[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

[GoVPI]

Im using CPAreviewforfree right now as I feel like on the IT, COSO, Econ basically non financial questions i've memorized outta my two test banks.

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

[GoVPI]

I just looked on Jeff's post and it says

July 21 – August 15, 2014 Exams

Official Target Date: Friday, August 22

NINJAs Say: Thursday, August 21

Just got an email from NASBA saying have to take test by August 14 to get score by August 22.

Darn, I hope its the 15th because I scheduled it on purpose that way to get a quick turn around. Sucks!

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

[HeartsMimiCPA]

Omg it does say the14th. I picked the 14th too because I wanted to get my score in a week. I may have to reschedule

AUD - 65, 89!
REG - 70, 89!
FAR - 78!
BEC - 77!

Finally!
Experience 06/30/15
Ethics-Done

VA Licensed 09/15/15

[GoVPI]

I just can't justify spending the 30 dollars on it. *sigh*

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

[M.O.D.]

It is cheaper and faster to take a practice test, if you need to know how you did.

Heck, it can even predict the future and tell you how you will do on your test before you take it.

Not even the AICPA or NASBA can do that.

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]

ANK Company owes a Grande Bank $10,000. Ank Company cannot pay. Jones is a surety on the debt for $6,000. Smith is also a co-surety on the same debt for $6,000. Grande Bank releases Jones without reservation of rights against Smith. For what amount is Smith now obligated to the Grande Bank in connection with this debt?

A Zero

B $3,000

C $5,000

D $6,000

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

[vlc1982]

This is an excerpt from a Ninja MCQ question. Can anyone elaborate on this formula? I guess I'm having trouble understanding why the number of checks processed per day isn't included in the calculation. Wouldn't that make a difference? Or is that number taken into consideration in the “days saved in the collection process”?

Cost per check cleared = (D)(S)(i)

D = days saved in the collection process

S = average check size

i = daily interest rate or opportunity cost

FAR 66, 80
AUD 86
REG 76
BEC 74, 77 - DONE!!

Yaeger, Ninja MCQ for BEC
TX Candidate

[M.O.D.]

@ CPA14

I would think it is $6000, the same as before. This sounds like a law (REG) question.

@vlc

because it is asking the cost per check not cost per day.

The cost per day = average check size x checks per day x daily rate x days saved

The cost per check is relevant when comparing payment or deposit methods.

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]

@ MOD.. its 3000. I have no clue why but I said 6000 also. Sounds like REG to me, but was a MCQ in BEC financial management. Who knows, I'll take my chances

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

[vlc1982]

@M.O.D. – Thank you!

FAR 66, 80
AUD 86
REG 76
BEC 74, 77 - DONE!!

Yaeger, Ninja MCQ for BEC
TX Candidate

[NEY_000]

I am just starting my BEC studying. WAHOO! 😉

For those of you using Becker, what would you say are the hardest chapters with the most information so I can schedule my time accordingly?

AUD - 81 (5/5/14)
REG - 67 (7/28/14) b00; (10/3/2014)
BEC -
FAR -

[GoVPI]

@NEY- 2 and 3 are huge because they have a lot of math problems. 100s of homework questions. Chapter 1 is important with COSO, though so make sure you know it!

4,5,6 are all terms/memorization pretty much. They go way faster.

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

[Kimboroni]

It is cheaper and faster to take a practice test, if you need to know how you did.

Heck, it can even predict the future and tell you how you will do on your test before you take it.

I've seen you suggest that a few times, MOD, but it really doesn't work that way. The way that a practice test is scored is completely different than scoring for the real exam. Also, the mix of questions on the real exam can be completely different from what you get on a practice test. It's a nice idea, and it would be great if it worked that way for the CPA exam, but it doesn't.

AUD 84 (1/9/14-Wiley books/TB + free materials)
FAR 83 (5/21/14-the above + NINJA 10 Pt Combo Lite)
REG 84 (7/9/14-Wiley books/TB + NINJA Audio/FC/Notes)
BEC 76 (10/5/14-Wiley books/TB + NINJA Audio/FC)

Disclaimer: My ninja avatar is not meant to imply that I have any affiliation with this site other than being a forum member. That's a pic of a T-shirt that my daughter gave me for my birthday. 🙂

[M.O.D.]

@ Kombroni

Granted, it is not perfect, but it is the best, most accurate method. Far better than wondering out loud and/or asking others on A71.

Of course if you do well, you don't even have to ask how you did, you don't have to wait for scores to come out, etc. But those are side benefits of knowing you passed.

And I have not yet seen where the questions on the CPA exam are different than those on the practice test. If they were different, Becker, Gleim, Wiley and Ninja would all be out of business overnight.

And yes, I keep repeating it because people don't get it. The best argument against it is that it somehow messes with your mind knowing how you will do: a psychological hangup.

Nobody yet said it does not work. That is a very rare exception.

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]

Questions time!

A company reports the following account balances at year-end:

Account Balance

Long-term debt $200,000

Cash 50,000

Net sales 600,000

Fixed assets (net) 320,000

Tax expense 67,500

Inventory 25,000

Common Stock 100,000

Interest expense 20,000

Administrative expense 35,000

Retained earnings 150,000

Accounts payable 65,000

Accounts receivable 120,000

Cost of goods sold 400,000

Depreciation expense 10,000

Additional Information:

The opening balance of common stock was $100,000

The opening balance of retained earnings was $82,500

The company had 10,000 common shares outstanding all year

No dividends were paid during the year

For the year just ended, the company has times interest earned of

3.375 times.

6.75 times.

7.75 times.

9.5 times.

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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