[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]

I hate questions such as the one right above 🙁

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

[stoleway]

IT question…

The process of monitoring, evaluating and modifying a system is referred to as ?

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

Mass-CPA

[JamesBJames]

For the above question, you can also think it through somewhat logically.

We're being charged 6% interest, but we also have to maintain a compensating balance with a low, 2% rate. This will serve to increase the effective rate above 6%, so C's out.

The compensating balance is $25,000 on top of what we normally keep in the account. 15000 (interest due at end of year) / 225000 (net proceeds) = 6.66%. However, since we earn 2% interest on the balance, the effective interest rate will be just a little less than that, meaning the answer must be A.

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!

[GoVPI]

Stole– is it system maintenance?

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

[stoleway]

Yes, system maintenance is correct

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

Mass-CPA

[jeff]

Some Free BLITZ videos to check out today when you have time:

https://www.another71.com/ninja-blitz/

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

[RandomAlt]

So, I've gotten past corporate governance in CPAexcel. I review as I study new material (flashcards), but COSO/ERM is just not sticking.

Does anyone have any good acronyms/mnemonics/tips for this section?

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]

@Random Alt

For Internal Controls we have:

mnemonic CRIME

Control activities [Broken up into mnemonic RIPS: Review of Performance, Information Processing, Physical Control over Assets, Segregation of Duties],

Risk Assessment,

Information and Communication,

Monitoring,

Control Environment [Broken up into mnemonic PHRASED: Philosophy, Human Resources, Reporting competencies, Authority and Responsibility Structure, Ethics, Directors]

For ERM we have:

4 SCOR(mnemonic) Objectives:

Strategic,

Compliance,

Operations,

Reporting

IS EAR AIM (From becker)

Internal Environment [mnemonic PHRASED-C: R is now risk appetite, and C is competence]

Setting Objectives

Event Identification

Assessment of risk

Respond to risk [mnemonic SARA: Share risk, Avoid risk, Reduce risk, Accept Risk]

control Activities

Information and communication

Monitoring

Hope this helps. Some becker some my own.

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

[Zackrampage]

Here is a helpful mnemonic I made up for IT: A football player is a “character” who plays on a “Field” and “Records goals which are “File”d in standings.. This helps you remember the items and there order.

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

[RandomAlt]

@Zackrampage Thanks for the mnemonics! They are really helpful. I usually try to make my own, I seem to remember those better, but I was just blanking on this topic.

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]

If someone can make up a better one than is ear aim that be cool lol. I remember the internal control one better than ERM

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

[RandomAlt]

The best I came up with was “Can't Risk Coming Into Money”

Control environment

Risk assessment

Control activities

Information & communications

Monitoring activities

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]

You can also use…Carrie Runs Cattle In Montana, but I guess CRIME is easy to remember

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

Mass-CPA

[Zackrampage]

Im ok with IC but have issues memorizing ERM.

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

[M_Knight]

Just starting BEC with Becker and did my first set of multiple choice on corporate governance and got a 40/67, a few were just dumb mistakes. Is this normal and what is the best way to make this stuff come together? It all just seems so random at this point…. and I thought BEC was supposed to be one of the easier ones..

[Author]

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