BEC Study Group Q4 2014 - Page 8

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  • September 12, 2014 at 1:45 am #625743
    Anonymous
    Inactive

    Yeah man…definitely get Wiley if your memorizing it. I just renewed my Wiley testbank. I also renewed Ninja MCQ. When I was doing questions today I realized there were around 200 questions I didn't do. I was thinking I did all of them. My goal is to read through the Becker and a Wiley books, do all the MCQ from both and the questions I miss a second time. Using Ninja Audio in the car and Flashcards on the go. Re-reading notes 30 minutes each day. This is do or die for me. I lose FAR if I don't pass this time around. I am making sure I understand everything!!!

    September 12, 2014 at 3:03 pm #625744
    lauren725
    Member

    In case anyone is feeling unmotivated. This definitely lit a fire under me this morning. Happy friday people!

    https://elitedaily.com/life/motivation/quotes-from-billionaire-mark-cuban/727103/

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    September 12, 2014 at 4:35 pm #625745
    smsimpson77
    Member

    Thank you @lauren725 for that article, I loved the first quote!

    I'll be taking BEC October 9th. I struggle with consistently studying every single day so if anyone has suggestions it would be very helpful. Some days I can really focus and get through a lot of the information but other days it's a struggle to even look at the book.

    However, I'm determined to get this done!

    September 12, 2014 at 7:44 pm #625746
    Anonymous
    Inactive

    Alright…explain the difference between ABC/Absorption!

    September 12, 2014 at 8:12 pm #625747
    lauren725
    Member

    ABC (Activity based costing) uses multiple cost drivers to allocate costs which is more efficient that traditional overhead which uses one cost driver. ABC can be used for interal purposes only.

    Absorption costing is required for financial reporting and it includes fixed overhead costs as a product cost rather than a period cost (compared to variable costing which allocated fixed overhead costs as a period cost). Absorption costing is calculated like COGS. It is not preferred over variable costing for planning purposes.

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    September 12, 2014 at 8:14 pm #625749
    Leena_1101
    Participant

    @lauren725 thanks a lot for the link … wanted to share this with you guys

    https://www.youtube.com/watch?v=d-cg0WDB8uI

    many of you guys may have seen this already … Enjoy !!

    September 12, 2014 at 8:15 pm #625750
    lauren725
    Member

    Hopefully some of that makes sense. Cost is not my friend.

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    September 12, 2014 at 9:05 pm #625751
    Anonymous
    Inactive

    Good job Lauren. Also, I'd like to add that when we produce more than we sell, ending inventory increases (GAAP always follows ending inventory). Under absorption, this results in higher net income as fixed overhead is treated as a product cost. Under ABC, net income would be lower due to fixed overhead being treated as a period cost. If sales are greater than production, ending inventory decreases and the reverse would be true (absorption-lower NI, ABC-higher NI).

    September 12, 2014 at 9:10 pm #625752
    lauren725
    Member

    I like these discussions. Casa or anyone else – do you know the different methods of joint product costing (unit volume/ NRV). I seem to get confused on some of that and need to practice them more. I will try to find some examples.

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    September 13, 2014 at 1:53 am #625753
    Zackrampage
    Member

    Does the Wiley BEC CPA Exam Review “study guide” Have many questions in it? I wanna make sure I dont buy the wrong book

    FAR - 62 , End of aug 2015
    BEC - 67, 67
    AUD - TBD
    REG - TBD

    September 13, 2014 at 3:21 am #625754
    Anonymous
    Inactive

    @Casa, remember me?

    You can do it!

    September 13, 2014 at 3:39 am #625755
    Anonymous
    Inactive

    Charlie! Talk to me man! What did you do differently this time?

    September 13, 2014 at 3:45 am #625756
    Anonymous
    Inactive

    Zack it definitely has MCQ. The 2013 version has over 700!

    September 13, 2014 at 11:53 am #625757
    Zackrampage
    Member

    I just wanna make sure I buy the mcq one not the one that gives a long chapter to read but just questions and explanation. Which do I buy casa?

    FAR - 62 , End of aug 2015
    BEC - 67, 67
    AUD - TBD
    REG - TBD

    September 13, 2014 at 12:04 pm #625758
    Zackrampage
    Member

    How do you calculate NPV when annual cash flows differ? Do you just multiply each one by its given factor, add them all, then subtract from initial investment? And what if initial investment is less than the sum of all the factors

    FAR - 62 , End of aug 2015
    BEC - 67, 67
    AUD - TBD
    REG - TBD

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