[jeff]

Welcome to the Q4 2017 CPA Exam Study Group for BEC. 🙂

Introduce yourselves and let your fellow NINJAs know when you plan to take your BEC exam.

The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/

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

[rencpa]

JENNIFER!!

Laughing was my first reaction 🙂 Where did you get such a crazy question? *I* can feel your stress now.

From me, I can assure you I have't seen anything like this in Becker. So hopefully, this is not the biggest hit on the exam (?) I would not expect a simulation of this nature. Worse to worse, one MCQ. Hope.

The explanation you provided is pretty good. Sorry, but I cannot add anything to this! However, I hope there are some great people who may say something… to add some value to this question.

Please, do not “kill” yourself with these type of questions. I should say, “thank you for sharing”, but I don't truly feel this way lol 🙂 This exam is going to be my nightmare!

[rencpa]

Hi Rosy,

Thanks for sharing with us. Seems like you did… enough! Great job! However, you may said too much? 😉 Get some rest, you deserve it!

[Teal]

Hi @RB, I have one more question related to this comment for income elasticity “Similarly we can have income elasticity which is then just % change in quantity / % change in our income, or cross elasticity, so in our coke example, when the price of coke goes up by 25% let’s say demand for pepsi goes up by 50%, that would be a cross elasticity of positive 2, because they are substitutes (+.50/+.25 = 2). If they are compliments you will have negative elasticity, compliments being computers and peripherals, vehicles and gas, playstations and playstation games, etc.”

Are inferior goods elastic or inelastic and vice versus for normal goods? Thanks for your help!

FAR (66,68) Aug 26
REG (66) July 25
AUD (66) December 1st
BEC - October 3rd

[jenpen]

@rencpa well that's a relief! I've seen multiple questions with diagrams similar to that, and I get them wrong every time. I just happened to have that particular question in my last set of MCQs last night. It's in the Ninja test bank. I really hope you're right and that there won't be anything that crazy on the exam!

AUD - 56 - 68 - 61 - 9/8/16
REG - 75
FAR - 7/15/16
BEC - TBD

Wiley CPAexcel and NINJA 10 Point Combo

[MattLorenz]

Curious if people have supplemented their studying with cpareviewforfree? I just signed up since people say that Becker doesn't hit on IT or COSO enough to be adequate for the exam. I did some MC and they use a little different wording and don't elaborate as much, but I'll stick with that in addition to Becker if it's not going to hurt me in the end?

[Ana]

@ren I went through the material but with only 4 weeks I had to skip skills practice and sims. I just watched 100% of lecture and about 90% through all of the mcq. I've gone back to a few skills practice and sims as identified as being possible sims from the blueprint. I'm shaking in my boots for this test.

[Teal]

@RB oh sorry I think I see…the price elasticity of income shows us whether a good is normal or inferior, not whether they are elastic or inelastic….

FAR (66,68) Aug 26
REG (66) July 25
AUD (66) December 1st
BEC - October 3rd

[RB]

Teal, yes your catch is correct. The main thing is a normal good will have positive income elasticity and an inferior good will have negative income elasticity, doesn’t necessarily say if its elastic or inelastic. But if quantity demanded goes down as income goes up that’s inferior and “negative” income elasticity. Could be negative .5 (50%), negative 2, etc.

Jennifer – I have absolutely no idea where that question is coming from. I could probably figure out an answer if I stared at it another 15 minutes but, I’d move on.

Understand the whole “high low” method for figuring fixed and variable cost components (and how that would look as a diagram) and understand the 2 economics diagrams that are basically the same, Price vs quantity (microeconomics supply and demand, faces a firm), and price level vs GDP (macro-economic, whole economy). I would just move past this one.

[jiji]

Thank you Rosy for sharing your experience, truly appreciate it.
How was the task based simulation?

[Rosystilettos]

4 TBS and 3 written communications…I do remember one about absorption cost. Its like this test knew all my weaknesses -_- It’s all blur now LOL!!

[jiji]

Awe I hope you will pass. This BEC exam is seriously killing me. I think that this is the hardest of them all 🙁

[jiji]

You are not alone 🙂 and thank you!

[rencpa]

Matt, I don't think any additional studying hurt anyone! If you have the time, do it! However, remember the exam is not only the IT part.

Jen, glad you feel better! After, RB said he will not worry about your question, I also feel better.

RB, speaking about you, we really appreciate you have been with us AFTER your exam. Thank YOU! You are like our angle here! 🙂

Teal, I make some mnemonics to remember the material. Speaking about elasticity, I made: INCOME (I=inferior goods, N=normal goods) & CROSS elasticity (C=complementary goods, S=substitute goods). First one (I & C) are negative, second one (N & S) are positive. It helps me to remember. Use it or trash it!

Ana, I am pretty much sure you have been doing what is the best for you. We all study for the same exam, but I have noticed that we have our preferences in how we want to accomplish our goal.

Everyone, good luck! Our last weekend/last days… before Q4 ends.

[rencpa]

Teal, I messed up… it is easier to write the way I do it, which I cannot do it here 🙂

C & I = negative (Cross & Income) – 1st
S & N = positive (crosS & iNcome) – 2nd

Sorry about that!

[jenpen]

Agree with everything @rencpa! @RB has been such a huge help. I'm just trying to press on and get to the finish line next Thursday. Besides the last day of tax school on Monday, I'll essentially be doing nothing but studying between now and then. Thankfully this time my husband has an exam for an IT certification that same day so we are both holed up in separate rooms working. And then I'll coast for a couple of weeks until scores release. I can't wait for that break!

AUD - 56 - 68 - 61 - 9/8/16
REG - 75
FAR - 7/15/16
BEC - TBD

Wiley CPAexcel and NINJA 10 Point Combo

[Author]

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