[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

[TigerWoods]

Do you guys do the simulations at all? I'm taking it rather quickly (3 weeks) and don't know if there is much benefit in taking time to write out solutions.

[Anonymous]

I just want to say good luck to anyone testing this week!

[Anonymous]

I am struggling with an IT concept that I came across in the Becker book (B4-33).

The book specifically says that systems analysts and computer programmers should have segregation of duties.

Then I got a MCQ that reads as follows:

Which of the following statements is not correct for segregation of duties in an IT environment?

a. The IT department is a support group in that it normally does not initiate or authorize transactions.

b. Segregation of duties in an IT environment normally revolves around granting and/or restricting access to production data and/or production programs.

c. The duties of system analysts and application programmers should never be combined.

d. Segregation of duties in an IT environment is defined as dividing responsibilities for different portions of a transaction among several different people.

Here's the answer:

Choice “c” is correct as it is the only incorrect statement. The duties of system analysts and application programmers can be, and often are, combined. The duties of system programmers and application programmers should not be combined.

These two points seem to contradict each other. Anyone else struggling with this?

[M.O.D.]

System analysts design (flowchart) entire computer (IT) systems.

System programmers program operating systems (ie Windows)

Application programmers program application programs (ie Quickbooks)

The most fundamental separation is between the application programmer (QB programmer) and the program operator (ie Quickbooks entry).

I agree with:

The duties of system analysts and application programmers can be, and often are, combined.

I don't agree with:

The duties of system programmers and application programmers should not be combined.

Programming is programming, and operations should be separated.

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]

Got it! Thank you!!

[stoleway]

Which of the following causes a reduction in the quantity demanded of product X?

A Consumers see product X as less desirable.

B Consumers buy more of a substitute good for X.

C The price of X increases.

D Consumers have higher income and X is an inferior good.

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

Mass-CPA

[mikecuh]

@M.O.D.

Thank you for your explanation. I think I am kind of getting the hang of it now thank god since my test is Thursday. One thing that for whatever reason is still confusing me is Fixed Overhead Volume Variance. I get the right number every time, but I'm always wrong on the favorable or unfavorable part. It makes no sense to me lol

@Stoleway

C. A change in quantity demanded is a movement along the demand curve (not a shift of the demand curve) which is caused by a price change which in this case is a price increase because there is a reduction of quantity demanded.

[stoleway]

@mikecuh

correct

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

Mass-CPA

[GoVPI]

Is this a good practice question for the exam?

Salem Co. is considering a project that yields annual net cash inflows of $420,000 for years 1 through 5, and a net cash inflow of $100,000 in year 6. The project will require an initial investment of $1,800,000. Salem’s cost of capital is 10%. Present value information is presented below.

Present value of $1 for 5 years at 10% is .62.

Present value of $1 for 6 years at 10% is .56.

Present value of an annuity of $1 for 5 years at 10% is 3.79.

What was Salem’s expected net present value for this project?

$83,000

$(108,200)

$(152,200)

$(442,000)

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

[klink24]

@CPAin14, (152,200).

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.

[TigerWoods]

Anyone else cramming this test in before September? I'm on B2.

[shaulec82]

Anyone have any pointers on the written communications? I'm not too concerned about my writing/grammatical skills, but I'm having a small panic attack about the amount of technical information it seems necessary to know…

AUD - 86
BEC - 81
REG - Nov 6
FAR - Jan 16

[Anonymous]

Does anyone have feedback on the BEC audio? I used the audio for REG and found it to be helpful, however it seems like maybe for BEC or FAR it wouldn't be as beneficial. I have passed BEC with the materials I have now (and lost credit recently), but was considering supplemental material to be sure I get it knocked out…again. Any feedback would be great. Thanks!!

FAR 82, Pending score… (lost credit)

AUD 83

REG 63, 70, 70, 74, 87

BEC 85, lost credit to take in Oct.

[Zackrampage]

Just rocked on 2 seemingly hard Cost accounting (COGS/COGM) questions. Feeling pumped. 2 weeks 2 days till exam day!

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

[RandomAlt]

@cbscpa … I have actually found the audio to be very beneficial. I would say it is a VERY high level overview of the concepts, but there is enough material there for really good reinforcement.

I generally listen to the audios on my drive into work, and back home.

FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
BEC - [08/31/2014 --> 86]
AUD - [11/24/2014 --> 88]
REG - [02/14/2015 --> 92]

[Author]

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