[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

[RandomAlt]

@EYNewHire – Oh, I'm sure we will. It isn't that BIG a profession here in S. Florida, especially FAU alum. I would be working the career fair this year, but for some reason FAU thought it would be a great idea to hold it right before Sept 15th deadlines. So I will most probably not be there.

@h0wdyus … You've been awfully quite for a while. You still with us?

Edit: That is enough for me tonight. I'm out of here. Good night 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]

[h0wdyus]

@RandomAlt

I am here and plan to be here till about 2 am. I am doing questions from the wiley book, so I can't post anything. I will start hitting the test bank tomorrow later in the evening.

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

FROM NJ

[TigerWoods]

I'll be doing some multiple choice most of the evening as well.

[h0wdyus]

@tiger

please keep posting questions if you can copy paste. I can't do that from the book.

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

FROM NJ

[TigerWoods]

I'll copy and paste some later this evening if I get to some computer MCs. I'm working on paper right now.

[GatorOwl]

@EYNewHire I'm also a FAU Alum in Boca. I took BEC last month and taking Audit this coming up Saturday. I've been studying in FAU Library (which btw is now open until 2am). If you need some additional last minute BEC study notes I'd be glad to share.

[EYNewHire]

@GatorOwl Thanks I appreciate the offer but I think I'm set for now. I don't think any amount of extra notes will help. I just feel such a lack of motivation. I think burn out is setting in so I really need to just get this over with.

[Anonymous]

For variable costing, how is variable SGA suppose to be treated? I thought it was a variable cost but for one of the Becker MCQ, it treated it as a FC.

[GatorOwl]

@EYNewHire – No problem, I know how you feel. Best of luck on Saturday!

[h0wdyus]

@anothercpa23

It is treated as fixed and treated as period cost for variable costing. Under absorption costing too they are treated as period cost.

They do not form part of the cost of the product.

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

FROM NJ

[Anonymous]

@h0wdyus is that the only variable cost that is treated like that?

[h0wdyus]

Yes .. if you think about it… Selling expenses are deducted from Gross Margin to get operating Income in Income Statment. They never form part of the cost of goods sold. So they are treated as Period costs and expensed separately and not as part of cost of good or inventory. So then why would we include Selling exp in the cost of goods when doing direct ( Variable Costing). Variable costing is meant only for decision making and is not GAAP. So we just want to see the effect of variable cost that form part of the cost of the goods when doing variable costing.

Selling.. G&A; Pre opening and R&D are all deducted from Gross margin to arrive at Operating Income. So none of them should be used added to the variable cost.

Hope this helps.

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

FROM NJ

[RandomAlt]

What does everyone consider the proper time breakdown to stay on track in BEC?

I know when I took FAR it was:

4 Hours

1.5 minutes per MCQ x 90 MCQs = 135 minutes (2H 15M)

The remaining 1H 45M was devoted to the SIMS

I felt this timing worked out perfect.

---

My thoughts for BEC

3 Hours

1 Hour for the written communication

2 Hours for MCQ (about 1.7 minutes per MCQ)

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]

15 mins per WC is what I plan to allocate. Who knows how the exam is going to be. I just go with the flow and not worry about the time. Ofcourse I have an eye on the watch too.

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

FROM NJ

[missjones513]

I try to do about 30 – 35 minutes per mcq testlet and have at least an hour for the WC.

REG - 5/29/12 (64), 10/1/12 (74), 5/20/13 (75, expires 12/31/14)
FAR - 8/14/12 (64), 8/5/14 (75)
BEC - 11/19/12 (70), 2/25/13 (72), 11/21/13 (73), 1/21/14 (73), 8/30/14 (72), 11/24/14 (75)
AUD - 4/22/13 (65), 10/12/13 (79)

I'm done!!!

Ethics - Pass

[Author]

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