[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]

Farwars I see. Will google selling futures bc I cannot see how it works. They need financing in one year so how can they sell something that they need in the future? Im not seeing something there….

[FAR_WARS]

@erika:

It sounds like this OH is not variable, it is fixed. The $40,000 is going to occur no matter how many units they produce. They only applied $20,000 because they only budgeted for these 10,000 units. That leaves $20,000 unapplied overhead at the end of the month, and we'll need a credit to apply it.

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

[Anonymous]

@ Star Wars, thanks…I was just realizing that this is fixed, not variable. I was searching around for the journal entries because it is so much easier for me to understand it that way.

So they need to book the following:

Dr COGS $20,000
Cr OH $20,000

They are booking that entry because overhead is underapplied (debit balance). Is my logic correct?

[Anonymous]

Note to self: READ THE QUESTION.

[If I can, u can too!]

moniker, appreciate your feedback; sounds like an awesome plan. i haven't hit the review phase yet but am very close (and yup finished all SIMs today). i solved all problems at least once and am trending 95% (each section 93% and up on progress report). at some point, i may reset just to do some SIMs. GL on your BEC exam this Sat if i don't talk to you!

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[Anonymous]

@monikermc when u taking BEC? EDIT: oh well thats stupid its right in ur sig. good luck jsut 4 more days left!

btw not in the least bit surprised to see you running the study group.

[FAR_WARS]

@erika

Yes- i think technically it would look like this. Your AJE will do the same, but doing it like this helps me better understand the cost flow.

Inventory 20
—————–OH 20

Cogs 20
————Inventory 20

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

[Anonymous]

@ far wars, thanks so much!

[monikernc]

Eesti. I am not running the study group. The material is running us all ragged. I am 3 months into this material and just hoping for a 75. BEC is a crazy mess.
Thanks for checking in on me. I looked for a score for you today, did you get a score today? – where are you in this crazy mixed up world and how is tax season going?

Hokinzeu – do what it takes to pass! I will, too!

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

[monikernc]

Erika and farwars FOH Control gets credited for applied OH, WIP gets the debit. From WIP it goes to COG MFD, to Finished Goods where it enters the world as a bouncing baby COGS. Over or under applied goes to COGS, too.

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

[monikernc]

Cortes, farwars' questions above. Q1 company has variable rate financing. Worried about increase in interest rates. T-notes are shorter term than bonds. They sell tnotes because if rates do rise the price of the notes they will need to buy in 1 year will have fallen so they can buy cheap and honor their sell contract which is at a higher price- hopefully the price decrease will be enough to offset the rise in rates on their variable financing.

Q2 company worries the stock they own will decrease in value in short term. They own the stock so they purchase a put so they have the option but not the obligation to sell. They will exercise option only if the market price of the stock falls below the strike price of the put. If the stock price rises they do not have to sell.

I hate these questions and will have to slow down to think through if i see them on exam. Very confusing.

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

[payaza2000]

@hokinizeu

What are you doing for the SIMs if say you draw a complete blank?

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

[If I can, u can too!]

never ran into such a situation. if i were to, i'd use the AL. man, how you get 75? that's more difficult to get than passing it with like your 84, 87! you're almost there, keep it up and GL!

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[FAR_WARS]

At which phase in the business process management life- cycle does management simulate performance of the process in a test environment?

a. Design.
b. Modeling.
c. Execution.
d. Optimization.

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

[payaza2000]

@FAR_WARS

Is it A?

Also where can I get more information on the basics of COBIT? Both NINJA and Becker just touched the surface, but I ran into couple questions. I tried a google search but it came up pretty technical.

@hokinizeu

Sorry I should of specified, I meant for BEC did you ever draw a blank, and how did you get through the written portion.

Man I feel I got lucky on AUD. I know I bombed the Research SIM, and I had two SIMS on topics I had seen before, and was comfortable with. I really hated AUD though to be honest, cause looking back I could of passed my first go around if I were familiar with the AL beyond the Research SIM.

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

[Author]

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