[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

[Ttsprstr3]

Hello DHuffman and others 🙂 goodluck if you've recently taken the exam. Is it possible for you all to mention any unexpected specific FAR/REG/AUD topics seen on the exam? I was thinking of linking topics from BEC to other sections and studying thoroughly.. hope that makes sense. Please let me know if you think this would be helpful– starting to freak out about the unexpected material!

[Anonymous]

Ratios are a good thing to know for both FAR and BEC. Foreign currency seems to crop up in both BEC (econ) and FAR (derivatives and foreign currency translation/transaction). I had a written that could have come straight out of FAR. Luckily I've studied/taken both of these parts that they seem to overlap seemlessly. I am rather hoping that I don't see either one again after May 26th. In fact I'm putting everything away when I get home from testing and not even cracking open a book. Since scores won't be out till end of June or so I see no reason to bother. If I fail either I lose AUD so I'm not going to worry about it and take a vacation in June.

[Anonymous]

Ratios are a good thing to know for both FAR and BEC. Foreign currency seems to crop up in both BEC (econ) and FAR (derivatives and foreign currency translation/transaction). I had a written that could have come straight out of FAR. Luckily I've studied/taken both of these parts that they seem to overlap seemlessly. I am rather hoping that I don't see either one again after May 26th. In fact I'm putting everything away when I get home from testing and not even cracking open a book. Since scores won't be out till end of June or so I see no reason to bother. If I fail either I lose AUD so I'm not going to worry about it and take a vacation in June.

[lvall1700]

Hi guys – I'm taking the exam in a month but only finished everything from the 1st lecture of becker today. In terms of timing, is a month sufficient time to finish the remaining lectures? A little worried I held off too long to start studying

FAR, BEC, REG - Passed
AUD - ? (7.1)

[lvall1700]

Hi guys – I'm taking the exam in a month but only finished everything from the 1st lecture of becker today. In terms of timing, is a month sufficient time to finish the remaining lectures? A little worried I held off too long to start studying

FAR, BEC, REG - Passed
AUD - ? (7.1)

[fg]

A single-product company prepares income statements using both absorption and variable costing methods. Manufacturing overhead cost applied per unit produced in 2004 was the same as in 2003. The 2004 variable costing statement reported a profit whereas the 2004 absorption costing statement reported a loss. The difference in reported income could be explained by units produced in 2004 being:

A) Less than the activity level used for allocating overhead to the product.

B) In excess of the activity level used for allocating overhead to the product.

C) Less than units sold in 2004.

D) In excess of units sold in 2004.

What's the correct answer?

[fg]

A single-product company prepares income statements using both absorption and variable costing methods. Manufacturing overhead cost applied per unit produced in 2004 was the same as in 2003. The 2004 variable costing statement reported a profit whereas the 2004 absorption costing statement reported a loss. The difference in reported income could be explained by units produced in 2004 being:

A) Less than the activity level used for allocating overhead to the product.

B) In excess of the activity level used for allocating overhead to the product.

C) Less than units sold in 2004.

D) In excess of units sold in 2004.

What's the correct answer?

[LAGOS975]

D is the corrrect answer.

[LAGOS975]

D is the corrrect answer.

[fg]

I picked D too, but the correct answer per Kaplan is:C, below is the explaination:

If inventory decreases (production is less than units sold) absorption costing results in less net income than direct (variable) costing due to the fixed manufacturing costs included in the beginning inventory under absorption costing. The fixed manufacturing costs included in the beginning inventory become part of the OCGS of this year. Whereas under direct costing none of last year's fixed manufacturing costs are included in this year's COGS.

It does not make sense to me, maybe some one here could help.

Thanks.

[fg]

I picked D too, but the correct answer per Kaplan is:C, below is the explaination:

If inventory decreases (production is less than units sold) absorption costing results in less net income than direct (variable) costing due to the fixed manufacturing costs included in the beginning inventory under absorption costing. The fixed manufacturing costs included in the beginning inventory become part of the OCGS of this year. Whereas under direct costing none of last year's fixed manufacturing costs are included in this year's COGS.

It does not make sense to me, maybe some one here could help.

Thanks.

[wannabetxacctnt]

The answer should be C, because when production is greater than sales, then net income should be higher under absorption costing, remember manuf overhead is part of cogs for inventory. Roger makes you remember this with the acronym PSA-it used to be an airline a long time ago….basically, PSA stands for Productions being greater than Sales, income is greater under Absorption costing.

[wannabetxacctnt]

The answer should be C, because when production is greater than sales, then net income should be higher under absorption costing, remember manuf overhead is part of cogs for inventory. Roger makes you remember this with the acronym PSA-it used to be an airline a long time ago….basically, PSA stands for Productions being greater than Sales, income is greater under Absorption costing.

[kja2011]

I thought I would post this on here too since it's busier than the other forum – anyone have any ideas? This is for the BEC exam that I didn't pass in Feb. 2011:

I am having an issue with my Score Report/Candidtate Performance Report too. I have not received it yet after going back and forth with NASBA and the AICPA for a month now. Initially I didn't get it via email, then the Michigan state board liason was supposed to, multiple times, have it re-sent via email and I got two more NTS's via email and one via snail mail. The she said ‘I will just have to re-print one for you and mail it to your home address, please allow 7-10 business days'. That was 4/21. I guess it's only been 8 business days but really? I contaced the AICPA who took my name, social security number and Section ID of the exam and said they couldn't tell anything while on the phone with me because everything's ‘blind' but they would have their exam team look into it and get back with me probably by the next day. They called back the next day and verified my Section ID and said they were still looking into it and would contact me likely the following day. No word after that from AICPA for two days so I called them back – a note was on my account that if I have any further issues with obtaining my score report I am to contact the Michigan state board liason. So back to NASBA – contacted the liason's supervisor and left two messages early last week: nothing. Contacted NASBA again today and one of the customer service rep's is forwarding the string of emails with the liason to her manager. Am I going crazy or is this just a piece of paper??? And who does issue it – AICPA or NASBA? I feel like someone's lost the piece of paper and they figure if they ignore me long enough I'll just go away. I'm probably wasting way too much time trying to find out what's going on (instead of studying more so I can pass the flipping thing next time) but I'm getting really frustrated

[kja2011]

I thought I would post this on here too since it's busier than the other forum – anyone have any ideas? This is for the BEC exam that I didn't pass in Feb. 2011:

I am having an issue with my Score Report/Candidtate Performance Report too. I have not received it yet after going back and forth with NASBA and the AICPA for a month now. Initially I didn't get it via email, then the Michigan state board liason was supposed to, multiple times, have it re-sent via email and I got two more NTS's via email and one via snail mail. The she said ‘I will just have to re-print one for you and mail it to your home address, please allow 7-10 business days'. That was 4/21. I guess it's only been 8 business days but really? I contaced the AICPA who took my name, social security number and Section ID of the exam and said they couldn't tell anything while on the phone with me because everything's ‘blind' but they would have their exam team look into it and get back with me probably by the next day. They called back the next day and verified my Section ID and said they were still looking into it and would contact me likely the following day. No word after that from AICPA for two days so I called them back – a note was on my account that if I have any further issues with obtaining my score report I am to contact the Michigan state board liason. So back to NASBA – contacted the liason's supervisor and left two messages early last week: nothing. Contacted NASBA again today and one of the customer service rep's is forwarding the string of emails with the liason to her manager. Am I going crazy or is this just a piece of paper??? And who does issue it – AICPA or NASBA? I feel like someone's lost the piece of paper and they figure if they ignore me long enough I'll just go away. I'm probably wasting way too much time trying to find out what's going on (instead of studying more so I can pass the flipping thing next time) but I'm getting really frustrated

[Author]

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