[jeff]

Welcome to the Q1 2016 CPA Exam Study Group for BEC.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

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

[Anonymous]

Anyone else here using Becker? I am slugging through the chapter and for many of the MCQs I don't even understand the question. Everyone said BEC is the easiest but I am dying. I have been through all the chapters and am in the final review stage (I give myself four weeks for final review). My scores are super low compared to where I have been in the past. Misery loves company so someone please tell me I am not the only one feeling like this.

[FAR_WARS]

@ErikaG28:

You should start fresh and get through all of b1-b6 with me by the 24th.

Today is the end of b1 (ABC, Joint Costing, and By-Product Costing).

FAR- 80
BEC- 75
AUD- 78
REG- ?

[Zyx]

Ok, after I saw the answer of this question, I was like…REALLY??? Is it some kind of joke???

You walk into a little boutique in the nearby mall. As you walk up to the cash register with an item that you wish to purchase, you notice that there appears to be only one employee in this small store. With a limited number of personnel in the store at any given time, what would be the best internal control procedure to provide a reasonable guarantee that all cash sales are being rung up properly and cash put in the cash drawer?

A.Carefully screen all new employees

B.Require that all sales be rung up on the cash register using barcodes

C.Increase the minimum number of employees at the store at any given time to three

D. Post a sign in a visible spot near the checkout counter that states, “If you do not get a receipt, your purchase is free.”

The correct answer is D ( yeah really!!) I picked B. Why isn't B????
I know it costs some money to have a barcodes register, but it does not cost that mush, does it?

REG: 77 x2
BEC: 81 x3
FAR: 68 retake 10/1
AUD: 8/27

[FAR_WARS]

In audit the answer was that the receipt ensures that the transaction is in the system, and that the employee did not cancel the transaction and pocket the cash. The barcodes might not prevent him from doing this?

In reality this is a dumb question and the employee could just rip up the sign if he is left alone in the store.

FAR- 80
BEC- 75
AUD- 78
REG- ?

[payaza2000]

@ErikaG28

Hey Erika nice to see you again. Jealous of your Audit score , I unfortunately failed X2.. I'M also using Becker, what are you struggling on? Especially B2.2 Marginal analysis for me, specifically questions on split off price. My suggestions to pick it up easier is to disregard the time at first & just try to conceptually understand the computational problems.

FAR 5/6/2015- 84
REG 8/3/2015 - 87
AUD 10/25/2015- 69 1/20/2016 -75
BEC 2/26/2016- 80

Thank you God

[Anonymous]

@ FAR WARS, thanks for the support. I made a list of ‘trouble topics' last night, noted on the calendar a day to review each topic, and searched You Tube for some videos related to those topics. I also wrote down what MCQs I will do each day for every day up until 2/25. I am super Type-A and having a plan makes me feel a lot better.

@payaza, I remember you! That sucks about Audit…in all honestly my score is attributable to many years in the field. Keep at it – they don't call AUD the silent killer for nothing!

As to my biggest problems in BEC, it is probably variance analysis and cost management. I am going to pound those areas big time this weekend…pulled up some videos on You Tube that I am praying help out. Today I re-do B3 and am hoping I don't need to add to my list of trouble areas…I didn't think B3 was *that* bad but I was a Finance major some the topics were at least familiar.

Anyone else overwhelmed with the sheer number of formulas? Anyone have good tips for memorizing them? Lastly, if anyone has links to helpful videos or websites, please post them! I will do the same!

Good luck all…I am back in the office today after our big snowstorm so I won't be hitting the books until tonight. Wishing everyone a productive day of studying!

[Anonymous]

@Sheffi, have you searched You Tube? There are a lot of helpful videos, not to mention all the posts on another71. Not sure how long ago college was for you but if you took a Finance course, pull out the book. If you don't have a book and are really desperate Amazon rents textbooks (I rented a tax book when I was studying REG).

[Zyx]

@FAR WARS, yeah it is a dumb question. Thanks anyway!

REG: 77 x2
BEC: 81 x3
FAR: 68 retake 10/1
AUD: 8/27

[Anonymous]

hELLo newbie here, I need some tips and encouragement as well.

I been out of school for 10 years now & working full time. I just bought Roger review couple days ago. I like his teaching style keeps me focused. I am also contemplating to buy audio review from NInja. Which product should I get?
I am planning to take BEC first.

[FAR_WARS]

@cheriepie:

I would find a way to listen to Roger's lectures on the go (iphone?) instead of buying ninja audio. Then use that money to buy ninja MCQ for extra practice.

FAR- 80
BEC- 75
AUD- 78
REG- ?

[FAR_WARS]

Anyone understand the Step-Down method for service cost allocation?

Parat College allocates support department costs to its individual schools using the step method. Information for May is as follows:

Support Departments
———————
Maintenance Power
———– ——-
Costs incurred $99,000 $54,000
Services percentages provided to:
Maintenance — 10%
Power 20% —
School of Education 30% 20%
School of Technology 50% 70%
——- ——-
100% 100%

What is the amount of May support department costs allocated to the School of Education?

A. $40,500
B. $42,120
C. $46,100
D. $49,125

(answer is C)

FAR- 80
BEC- 75
AUD- 78
REG- ?

[payaza2000]

Hey Guys a tip for those doing Budgeting when forecasting cash receipts if the problem says you collect 10% of sales in cash than before you do anything multiply the inverese by every months sales, than follow the fact pattern the problem provides.

Also a tip when figuring out how to budget for the DM, Cost of Goods Manufactured, or COGS I found the easiest way to find answer to be to set up a T- Account, which is a visual or (proper) version of Beckers “Squeeze.” thing.

FAR 5/6/2015- 84
REG 8/3/2015 - 87
AUD 10/25/2015- 69 1/20/2016 -75
BEC 2/26/2016- 80

Thank you God

[payaza2000]

Hey Guys a tip for those doing Budgeting when forecasting cash receipts if the problem says you collect 10% of sales in cash than before you do anything multiply the inverese by every months sales, than follow the fact pattern the problem provides.

Also a tip when figuring out how to budget for the DM, Cost of Goods Manufactured, or COGS I found the easiest way to find answer to be to set up a T- Account, which is a visual or (proper) version of Beckers “Squeeze.” thing.

FAR 5/6/2015- 84
REG 8/3/2015 - 87
AUD 10/25/2015- 69 1/20/2016 -75
BEC 2/26/2016- 80

Thank you God

[monikernc]

Farwars Q1262 above
Step down recognizes that support depts consume costs. Those costs are then allocated in the following way to non-support depts so that non-support depts end up bearing the costs of support in addition to their usage.
First allocate maint costs to Ed and Power based on percentages. You start with maint because it rendered the higher amount of services to the other service dept, power. Maint used only 10% of power, where power used 20% of maint.
ED: 99,000*30%=29,700
Power 99,000*20%=19,800, this is added to Power costs 54,000+19,800=73,800 to get the total amount of Power's costs to be allocated across the non-support departments. The allocation is done based on the ratio of usage by the non-support departments. The 2 schools get 90% of power costs and of that SChool of Ed gets 20%, so the ratio is 2/9.
2/9*73,800=16,400
School of Ed total allocation of maint and power costs are: 29,700+16,400=46,100

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[MaLoTu]

Not really understanding process costing from B1 … I understand Joint Costing pretty good. Should I just move on to B2? I feel like I have wasted a week with this material and I don't feel like I can memorize how to calculate these ending inventories.

Any suggestions on any of that?! Should I keep working to finish the operations management set of questions and move on tomorrow to B2 or should I just move on today and come back to it later?

FAR and BEC are the worst =( Sorry to be a complainer …

[Author]

Replies