[jeff]

Post by Another71.

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

[highlightnumb]

Hey sanity, you know what, oddly enough I cant seem to find it in my text either but I promise you its mcq #36 under corporate governance section. Very strange but not the first time I have seen something like this.

According to COSO, the use of ongoing and separate evaluations to identify and address changes in internal control effectiveness can best be accomplished in which of the following stages of the monitoring-for-change continuum?

a.

Control revalidation/update.

b.

Change identification.

c.

Change management.

d.

Control baseline.

Explanation

Choice “b” is correct. The COSO identifies four stages of the change continuum beginning with control baseline, followed by change identification and change management and concluding with control validation/ update. Change identification considers the risk assessment component of internal control and identifies changes in process or risk and verifies that the design of underlying controls remains effective. Monitoring through the use of ongoing and separate evaluations should consider the ability to identify and address changes in the change identification stage of the monitoring for change continuum.

FAR. Feb 2014 76
REG. Jan 2015 79 half way there!!
BEC. Feb 2015 79 thank you God!!
AUD. Apr 20, 2015 and will be done. Hold that thought 65, 7/14/15 85!
Ok where was I? Oh thats right now I'm Done!!!!!!!!!
Ethics 92!!

"You down wit SEC?, yeah you know me!!!"

Cali Candidate

All Becker Materials, Wiley Test Bank, Ninja audio, Ninja MCQ, Ninja Notes

[fightingforsanity]

Damn you, Becker. Thanks, numb! I knew it sounded familiar.

FAR - ✓
AUD - ✓
REG - ✓
BEC - ✓

Don't give up!

[mommyof3texans]

My test experience today:

Arrived just over an hour early and they let me go in when I was ready, did not need to wait until my appointment time. It wasn't super busy and everyone was really very nice and helpful. The testing room started out a bit on the warm side but toward the end, the air came on and it was a bit cool. Did not bother me too much.

For reference, I am using only Becker self study materials. I spent most of my time on the MCQ and hammered away at those for hours until i was getting in the high 80s to low 90s. I actually felt quite comfortable going into the exam.

The exam itself was like taking an exam I didn't study for at all. I think I recognized ONE question out of the 72 I was presented. Ugh.. I would feel much better if I felt like the questions were at least LIKE the ones I studied over and over.

I have absolutely no way to gauge how well I did or didn't do. I felt like I had to guess on more questions than I would have liked. I did feel at least that on some of those, I was able to narrow it down to two choices.

I think this one could go either way and no result will probably surprise me at this point. I am more frustrated that I don't feel like Becker prepared me for it well.

If I don't pass.. I may need to look into this Ninja thing everyone talks about on here.

BEC - 02/21/15 - 82
FAR - 05/29/15 - 82
AUD - 07/09/15 - 93
REG - 11/14/15 - 80

All done!!!

[Mjganier]

@Mommyof3, how were the calculation questions? Long and complex? If some of the ninja calculation questions are any indication of the length and complexity of those on the exam, then I need to pick up the pace on calculating….It's ridiculous the amount of calculation you have to perform for some questions…it blows my mind

FAR 8/18/2014--87
AUD 10/18/2014--78
REG 11/24/2014--76
BEC 2/28/2015--76

"If you can't explain it simply, you don't understand it well enough"-Albert Einstein

Study Mats: Cpaexcel study text and EQ, Ninja MCQ, Ninja notes

[mommyof3texans]

There were surprisingly few calculation questions to my disappointment and none of them were those big long story ones. I was feeling pretty good going in but ran into a lot of questions I didn't feel prepared for.

BEC - 02/21/15 - 82
FAR - 05/29/15 - 82
AUD - 07/09/15 - 93
REG - 11/14/15 - 80

All done!!!

[highlightnumb]

So I came across a mcq in the IT section for Becker and the answer states that System Analyst and Application Programmers are most often combined but when I drill down into the textbook it says that these duties should be separate. Thoughts anyone? Here is the question/answer:

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

a.

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

b.

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

c.

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

d.

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

Explanation

Choice “d” 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.

Choice “b” is incorrect because the statement is true. The IT department is a support group that normally does not initiate or authorize transactions.

Choice “a” is incorrect because the statement is true. Segregation of duties normally revolves around granting and/or restricting access to production programs and/or production data.

Choice “c” is incorrect because the statement is true. Segregation of duties in an IT environment is defined as dividing responsibilities for different portions of a transaction among several different people.

FAR. Feb 2014 76
REG. Jan 2015 79 half way there!!
BEC. Feb 2015 79 thank you God!!
AUD. Apr 20, 2015 and will be done. Hold that thought 65, 7/14/15 85!
Ok where was I? Oh thats right now I'm Done!!!!!!!!!
Ethics 92!!

"You down wit SEC?, yeah you know me!!!"

Cali Candidate

All Becker Materials, Wiley Test Bank, Ninja audio, Ninja MCQ, Ninja Notes

[Mjganier]

Yeah from what I remember those 2 are definitely supposed to be separate. Analysts are in charge of designing the system and should not have programming/coding capability. Anyone opposed?

FAR 8/18/2014--87
AUD 10/18/2014--78
REG 11/24/2014--76
BEC 2/28/2015--76

"If you can't explain it simply, you don't understand it well enough"-Albert Einstein

Study Mats: Cpaexcel study text and EQ, Ninja MCQ, Ninja notes

[Anonymous]

@highlight the question stem says Which of the following statements is NOT correct…

[highlightnumb]

@aspiringcpa….correct. but the answer choice is suppose to be a true statement but the Becker text book says System Analyst and Computer Programmers should be separate and this question says they can be combined. Nevertheless, I discovered a caveat as i dug deeper. In this instance, it is recommended that System analyst and Computer Programmers have separate duties but often times companies combine the 2 anway (which is very conflicting). You will notice the answer explanation is very lenient using the words “can be” and “are often”. This is all so annoying. As far as im concerned all analyst and programmers wear jeans to work everyday so its hard to tell who's who.

FAR. Feb 2014 76
REG. Jan 2015 79 half way there!!
BEC. Feb 2015 79 thank you God!!
AUD. Apr 20, 2015 and will be done. Hold that thought 65, 7/14/15 85!
Ok where was I? Oh thats right now I'm Done!!!!!!!!!
Ethics 92!!

"You down wit SEC?, yeah you know me!!!"

Cali Candidate

All Becker Materials, Wiley Test Bank, Ninja audio, Ninja MCQ, Ninja Notes

[passmycpa]

After working at least a million mcq, having memorized, I swear, all of them, I am terrified that I won't have a clue tomorrow. (No I have not ACTUALLY worked a million, maybe it was 1 or 2 a million times.) I have seen feedback that there is a lot of theory rather than calculations, but is there anyone that can attest that they had done well on the mcq and pretests and passed?

A-56, 88
B- 64, 79
F- 80
R- 82

[jennibfox]

A company has income after tax of $5.4 million, interest expense of $1 million for the year, depreciation expense of $1 million, and a 40% tax rate. What is the company's times-interest-earned ratio?

A. 5.4

B. 6.4

C. 7.4

D. 10.0

Answer:

The times-interest-earned ratio is (Net income before tax + Interest expense) ÷ Interest expense.

To find net income before tax:

Before-tax income – (0.40 × Before-tax income) = After-tax income

0.60 × Before-tax income = After-tax income = $5.4 million

Before-tax income = $5.4 million ÷ 0.60 = $9 million

To find the times-interest-earned ratio:

Times interest earned = (Net income before tax + Interest expense)

/ Interest expense

= ($9 million + $1 million) / $1 million

= 10.0

QUESTION: IN BECKER THE FORMULA IS

TIMES INTEREST EARNED = EBIT / INTEREST EXPENSE

WHAT IS THE RIGHT FORMULA?

FAR - JULY 2014 - PASSED
BEC - MAY 2015 - PASSED
REG - AUG 2015 - PASSED
AUD - AUG 31 2015

[jennibfox]

I see where i went wrong. You have to add back the interest because it is EBIT. I was having a moment!

FAR - JULY 2014 - PASSED
BEC - MAY 2015 - PASSED
REG - AUG 2015 - PASSED
AUD - AUG 31 2015

[highlightnumb]

@Jennibox. Thanks for posting. Ok how about this one. what are formulas for Residual Income and Economic Value Added and what is the main purpose of these performance measurements.

FAR. Feb 2014 76
REG. Jan 2015 79 half way there!!
BEC. Feb 2015 79 thank you God!!
AUD. Apr 20, 2015 and will be done. Hold that thought 65, 7/14/15 85!
Ok where was I? Oh thats right now I'm Done!!!!!!!!!
Ethics 92!!

"You down wit SEC?, yeah you know me!!!"

Cali Candidate

All Becker Materials, Wiley Test Bank, Ninja audio, Ninja MCQ, Ninja Notes

[Mjganier]

I'm going to make sure I know everything else besides financial management really well. I cannot get past trending 60% on those ninja questions. There's always something that I forget to include in the calculation…..UGH…

FAR 8/18/2014--87
AUD 10/18/2014--78
REG 11/24/2014--76
BEC 2/28/2015--76

"If you can't explain it simply, you don't understand it well enough"-Albert Einstein

Study Mats: Cpaexcel study text and EQ, Ninja MCQ, Ninja notes

[Anonymous]

how many questions have you done?

[Author]

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