?

a. $46,000 b. $180,000 c. $207,000 d. $226,000

Choice “b” is correct.

Under variable costing, all fixed factory overhead is treated as a period cost and is expensed in the period incurred. The cost of inventory includes only variable manufacturing costs, so the cost of goods sold includes only variable costs. Also, the variable selling, general, and administrative expenses are part of total variable costs.

Then there is another question that asks for the Variable Ending Inventory, but it does not include Variable SG & A. Is it bc the SG & A only applies to Inventory that was sold under the Variable Costing Method? Can anyone shed light on this?

Thanks

[Anonymous]

I have a question on Variable vs Absorption costing, maybe someone can help me out. Its regarding a becker question, the answer seems inconsistent with the book, heres the question and the answer:

Waldo Company, which produces only one product, provides its most current month's data as follows:

Selling price per unit $80

Variable costs per unit:

Direct materials 21

Direct labor 10

Variable manufacturing overhead 3

Variable selling and administrative 6

Fixed costs:

Manufacturing overhead $76,000

Selling and administrative 58,000

Units:

Beginning inventory 0

Month's production 5,000

Number sold 4,500

Ending inventory 500

Based upon the above information, what is the total contribution margin for the month under the variable costing approach?

a. $46,000 b. $180,000 c. $207,000 d. $226,000

Choice “b” is correct.

Under variable costing, all fixed factory overhead is treated as a period cost and is expensed in the period incurred. The cost of inventory includes only variable manufacturing costs, so the cost of goods sold includes only variable costs. Also, the variable selling, general, and administrative expenses are part of total variable costs.

Then there is another question that asks for the Variable Ending Inventory, but it does not include Variable SG & A. Is it bc the SG & A only applies to Inventory that was sold under the Variable Costing Method? Can anyone shed light on this?

Thanks

[musicamor]

@RedMer…here's my response to a fellow forum member who contacted me directly concerning the WC. Read from the bottom up.

Hi Somika-

I do not mind giving you feedback on the written communication.

For your intro, I would not refer to the name of the corporation nor the position in the third person; this is given in the “to/from” lines of the memo upon entering the testlet. Instead, I would start it like this: “You have asked me to provide you with a detailed description of the advantages and disadvantages of responsibility accounting; accordingly, this memorandum serves to….and summarize what you will cover in the next paragraphs.

You do well in starting your body paragraph: you are correct in first describing what a responsibility accounting system is. This shows that you understand what is being asked. After, you want to specifically address the advantages AND disadvantages in order to be consistent with what you propose in your intro paragraph. In reading your body paragraph, it is not clear to me what the disadvantages of a responsibility accounting system are. If this paragraph gets too long (more than 3 sentences), you want to break it up into two paragraphs. It is okay to have 4 paragraphs.

For your conclusion paragraph, you want to refrain from taking on the identity of a firm since the written communications are directed to you as a staff person. The graders look at this as not following instructions. You can start the conclusion by saying something like, “In conclusion,” or, “Responsibility accounting systems can be summarized…” The very last sentence in your conclusion paragraph should contain the following: “Should you have any additional questions, please do not hesitate to contact me directly.”

I hope this helps!

-Jacob

---

Date: Sun, 1 Jul 2012 20:18:57 -0500

Subject: Re: Musicamor from Another71 CPA exam forum

From: somikar@gmail.com

To: musicamor02@msn.com

Hi Jacob ,

I hope your study is going well. Can you please do me a favor. Would it be possible to take few minutes and provide your feedback on my written communication. I appreciate all your help and do let me know if I can be any help.

Here is my written communication on responsibility accounting form Wiley Book.

This memorandum is prepared for Winston Corporation in response to the request made by the controller of Winston Corporation. This memorandum describes the advantages of establishing responsibility accounting system.

A responsibility accounting system is used to evaluate the manager performance based on the performance of the department directly under his control. It also takes into account the cost, revenue and investment made by the department. A cost center where manager is only responsible for cost, a profit center is where manager has control on revenue as well as cost, where as investment center manager has control on cost, profit and investment. The advantage of responsibility accounting system is that manager is awarded based on the control he or she has not the outside influence. Therefore responsibility accounting system has major advantage over typical budgeting and reporting accounting system where managers need to perform based on both internal and external factors in which they do not have control.

My firm has significant experience in the area of responsibility accounting system and I would be glad to work with Winston Corporation. Feel free to contact me if you have any further questions.

Thanks,

Somika

Texas CPA - licensed in 2012!!!

[Author]

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