[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

[Anonymous]

Elastic demand applies to goods with many substitutes (luxury goods) with a value of >1. When prices increase, revenue decreases.

Inelastic demand applies to necessities, with a value of < 1. When prices increase, revenues increase.

Unitary demand is = 1. Revenues remain the same in the face of price increase.

Q: Explain how to figure the cost of forgoing a discount if the terms are 2/20 Net 30

[Amay]

@bluegirl Cost of forgoing a discount is calculated by dividing 2%X365 by [(100% – 2%) X (30-20)]

OR 365/(30-20) X 2%/(100%-2%)

Q: How do you calculate GDP using the expenditure approach?

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 🙂

[Amay]

@bluegirl Cost of forgoing a discount is calculated by dividing 2%X365 by [(100% – 2%) X (30-20)]

OR 365/(30-20) X 2%/(100%-2%)

Q: How do you calculate GDP using the expenditure approach?

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 🙂

[tarepanda]

You total up expenditures spent to purchase final goods and services, such as personal consumption expenditures, gross private investment in capital goods, and government purchases. Also, net exports are included in the calculation.

Q: What is the effect of the government placing a price ceiling on goods/services? How about a price floor?

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!

[Author]

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