[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.]

Accounting rate of return:

Uses GAAP income as the numerator and the investment amount as the denominator

It does not discount for the time value of money.

It is not ideal because it does not measure true cash flows (due to the principles of accrual).

It easy to understand by accountants though.

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)

[JamesBJames]

I thought the Becker questions were generally a little harder than the actual test. Not sure about the NINJA MCQs, but if they incorporate questions from a lot of different databases then they're up there in difficulty too.

I actually had two questions *verbatim* that I saw in Becker's test bank. One was really easy but the other was a tough one that I missed the first time through.

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!

[stoleway]

MOD…correct on the ARR

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

Mass-CPA

[CJar]

Well took the BEC yesterday. Not sure how I feel about it. Started AUD studies today and hope to be ready by the end of August. Wish Everyone Good Luck!!

[GoVPI]

Information systems process data and transactions within a business organization. These actions include all but which of the following?

A Collecting and entering transactions and data

B Processing data and providing users with the information that they need to run the business

C Validation and comparison of system generated reports to input data

D Controlling the process and data

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

[M.O.D.]

Answer:

I would guess A because collecting business data is not part of IS processing.

IS questions can be tricky though.

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

I chose A also for the same reason you did, but the answer is C.

Here is the explanation:

Validation and comparison of a system generated reports to input data represents a manual action performed by an end user to validate output of the system. For example, a payroll department might make sure that the number of paychecks printed by the computer system is the same as the number indicated by the input data (such as the number of time clock cards). The other answer choices are aspects of an information system in the business.

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

[GoVPI]

Which of the following statements relating to assembly language is not true?

A Assembly language must be translated into Machine language by an Assembler

B It is easier to write programs in assembly language than it is to write programs in machine language.

C Assembly language can be run on any type of hardware.

D Assembly language is an efficient form of a second generation language

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

[M.O.D.]

I would guess C because there could be hardware differences which require their own language.

I think D is tricky:

first generation: machine language, 0 and 1

second generation: assembly language

third generation: COBOL, Basic

fourth generation: non procedural: XML, XBRL

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]

Nice job MOD, you are correct!

Heres another:

Which of the following statements regarding Control Objectives for Information and Related Technology (COBIT), developed by the Information Systems Audit and Control Foundation is not true?

A The objectives were developed to provide guidance on best practices for management and Information technology.

B COBIT groups IT control processes into four domains: 1) Plan and Organize, 2) Acquire and Implement, c) Deliver and Support, and d) Monitor –and Evaluate

C The goal of the objectives is to establish strategic vision for the IT area, identify automated and IT solutions, deliver required IT services, and to monitor operations.

D The objectives were developed to provide an audit trail of the accounting information system and the adherence to best practices for management and Information technology.

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

[M.O.D.]

Answer:

D because audit trails exist independently of IT management.

The purpose of IT is not to make it easier to audit a company.

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:

Which of the following most likely would not be considered an inherent limitation of the potential effectiveness of an entity’s internal control?

A. Faulty judgment.

B. Management override.

C. Collusion among employees.

D. Incompatible duties.

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)

[ithinkican2013]

@lauren725 Thanks for the advice. I will definitely just have to move on and come back to it. I will keep doing the MCQ's in the progress test as I go along. I hate cost accounting with an unnatural passion, so its been very hard to sit down and just punch through it. I will finish up today and move on to B3 tomorrow.

[stoleway]

MOD ….Incompatible duties is the right answer, the rest are recognized limitations of achieving effective internal controls

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

Mass-CPA

[Zackrampage]

Would you guys reccomend it wise to dedicate a weekend to memorize formulas? Like 2 days no questions just formula memorizing, then apply to questions.

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

[Author]

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