[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for BEC.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

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

[mckan514w]

I'll be honest with you @DrLeftCrRight BEC's a total crap shoot… you could get an exam that completely plays to your strengths and you will be just fine, or you could get one that hits on your weaknesses and you will be back here joining us again.

To give you a point of reference when I sat back in August I was averaging around 90% on Roger's and trending at around 85% or so on Ninja and I failed with a 71…. so I am not real sure that you should be focusing all that much on your percentage correct as much as your percentage wrong… I would spend the week trying to nail down the concepts that you are consistently getting wrong… Good luck to you!!!

@FARISFUN- disclosures prevent us from taking about details of the exam suffice to say just UNDERSTAND (note I didn't say know as in memorize) everything you can about COSO —

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[FARISFUN]

@mcan514w I understand thank you! I guess the only one I really have trouble with is how do you tell the difference between what is part of control environment and what is (existing) control activities.. I know control environment is more tone of the top but do you have any advice for how to separate what goes into the two?

[mckan514w]

@Farisfun I think of it kind of it like this Control Environment as you said is your tone at the top and your activities are more like the rules and things put into place to enable you to meet your risk response… so for example having a code of conduct policy in place that each employee signs would be control environment– Requiring that every shipping invoice be signed by the dock manager would be a control activity. One is meant to control the conduct of the organization and one is meant to meet the risk… so to speak…

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[struggler]

Hey everyone on the CPA journey. I'm taking BEC 10/27. I'm ready to pass an exam. I'm realizing that with all of my exams I let myself get away with not really knowing the most difficult material. I would focus on the sections that come easier to me and brush on the rest. I am trying to keep looking over the easier material but focus on the dreaded sections.

@FARISFUN
Control Environment is more the overall attitude of the organization and Existing Control Activities are the actual controls that are in place.
Existing Control Activities are actions being taken to protect the company, such as reconciliations, authorizations, and segregation of duties.
Hope that helps.

[FARISFUN]

@christal and @mcan514w Thank you both so much! that helps clarify things a lot

[smyoung0521]

Just wanting to check in…I finally was able to apply for and get my NTS so I got this beast set for November 10th. Now I feel like I can actually set up a study schedule since I have a deadline. Of course, now that I have that set I am overwhelmed with what to do or where to start. I am using Roger's and I have watched the videos through chapter 3. Not sure whether I should keep on watching videos or to start with working questions but at least now I can formulate a plan of action. I look forward to learning with everyone here!

Restarting my journey!
Using Rogers and supplementing with Ninja

[K.K.]

Hello everyone! I'm about to start studying for BEC. I'm not good at cost accounting…AT ALL. Any recommendations for how to tackle BEC? What would you say are the hardest formulas to understand?

FAR-58,65,70,75!!!!!!

[FARISFUN]

@khodges25 If I had to pick I would probably say the different variance formulas. I am currently in the process of studying and honestly the formulas aren't difficult to understand there are just so many different formulas it can be tough to keep them all separated from each other.

[iamonloose]

can someone please solve this? I don't like the way becker explained this question.

Brewster Co. has the following financial information:
Fixed costs $ 20,000
Variable costs 60%
Sales price $ 50

What amount of sales is required for Brewster to achieve a 15% return on sales?

a. $133,333
b. $80,000 (answer)
c. $50,000
d. $33,333

[nib]

Pls tell me what is correct answer.AICPA or FASB ?

Ninja mcq answer is ” FASB ” .

The Private Company Decision-Making Framework has been developed by the:

A.AICPA.

B.FASB.

C.IASB.

D.None of the answer choices are correct.

[mckan514w]

Ugh @iamonloose this one stumped me for about 30 mins yesterday (have I told everyone here how much I HATE BEC??)….

There are two ways to work this and the one that worked most logically for me was the unit method

So thinking of it like break even you want your sales to be able to cover your variable and fixed cost plus give you 15%

So setting it up the same way you would a Break-even you have

.15($50)Unit Sales= $50Unit Sales -($50(.60)Unit Sales–(which is your Variable Cost) + 20,000FC)
7.5Unit Sales=$50Unit Sales-($30Sales-20,000)
7.5Unit Sales=20Sales-20,000
20,000=12.5 Unit Sales

Unit Sales thus equals 1,600

1,600 Units * 50 a unit = 80,000

Your check would be 80,000-(80,000*.60)-20,000=12,000
12,000/80,000=15%

The other way to look at it is in dollar amounts what amount is going to cover your cost and give you a 15% return

Sales= 1Unit Sales-60%Sales-FC-15%Sales
40%Sales-20,000-15%Sales=Sales
25%Sales-20,000=sales
20,000/.25=$80,000 in sales

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[mckan514w]

I would have said FASB because FASB is a private Non profit established to make rules / govern GAAP for US Company's whereas the AICPA is a professional organization that provides guidelines on implementing GAAP….

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[iamonloose]

@mckan514w thanks! Ugh Yes, I hate BEC from the bottom of my heart. My exam is in two week, and honestly I feel so unprepared.

[nib]

HELLO mckan514w
THNKS for quick reply.

[mckan514w]

I totally hear ya @iamonloose – my test is next Thursday and every day I am feeling less and less prepared and knowledgable and this is my second go round!!! At this point I honestly feel like there is a real possibility of me actually scoring LOWER than the first go round… and I simply can not imagine having to take this a third time….

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[Author]

Replies