[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

[M.O.D.]

@ pumpkins

We are asking each other questions to see if we know it. We are quizzing each other. You should look it up to see if it is in your review materials, and answer in your own words. That is the best way to learn it.

A certificate is like a degree from an university/college but requires fewer courses.

BA Mathematics, UC Berkeley
Certificates in CPA and EA preparation, College of San Mateo
CMA I 420, II 470
FAR 91, AUD Feb 2015 (Gleim self-study)

[M.O.D.]

Question:

What is a “backflush” costing system, and when is it used?

BA Mathematics, UC Berkeley
Certificates in CPA and EA preparation, College of San Mateo
CMA I 420, II 470
FAR 91, AUD Feb 2015 (Gleim self-study)

[Peterman25]

A backflush system assigns inventory cost at the end of the period. You are essentially assigning ending balances to your inventory accounts with the “leftovers” if material. It is used in a just-in-time system.

BEC 7/14 - PASS
FAR 10/14 - PASS
AUD 1/15 - PASS
REG 4/15 - PASS

AZ license - Official 8/20/2015

[M.O.D.]

Excellent explanation re backflush.

Question:

What is in the COSO ERM box diagram?

Hint: Objectives, Components, Entity

BA Mathematics, UC Berkeley
Certificates in CPA and EA preparation, College of San Mateo
CMA I 420, II 470
FAR 91, AUD Feb 2015 (Gleim self-study)

[GoVPI]

The Coso Cube-

There is a direct relationship between the objectives of the organization ( operations, reporting, and compliance) and the internal control components (Control environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring). There is also a direct relationship with the organizational structure (entity level, division, operating unit, and function)

The Control environment- The “tone at the top”, it sets the standards for the company, including ethical values and integrity, top manager must lead by example for the control environment to work effectively.

Risk Assessment – Analyze risk, what could prevent your company from reaching its goals? Identify, manage, and mitigate the risk, you CAN NOT eliminate risk completely.

Control Activities- Make sure the goals of management are being put to work here, implement controls for technology. I look at this as the stuff that happens everyday. Segregation of duties here!!

Information and communication- Communication internally and externally and gathering data

Monitoring is continuous, you report deficiencies in a timely manner here, and use on going separate evaluations. The frequency of the evaluations depends on upon the risk.

BEC 8/14/14 - Passed
Graduated from college 12/13/14
AUD 8/31/15 - 74. Retake - Passed
REG
FAR

[Zackrampage]

I just took a break from work, went to CVS and bought 2 packs of index cards. Next few days I intend to write out all mathematical formulas on index cards. Anyone took this approach? Helpful to memorize them? I have been reading notes but cannot see to remember formulas 🙁

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

[M.O.D.]

Nice.

Question:

What are the two basic types of internal audit engagements?

BA Mathematics, UC Berkeley
Certificates in CPA and EA preparation, College of San Mateo
CMA I 420, II 470
FAR 91, AUD Feb 2015 (Gleim self-study)

[GoVPI]

@ M.O.D. identifying a material weakness or deficiencies?

BEC 8/14/14 - Passed
Graduated from college 12/13/14
AUD 8/31/15 - 74. Retake - Passed
REG
FAR

[M.O.D.]

Well, it is a question straight out of Gelim WC preparation.

“describe the two basic types of internal audit engagements”

From my IMA/CMA studies, the answer would be operational (effectiveness and efficiency) and compliance (regulations, laws).

But Gleim says:

assurance and consulting services

assurance: independent assessment of governance, risk management and control processes, financial, performance, compliance, system security

consulting: advisory, adds value and improves the organization

What do you think?

BA Mathematics, UC Berkeley
Certificates in CPA and EA preparation, College of San Mateo
CMA I 420, II 470
FAR 91, AUD Feb 2015 (Gleim self-study)

[stoleway]

MOD ..are u picking this question from AUD or BEC?

I use Gleim and I have never come accross this one in BEC

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

Mass-CPA

[JamesBJames]

Did the two Becker practice tests earlier today and got a 92 on the first one and an 81 on the second one. I was really surprised by how lazy the first test was. It seemed like 80% of the problems were taken from previous homework questions. Second test was appropriately brutal.

Regardless, I think I'm in good shape for my test on the 16th.

The writing prompts still scare me a little… but they're only worth 15% of the grade, so I guess I shouldn't be too worried about them. I think I'm just gonna start every paragraph with “The purpose of this memo is [restate the prompt], and it will discuss [subtopics].” Then, add definitions and solid, half-assed elaborations. Conclude with “I would be happy to further discuss [blah] with you, ” and call it a day. Anyone else have any quick tips for writing?

FAR: May 1st, 2014 - 91
AUD: May 29th, 2014 - 97!
BEC: July 16th, 2014 - 91
REG: August 29th, 2014 - 88

Licensed December 2015

Feel free to add me on LinkedIn by clicking my username!

[M.O.D.]

@ stoleway

It is the essay question (2013 edition) in the book for Study Unit 1: Corporate Governance.

The company is “Snicker Snacks”.

@ James

You have 2 days: practice 4-5 essays per day.

It is a good chance to review the theory.

No reason to give up easy points.

Think of yourself as a CPA/consultant and answer the question sincerely and professionally.

“half-assed” should not be part of a CPA's vocabulary.

BA Mathematics, UC Berkeley
Certificates in CPA and EA preparation, College of San Mateo
CMA I 420, II 470
FAR 91, AUD Feb 2015 (Gleim self-study)

[Crunchtime]

I took auditing yesterday and it was a doozy, I am going to start studying for BEC, on the 21st, I am planning on taking BEC on August 29th, I will be studying 3 hours a day monday-friday and 8 hours on the weekends. Will this be enough time to prepare me for the test? I will be using ninja notes and CPA Excel, I am running into the problem of CPA excel being to simple of questions which i felt unprepared for auditing, Have any of you guys had this problem?

AUD-77
BEC-70,73,68,74 SH##!!!!!, 80
REG-73,76
FAR -74,82

Ethics here I come!!

[MustPass1988]

I think it's important to practice a few essays just to get your format down but that's it. I would use the word bullshit, rather than halfass 🙂 Becker specifically says that you're not graded on your knowledge of the topic. You're graded on technical content i.e. do you address the topic given to you. If they're asking you about balance scorecards and you're going on about joint product costing, you're screwed but if you're addressing balanced scorecard and can write professionally and concisely, you're good. I spent about 30 minutes practicing the written portion but in my opinion, the MCQs are WAY more important to practice.

AUD: PASSED [81]; Expired, retaking August 23rd
BEC: PASSED [83]; Expired, retaking July 11th
REG: PASSED [83]
FAR: FAILED [64]; Retaking May 23rd

[GoVPI]

A large manufacturing company has several autonomous divisions that sell their products in perfectly competitive external markets as well as internally to the other divisions of the company. Top management expects each of its divisional managers to take actions that will maximize the organization’s goals as well as their own goals. Top management also promotes a sustained level of management effort of all of its divisional managers. Under these circumstances, for products exchanged between divisions, the transfer price that will generally lead to optimal decisions for the manufacturing company

would be a transfer price equal to the

Full cost of the product.

Full cost of the product plus a markup.

Variable cost of the product plus a markup.

Market price of the product.

BEC 8/14/14 - Passed
Graduated from college 12/13/14
AUD 8/31/15 - 74. Retake - Passed
REG
FAR

[Author]

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