[jeff]

Welcome to the Q1 2017 CPA Exam Study Group for BEC. 🙂

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

[mperez102204]

Tarhee83- whole lot calculations??? I am hearing mixed.

[mperez102204]

Ahh, so these are factors based on the total cash flow from period, since they are different in two years you have to use the 2nd period for year 1 and 2 and then use the difference for the 3rd year. I get it.

Thanks! Sorry had to put in my own words to allow it to sink in

[cottonkandi]

@JMG Beginning work-in-process under your Becker calculation is suppose to be 3K that is 10,000 * 30% (units incomplete). For beginning work-in-process you always calculate incomplete for FIFO Method.

[Theodore]

Just took the exam. well an hour and a half ago and for the first time I actually felt like crying. I wanted to be done so bad, but the lack of sleep didnt let me concentrate. It was super cold in the room and I got super stressed out because the questions were not making sense that I ended up with a headache. I will most likely be sitting for BEC AGAIN. for the third time. this sucks. Not sure if the questions were super hard or if i thought they were because i was so tire. First testlet was ok then the last two were just ridiculously hard. Managed to finish the WC in 30 minutes. so I probably didn't do a good job. So tired of this.

FAR: 66, 76!
REG: 76!
AUD: 72, 9/7/2016
BEC: TBA

Don't Stop When You Are Tired, Stop When You Are Done.

[yozdemir27]

@rosy0407 Really sorry to hear that! Hopefully you passed and don't know it, a lot of people feel that way even though in reality they passed. Did you feel the entire exam was difficult, or maybe the 2nd and 3rd booklets more specifically?

Out of curiosity, which subject matters were more prominent on the test?

[julyaf1207]

@rosy0407 AHHHHHHHHHHHHHHHH! So sorry! I'm feeling the same way with FAR. Worst ever. I knew the CPA was hard but I really wasn't prepared for the mental anguish. Really nice to be able to release a little on here as my family and non-CPA-seeking friends really don't get it!

[ignaciopc]

I am very sorry to hear that,I just recommend to you, rest a bit, don't think about CPA, take a break and wait until see the scores.
You never know.

[famh110]

i am sorry to hear that but you should try to relax now

[A1lessio]

well glad that's over. No more studying!!!..at least until score release. I was definitely the least prepared for this exam. The experience was similar to FAR, just taking educated guesses the whole time. The calculation questions were very straight forward, but in some cases I just couldn't remember how to solve it. I got so much IT, but it's so random I'm not even sure how you would even prepare for it. I definitely bombed the first testlet, and the second and third had easier questions. Hoping for a 75

AUD (08/02/2016)

[JMG]

@allergic2mornings Ahhhh I see now, so I was missing something. Thanks for clearing that up!

[cottonkandi]

@rosy0407- Alot of people have been saying how difficult this testing period was. I really hope you pass this- I'm pulling for you. I'm so nervous now that I can't even operate. I feel like I'm forgetting everything.

If testlet 2 and 3 were hard, maybe it's a good sign. From my interaction with you on this forum, I think you have a strong foundation. Fingers crossed 😀

@JMG No problem, I made the same mistake as well. I think the Ninja calculation approach is easier to understand. Just subtract the completed beginning work-in-process.

[Smeegle]

Joan quit her job where she earned $50,000. She started a business by using $100,000 that she had just inherited instead of investing the money that could have earned 10% a year. The business had sales that equaled $250,000 the first year and expenses equal to $160,000. The economic profit for business for the first year was:

A.
$90,000.

Correct B.
$30,000.

C.
$40,000.

D.
$80,000.

Explanation: Economic profit equals revenue minus both explicit and implicit costs. $250,000 – $160,000 – $50,000 – ($100,000 × 10%) = $30,000.

Can anyone explain why the investment of $100,000 of inheritance is not an implicit cost (as opposed to just the OC of the foregone interest on that money)??

[Theodore]

Thank you everyone! Yesterday was just a bad day. Checked my sleeping pattern and it showed one hour of sleep prior to the exam. I knew I didn't have a good night but I didn't know it was that bad. Then I had to rush home and get ready for a Banquet. and last night was just as bad as the night before. and to top it off I had to wake up super early for a meeting that I was not prepared for. Sigh. Sorry guys just venting here. I am so exhausted, but work can't wait anymore.

@allergic2mornings I thought I had a great understanding too. I just blanked out during the exam. I'll admit, I am a bit depressed lol Can't wait to get off work to get home, turn off the lights and sleeeeeeeeeepp.. It is much needed.

FAR: 66, 76!
REG: 76!
AUD: 72, 9/7/2016
BEC: TBA

Don't Stop When You Are Tired, Stop When You Are Done.

[yozdemir27]

Might anyone know how heavily ch6 is tested? I've heard that there are a lot of COSO and IT questions, but how about Ch6?

[Theodore]

@yozdemir27 I think all chapters are just as important.

FAR: 66, 76!
REG: 76!
AUD: 72, 9/7/2016
BEC: TBA

Don't Stop When You Are Tired, Stop When You Are Done.

[Author]

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