[jeff]

@h0wdyus

Incorrect

The answer is B. Comparable sales.

“The use of comparable sales is not an income approach to valuation of a business, it is a market approach. Under the comparable sales approach, the value of a business is determined by comparing it to other entities with comparable characteristics for which the value is more readily determinable.”

This was a tricky one

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

[Zackrampage]

@ Stoleway I am here. Taking BEC this coming Thursday. Nervous but at the point where I did so much that it is what it is. Any last few day tips?

FAR - 62 , End of aug 2015
BEC - 67, 67
AUD - TBD
REG - TBD

[RandomAlt]

So say we all

FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
BEC - [08/31/2014 --> 86]
AUD - [11/24/2014 --> 88]
REG - [02/14/2015 --> 92]

[RandomAlt]

So I'll start this morning:

If complete segregation of duties is impossible in a small business, which two functions should be potentially combined?

A. Review and custody.

B. Authorization and record keeping.

C. Review and record keeping.

D. Authorization and review/auditing.

FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
BEC - [08/31/2014 --> 86]
AUD - [11/24/2014 --> 88]
REG - [02/14/2015 --> 92]

[RandomAlt]

I'm gonna throw out another one … Remember to show your work!

A 2005 cash budget is being prepared for the purchase of Toyi, a merchandise item. The budgeted data are as follows:

Cost of goods sold for 2005

$300,000

Accounts payable 1/1/05

20,000

Inventory – 1/1/05

30,000

Inventory -12/31/05

42,000

Purchases will be made in 12 equal monthly amounts and paid for in the following month. What is the 2005 budgeted cash payment for the purchase of Toyi?

A. $295,000.

B. $300,000.

C. $306,000.

D. $312,000.

FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
BEC - [08/31/2014 --> 86]
AUD - [11/24/2014 --> 88]
REG - [02/14/2015 --> 92]

[h0wdyus]

@Random

is the answer C will send you the working in a few mins.

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[h0wdyus]

@Random

BInv + Purchases – EInv = COGS

Plug in the figures you get purchases of 312000

312000/12 is 26,000 per month of sale. which is paid in next month. So the amount paid for sales is 11 months

26000x 11 = 286000 + 20000 ( opening balance of A/P) = 306000

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[RandomAlt]

@h0wdyus … Correct, and beautiful work

You've got this test

FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
BEC - [08/31/2014 --> 86]
AUD - [11/24/2014 --> 88]
REG - [02/14/2015 --> 92]

[Zackrampage]

Is 95% of this test questions like that? I am so screwed (Praying for more theory)

FAR - 62 , End of aug 2015
BEC - 67, 67
AUD - TBD
REG - TBD

[RandomAlt]

Sometimes you just memorize the weirdest facts. I still remember this from my first day of studying BEC

Dan provided original information to authorities regarding a securities fraud in his company. It led the SEC to impose penalties of $2 million. Which of the following is most likely to be Dan's award under Dodd-Frank?

A. $50,000.

B. $150,000.

C. $350,000.

D. $750,000.

FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
BEC - [08/31/2014 --> 86]
AUD - [11/24/2014 --> 88]
REG - [02/14/2015 --> 92]

[h0wdyus]

Thanks for the confidence boost. I worry about the following though.

EFU ( your favorite )

2 way and 3 way varaince cals

some of the cost of capital questions.. not all

CorpGov and IT.

Just need the exam day to be a good and a lucky day.. I just pray and pray..

You are doing very good yourself. I see you come with good questions like Stoleway ( Missing in Action ) does too.

The questions you both send out serves as a quick spot review and keeps boredom away. It is fun in a sick way. 🙂

Keep sending in those question.

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[h0wdyus]

its about 10 % .. i will go with 150k

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[RandomAlt]

Incorrect. The answer is C. $350,000

Actually it is a range. From 10% to 30%

So on the low end, it is $200K, and on the high end it is $600K. The only answer in the range is $350K

---

I am really enjoying this study group as well. I'm being exposed to more questions and concepts than if I was just studying from my system.

I also really like the ideas going back and forth. Like the structural employment question from last night. We all picked D, and even though the answer is listed as C, we all listed our reasons for D. Those are the kinds of things that will stick in your mind on exam day.

As far as the exam goes, I really try not to go crazy worrying about what I will see. I'll learn as much as I can learn and hope that the questions match the knowledge. Take FAR for example…as you know, every study system emphasizes bonds. bonds…bonds…bonds. You NEED to know bonds. And yes, you do. However, I only got 2 bond questions, and one of them was basic as can be. Yet, on another less emphasized topic, I got 6 or 7 questions total, that comprised both GAAP & IFRS situations. You just never know…

h0wdyus, you understand this…you've passed 3 at this point. Sometimes they hit topics you know well, and sometimes they don't. Some people say luck plays into it, and some people say luck never plays into it, that you just weren't adequately prepared. I don't believe that. We should all know about cost vs. benefit at this point. Sure, I could spend 6 months studying and learn every concept inside and out…but I would be giving up 6 months. I just have to hope I've gained enough knowledge in 1 and 1/2 months to make it out of there with a 75.

FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
BEC - [08/31/2014 --> 86]
AUD - [11/24/2014 --> 88]
REG - [02/14/2015 --> 92]

[RandomAlt]

I do not get this topic/concept at all…

A company manufactures goods in Esland for sale to consumers in Woostland. Currently, the economy of Esland is booming and imports are rising rapidly.

Woostland is experiencing an economic recession and its imports are declining.

How will the Esland currency, $E, react with respect to the Woostland currency, $W?

A.The $E will remain constant with respect to the $W.

B. The $E will increase with respect to the $W.

C. The $E will decline with respect to the $W.

D. Changes in imports and exports will not affect currency changes.

FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
BEC - [08/31/2014 --> 86]
AUD - [11/24/2014 --> 88]
REG - [02/14/2015 --> 92]

[stoleway]

Hey guys, I'm back. I'm cramming and hitting on mcqs all day today, so expect more questions in the thread lol.

@RandomAlt

Answer is C

Woostland is experiencing an economic recession and its imports are declining.

Think about it, if Woostland is experiencing recession, demand for its products will increase due to products becoming cheap in Woostland. This increase in demand for woostland product will result in a stronger $W in the long run, all other currencies driving up demand in Woostland will decline in value. Hope this helps

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[RandomAlt]

@stoleway … Thanks, it does. Better explanation than was given in the material

FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
BEC - [08/31/2014 --> 86]
AUD - [11/24/2014 --> 88]
REG - [02/14/2015 --> 92]

[Author]

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