[Tootsie]

So I thought it could be fun to have a game where we post BEC questions to help us study and if you know the answer, post it and ask another question. I’ll go first.

True/False – Sarbanes-Oxley Act of 2002 impacts financial reporting requirements of private companies.

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[tarepanda]

Balance of trade account is made up of: current account (i.e., balance of trade, balance of goods&svcs); capital account (investments in fixed and financial assets); and the official reserve account (change in nation's reserves).

Good question btw! I had glossed over that part, I know it now 🙂

Q. What IT roles should be segregated?

2012 (Kaplan)
REG: 70, 72
2013 (Kaplan, Wiley Test Bank & textbooks, Ninja audio)
FAR 2/21/13: 75
REG rematch 4/2/13: 84
AUD: 5/22/13: 86
BEC: 7/30/13 ... 86!

[jeff]

Most of these are softballs for anyone with the ninja notes and a search function 😀

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

[Anonymous]

This is a great game!!

IT roles to be segregated:

Authorization: development and changes to programs (systems analysts, programers)

Recording: Running programs and enter info in (operators and data entry clerks)

Custody: Obtain and review output, exception reports, maintain storage units ( control clerks or librarians)

next question: What are 2 ways that joint product costs are are allocated?

[MCLKT]

1. Sales Value at Split off

2. Net realizable value

What are the 3 methods to allocate Service Department costs?

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[tarepanda]

@jeff – Ha, speak for yourself!

Direct method, step method, and reciprocal method.

Q. As production decreases within a relevant range, fixed cost per unit… [increases, decreases, stays the same?].

2012 (Kaplan)
REG: 70, 72
2013 (Kaplan, Wiley Test Bank & textbooks, Ninja audio)
FAR 2/21/13: 75
REG rematch 4/2/13: 84
AUD: 5/22/13: 86
BEC: 7/30/13 ... 86!

[Tootsie]

Increases!

True/False: No more than 2 layers of organization exist between the CFO and the individuals involved in financial reporting.

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[Anonymous]

False, I believe it is no more than 3 layers.

The COSO's Framework consists of five components What are they?

Hint: CRIME

[Anonymous]

Control environment,

risk assessment,

control activities,

information and

communication and monitoring

Is systematic risk avoidable?

[SeattleAccountant]

Q: Who enforces referential integrity in a relational database? 😉

Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂

[MCLKT]

@Seattle – Programmer?

@Beach Girl, We can avoid unsystematic risks through diversification. Systematic risk is not avoidable.

We are forced to be a part of the system, lol.

“Ya must think I'ma joke!! I ain't gonna be part of ya SYSTEM, man!”

NSFW'ish I always stop it at the 2:00 mark, it's hilarious up to that point, lol.

http //www.youtube.com/watch?v=gAYL5H46QnQ

Q: What are the types of conforming and nonconforming costs used in the benchmarking process?

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[SeattleAccountant]

@MCLKT,

Gotcha! No, no human being does that but rather the database system itself via not allowing deletion of key values in related records. For that to be in effect, the system must have “enforce referential integrity” box checked-on.

In relational database the data is stored in two-dimensional tables that are linked (related) to each other via keys. For an example, customer name (key) linked to orders table. Thus, if we decided to delete customer name, the system will not allow us to do it because there is linkage to order record by that customer. If we were allowed to push-thru with that deletion, system would end up with having an orphaned record by having customer order with no corresponding customer name (and overall mess).

Love this stuff, had a great laugh at the Becker's attempt to cover IT – very minimum and “read on your own” advice (really?!).

Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂

[Tootsie]

@MCLKT, APIE: conforming – appraisal and prevention costs; nonconforming: internal and external failure costs

True/False: As part of the attribute standards, the Chief Internal Auditor must develop and maintain a quality assurance and improvement program that covers all aspects of the internal audit activity to assure conformity with definition of internal auditing and the Code of Ethics.

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[Jennifer241]

True!

What is systemic risk?

AUD - Jan 9,13 Pass
REG - Aug 30,13 Pass
BEC - Oct 26,13 Pass
FAR - Dec 4,13 Pass

Licensed CPA in the state of Oregon

[SeattleAccountant]

Systemic risk is the risk that one can not eliminate or diversify. This risk is a market risk. Regulators (gov) attempts to reduce this risk by looking over issues that cause this risk to exist in the first place. Two very significant issues related to systemic risk are: 1) being too interconnected and 2) being too big too fail.

Q: Public key encryption uses symmetric or asymmetric key structure? Explain

Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂

[Amay]

@Seattle Public key encryption uses asymmetric key structure in order to create a legally-binding document when providing the digital signature. The longer the key used, the higher the security, and the harder to decrypt.

Q: Explain the concept of price elasticity of demand by explaining the differences between price elasticity, price inelasticity, and unit elasticity.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Author]

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