[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.]

That sounds good. Depending on how comfortable you are with computers, you could get through in 1 week. Much of it is basic:

Question 1:

What is an application program? What is an operating system?

Question 2:

What are the separations of duties in IT, for internal control purposes? Give examples.

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)

[Kimboroni]

You guys are awesome. I learn so much reading this thread.

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. 🙂

[Anonymous]

Hiya Just wanted to say best of Luck Casa and Stoleway!! Not sure what your testing days are but I will keep my fingers crossed for you!

[Masso]

@ MOD, I don't have the answers 🙁

I am on study unit 11. You are very knowledgeable of the material, when is you test?

Waiting for the responses thanks

[M.O.D.]

Maybe someone else will answer.

I am fighting with the State Boards for a chance to test. At this point it does not look possible in this window. So I am studying FAR, while keeping BEC fresh.

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)

[Masso]

Good luck 🙂

[stoleway]

Using my own language….OPERATING SYSTEM is what allows every application, apps or programs on your computer to work….eg windows.

APPLICATION programs depends on the operating system to function, e.g. media player, excel, notepad, web browser, facebook app, oracle software, SAP software, QuickBooks software. None of this programs can function without an Operating system.

In summary, operating system is what makes your computer work.

SEPARATION OF DUTIES IN IT

Two important functions that should always be segregated is programming and computer operations. eg, system programmer should not process computer operation functions like data processing.

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

Mass-CPA

[stoleway]

Hey Kenada…Long time, thx for wishing us well. I scheduled my exams on 31st August which is Sunday, I want it to be very close to score release so I can jump back into review mode in case I fail.

How is the job search going?

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

Mass-CPA

[M.O.D.]

@stole

Good on systems.

Regarding separation of duties, I would expand more:

If you recall from auditing, the same divisions with IT equivalents. It helps me make the divisions.

Authorization: procurement, executives/ IT: users requesting program changes, programers develop

Transactions: accounting, controller: IT: day to day transactions, running the programs, operators

Custody: CFO IT: data librarians

Periodic reconciliation: Auditors

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)

[Anonymous]

I see 🙂 Yes that is true. So far its okay, I got a few interviews but nothing that really makes me say yes I want to move. So still looking 🙂

[stoleway]

@Kenada…..Good for you:)

MOD…..Thanks you, it makes sense from this scenario.

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

Mass-CPA

[klink24]

I just came across that accounting rate of return with depreciation problem in WTB. I figured it out like this though:

ARR = Net Income/Cost

.1 = [3000 – .1cost)]/cost……………had to include – .1cost to take depreciation into account

.1cost = 3000 – .1cost

.2cost = 3000

cost = 15000

Same thing as stated before, but I like to start with an equation I know then work from there.

On a side note, I do agree that depreciation should have already been included with operating income since it said after taxes. Since they are not including depreciation there should also be tax savings from the expense taken into account. Numerator should be something like 3000 – [.1cost – (.1cost x tax rate)] to account for depreciation and its related tax savings.

FAR: 4/19/2014 - 85!
AUD: 5/27/2014 - 90!
REG: 7/18/2014 - 81!
BEC: 8/13/2014 - 84!

4 up, 4 down, in 4 months.

Licensed 9/22 in NC.

[stoleway]

Which of the following structures refers to the collection of data for all vendors in a relational data base?

A. Record.

B. Byte.

C. File.

D. Field.

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

Mass-CPA

[klink24]

C. File

FAR: 4/19/2014 - 85!
AUD: 5/27/2014 - 90!
REG: 7/18/2014 - 81!
BEC: 8/13/2014 - 84!

4 up, 4 down, in 4 months.

Licensed 9/22 in NC.

[M.O.D.]

@ klink

Nice analysis.

Post some trick questions of your own…

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)

[Author]

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