[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

[wannabetxacctnt]

I just switched to Yaeger for BEC after using Roger, and I think Cindy is fantastic for teaching computational problems. She actually teaches you the underlying concepts and goes over those miserable CMA q's that are in the Wiley book. However, I found that she simply reads the books for the theory part which I find boring. Contrast this with Roger who is uber high energy he will ensure that you remember all the theory stuff with his kooky stories and mnemonics, it's a pity my Roger review has expired for BEC because I'd use them interchangeably, Roger for theory and Cindy for computations. I finally get why everyone was raving abt Cindy for cost acctng-GO CINDY!!

However I will say Roger is the bomb for Audit and Reg-if you take him for aud-you will pass!

Aud-83

Reg-83

BEC-73, Retake, 05/13

FAR-07/2011

[wannabetxacctnt]

I just switched to Yaeger for BEC after using Roger, and I think Cindy is fantastic for teaching computational problems. She actually teaches you the underlying concepts and goes over those miserable CMA q's that are in the Wiley book. However, I found that she simply reads the books for the theory part which I find boring. Contrast this with Roger who is uber high energy he will ensure that you remember all the theory stuff with his kooky stories and mnemonics, it's a pity my Roger review has expired for BEC because I'd use them interchangeably, Roger for theory and Cindy for computations. I finally get why everyone was raving abt Cindy for cost acctng-GO CINDY!!

However I will say Roger is the bomb for Audit and Reg-if you take him for aud-you will pass!

Aud-83

Reg-83

BEC-73, Retake, 05/13

FAR-07/2011

[Anonymous]

I'm going with B and D.

[Anonymous]

I'm going with B and D.

[Anonymous]

dhuffman, Thank you for playing!

I have the sneaking suspicion there are many lurkers afraid to answer for whatever reason(s).

I'm just trying to figure out what answers I'd have given to these had I not made the questions directly form the text.

I'm going to let this ride for a few more hours but I promise to come back in here to give you all the phrasing from which these were derived so that everyone can see how easy it is misinterpret otherwise simple sounding concepts.

All the best everyone! hope your testing is going well so far! Today was my first day trying to dive back into the BEC material and I got out of the gate to a sloooow start – I'm still reeling a little bit from the sucker punch blows rained down on me yesterday by my friends at the AICPA.

[Anonymous]

dhuffman, Thank you for playing!

I have the sneaking suspicion there are many lurkers afraid to answer for whatever reason(s).

I'm just trying to figure out what answers I'd have given to these had I not made the questions directly form the text.

I'm going to let this ride for a few more hours but I promise to come back in here to give you all the phrasing from which these were derived so that everyone can see how easy it is misinterpret otherwise simple sounding concepts.

All the best everyone! hope your testing is going well so far! Today was my first day trying to dive back into the BEC material and I got out of the gate to a sloooow start – I'm still reeling a little bit from the sucker punch blows rained down on me yesterday by my friends at the AICPA.

[Gina]

I think it's C. One of the five components of IC – Control Activities include performance reviews. Very AUD-like question – tricky and wordy….

REG 68,67,83(7/2010); FAR 43,71,80(8/2010); AUD 85(11/2010); BEC 74,79(2/2011)
NYS CPA 5/2011
EA 2/2011

[Gina]

I think it's C. One of the five components of IC – Control Activities include performance reviews. Very AUD-like question – tricky and wordy….

REG 68,67,83(7/2010); FAR 43,71,80(8/2010); AUD 85(11/2010); BEC 74,79(2/2011)
NYS CPA 5/2011
EA 2/2011

[Anonymous]

Good Day BEC peeps!

According to the COSO framework of internal control, providing employees with an understanding of their roles and responsibilities is:

a.) an example of the Assignment of Authority and Responsibility factor within the Control Environment

b.) an example of the Human Resources policies and procedures within the Control Environment

c.) an example of policies and procedures within the Control Activities component of COSO internal control framework

d.) an example of proper communication within the Information component of the COSO internal control framework

Answer: D According to Wiley 2011 BEC Whittington & Delaney text: “…Under COSO internal control can be viewed as including five components…” Component “#4 Information and Communication” “Proper communication involves providing employees with an understanding of their roles and responsibilities.”

According to the COSO framework of internal control, performance reviews are considered to be:

a.) an example of the Assignment of Authority and Responsibility factor within the Control Environment

b.) an example of the Commitment to Competence factor within the Control Environment

c.) an example of typical controls within the Control Activities component of the COSO internal control framework

d.) an example of a typical control within the Monitoring component of the COSO internal control framework

Answer: C.

According to Wiley 2011 BEC Whittington & Delaney text: …Under COSO internal control can be viewed as including five components…” Component “#3 Control Activities” “Typical controls include performance reviews, information processing controls…”

NOW, supposing there are at least 6 or 7 study text programs floating around out there and thousands of other industry periodicals and publications in circulation…and suppose they're asking folks to provide them with free questions to use in test situations (which according to the written request in my State's last mailer they are for IFRS & COSO)… then you can only imagine how easy it is to crank out questions that no-one gets correctly.

Now imagine pouring over this page these two questions came from that I whipped-up in under 30 seconds…then reading say, another 350 pages. Who is going to get these correctly without a TOTAL GUESS being EXACTLY CORRECT.

IS THIS METHOD AN ACCURATE WAY TO MEASURE KNOWLEDGE?

[Anonymous]

Good Day BEC peeps!

According to the COSO framework of internal control, providing employees with an understanding of their roles and responsibilities is:

a.) an example of the Assignment of Authority and Responsibility factor within the Control Environment

b.) an example of the Human Resources policies and procedures within the Control Environment

c.) an example of policies and procedures within the Control Activities component of COSO internal control framework

d.) an example of proper communication within the Information component of the COSO internal control framework

Answer: D According to Wiley 2011 BEC Whittington & Delaney text: “…Under COSO internal control can be viewed as including five components…” Component “#4 Information and Communication” “Proper communication involves providing employees with an understanding of their roles and responsibilities.”

According to the COSO framework of internal control, performance reviews are considered to be:

a.) an example of the Assignment of Authority and Responsibility factor within the Control Environment

b.) an example of the Commitment to Competence factor within the Control Environment

c.) an example of typical controls within the Control Activities component of the COSO internal control framework

d.) an example of a typical control within the Monitoring component of the COSO internal control framework

Answer: C.

According to Wiley 2011 BEC Whittington & Delaney text: …Under COSO internal control can be viewed as including five components…” Component “#3 Control Activities” “Typical controls include performance reviews, information processing controls…”

NOW, supposing there are at least 6 or 7 study text programs floating around out there and thousands of other industry periodicals and publications in circulation…and suppose they're asking folks to provide them with free questions to use in test situations (which according to the written request in my State's last mailer they are for IFRS & COSO)… then you can only imagine how easy it is to crank out questions that no-one gets correctly.

Now imagine pouring over this page these two questions came from that I whipped-up in under 30 seconds…then reading say, another 350 pages. Who is going to get these correctly without a TOTAL GUESS being EXACTLY CORRECT.

IS THIS METHOD AN ACCURATE WAY TO MEASURE KNOWLEDGE?

[Anonymous]

Sorry keeptrying and my apologies dhuffman. I'll spare you the week's mailing time and just tell you that you did not pass. My scoring techniques shows that you both received 74's for your efforts.

wannabetaxaccountant CONGRATULATIONS! You got one of them correct…if I were doing this grading thing correctly you'd never know which one you got correctly but please forgive. I promise to figure out the best way to obscure my grading next time. 🙂 Your efforts earn you a 75.

Gina@nyc, I'm supposing that you in fact are answering C to the second question. We're unsure of this at present and will require an additional 45 days to grade your 2 questions. C is the correct answer to the second question but because you failed to answer the first question at all…unfortunately you fail with a 59.

Thanks everyone for your efforts! KEEP ON KEEPING ON! We're all going to pass this – no matter how absurd the tests are!

Best Wishes Everyone from your friends in NC!

[Anonymous]

Sorry keeptrying and my apologies dhuffman. I'll spare you the week's mailing time and just tell you that you did not pass. My scoring techniques shows that you both received 74's for your efforts.

wannabetaxaccountant CONGRATULATIONS! You got one of them correct…if I were doing this grading thing correctly you'd never know which one you got correctly but please forgive. I promise to figure out the best way to obscure my grading next time. 🙂 Your efforts earn you a 75.

Gina@nyc, I'm supposing that you in fact are answering C to the second question. We're unsure of this at present and will require an additional 45 days to grade your 2 questions. C is the correct answer to the second question but because you failed to answer the first question at all…unfortunately you fail with a 59.

Thanks everyone for your efforts! KEEP ON KEEPING ON! We're all going to pass this – no matter how absurd the tests are!

Best Wishes Everyone from your friends in NC!

[Anonymous]

Under frost-free conditions, Cal Cultivators expects its strawberry crop to have a $60,000 market value. An unprotected crop subject to frost has an expected market value of $40,000. If Cal protects the strawberries against frost, then the market value of the crop is still expected to be $60,000 under frost-free conditions and $90,000 if there is a frost. What must be the probability of a frost for Cal to be indifferent to spending $10,000 for frost protection?

.333

.167

.200

.250

How about this one. I've seen it everywhere and for the life of me it stumps me every single time.

[Anonymous]

Under frost-free conditions, Cal Cultivators expects its strawberry crop to have a $60,000 market value. An unprotected crop subject to frost has an expected market value of $40,000. If Cal protects the strawberries against frost, then the market value of the crop is still expected to be $60,000 under frost-free conditions and $90,000 if there is a frost. What must be the probability of a frost for Cal to be indifferent to spending $10,000 for frost protection?

.333

.167

.200

.250

How about this one. I've seen it everywhere and for the life of me it stumps me every single time.

[Anonymous]

Hahah! Sure, that one's easy! (because I memorized the answer somehow after not-knowing wth the first couple times I stumbled across it!)

Seriously though. Its like:

Under Frost conditions a protected crop is either worth 90k and an unprotected crop is worth 40k.

So, to protect the crop it costs 10k to get the 90k. Basically, you're looking at the odds of doing SOMETHING or X(90000) – 10000.

Having to equal what you'd get (the odds) if you did NOTHING or X(40000).

So… x(90000)-10000 = x(40000)

x(50000)=10000

x=10000/50000

x = .200

Sorry the answer doesn't sound very helpful…this is why I'm no professor. 🙂

[Author]

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