[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

AUD - 79
BEC - 80
FAR - 76
REG - 92

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

[Anonymous]

@hugemistake I've used it for all 3, and I think it does a decent job of trying to cover the material; Haha me too! I'm taking it a few days after I start working (Oct 4th).. Going to be an interesting few weeks..

[Anonymous]

Hello guys, I have taken the test on Aug and I failed miserably 🙁 . I have covered the whole material and I solved the MCQ and some of the simulations. However, I did not do an intensive final review and i ended up forgetting so many important info.

I have scheduled for a retake on the 13th of Oct, we only have one examination center where I live (Bahrain).and I am using Becker and I may use Ninja Mcq. I will restudy the material which will take approximately two weeks and I'll spend countless hours on Mcqs and Simulations.

I would appreciate any advises.

[Anonymous]

Hello guys, I have taken the test on Aug and I failed miserably 🙁 . I have covered the whole material and I solved the MCQ and some of the simulations. However, I did not do an intensive final review and i ended up forgetting so many important info.

I have scheduled for a retake on the 13th of Oct, we only have one examination center where I live (Bahrain).and I am using Becker and I may use Ninja Mcq. I will restudy the material which will take approximately two weeks and I'll spend countless hours on Mcqs and Simulations.

I would appreciate any advises.

[jackaroe]

@CPAHOPEFUL11 – One option to learn the operating cycles is to thoroughly go through a problem (the ones with a flow chart and missing steps) example of each type of operating cycle with the flowcharts in just about any review course or accounting book or google. Usually after a couple of time-intensive attempts, you'll get the basics down pat. It also helps if you know what the flow chart symbols stand for (i.e., a bit rusty maybe manual process – trapezoid, circle – connector).

[jackaroe]

@CPAHOPEFUL11 – One option to learn the operating cycles is to thoroughly go through a problem (the ones with a flow chart and missing steps) example of each type of operating cycle with the flowcharts in just about any review course or accounting book or google. Usually after a couple of time-intensive attempts, you'll get the basics down pat. It also helps if you know what the flow chart symbols stand for (i.e., a bit rusty maybe manual process – trapezoid, circle – connector).

[Anonymous]

Thanks, I will look into that. I'm taking my test on October 16, and want to spend at least a week on both IC and corrobartive testing before moving on. These two topics have killed me on my prior two tests.

[Anonymous]

Thanks, I will look into that. I'm taking my test on October 16, and want to spend at least a week on both IC and corrobartive testing before moving on. These two topics have killed me on my prior two tests.

[nysonia]

This question is from CRFF . The answer is confusing . so please help…..

The CPA firm of Lyn and Law is auditing the financial statements of Dillon Corporation. MaryLu Tracy is a close relative of a covered member of this audit engagement. Which of the following would cause the CPA firm to have a problem with its independence?

A Tracy is employed by Dillon as head of payroll accounting.

B Tracy owns 100 shares of Dillon although the amount is viewed as immaterial.

C Tracy is employed by Dillon as vice-president in charge of advertising.

D Tracy works for Lyn and Law as a senior auditor in a different office of the firm.

Answer explanation –

A close relative can have a financial interest in an audit client as long as that interest is immaterial to the person. A close relative can work for the audit client as long as the position is not in accounting or financial reporting (such as head of payroll accounting). If the close relative works for the audit firm, the person is not a covered member unless the person works on the engagement team or is in a position to influence the members of the engagement team or the audit.

Auditing & Attestation

> Audit Reports

> General Reporting Issues

question # 5

Regulation - 1/18/2014 - 91
BEC - 5/24/2014 - 70

[nysonia]

This question is from CRFF . The answer is confusing . so please help…..

The CPA firm of Lyn and Law is auditing the financial statements of Dillon Corporation. MaryLu Tracy is a close relative of a covered member of this audit engagement. Which of the following would cause the CPA firm to have a problem with its independence?

A Tracy is employed by Dillon as head of payroll accounting.

B Tracy owns 100 shares of Dillon although the amount is viewed as immaterial.

C Tracy is employed by Dillon as vice-president in charge of advertising.

D Tracy works for Lyn and Law as a senior auditor in a different office of the firm.

Answer explanation –

A close relative can have a financial interest in an audit client as long as that interest is immaterial to the person. A close relative can work for the audit client as long as the position is not in accounting or financial reporting (such as head of payroll accounting). If the close relative works for the audit firm, the person is not a covered member unless the person works on the engagement team or is in a position to influence the members of the engagement team or the audit.

Auditing & Attestation

> Audit Reports

> General Reporting Issues

question # 5

Regulation - 1/18/2014 - 91
BEC - 5/24/2014 - 70

[rzrbkfaith]

@CPAHOPEFUL11

You only REALLY need to know two of the cycles: revenue and expenditure.

Revenue: includes sales revenues, receivables and cash receipts

Expenditure: includes purchases, payables, and cash disbursements

For the two main cycles, I would memorize the flow charts and be very familiar with segregation of duties. Remember ARC – authorization, recordkeeping, and custody. These functions cannot overlap.

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[rzrbkfaith]

@CPAHOPEFUL11

You only REALLY need to know two of the cycles: revenue and expenditure.

Revenue: includes sales revenues, receivables and cash receipts

Expenditure: includes purchases, payables, and cash disbursements

For the two main cycles, I would memorize the flow charts and be very familiar with segregation of duties. Remember ARC – authorization, recordkeeping, and custody. These functions cannot overlap.

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[Anonymous]

Yeah, those are the two I want to really knock out.

Then of course, I still need to learn how to find answers for the Audit research questions.

[Anonymous]

Yeah, those are the two I want to really knock out.

Then of course, I still need to learn how to find answers for the Audit research questions.

[kappa1032]

@ nysonia — Yeah the explanation for the question seems weird but I think Answer A is the best choice of all of them. The others are not as material as A.

FAR - 81
REG - 74, 87
AUD - 88
BEC - 88

Finally.

“The only guarantee for failure is to stop trying”
― John C. Maxwell

[kappa1032]

@ nysonia — Yeah the explanation for the question seems weird but I think Answer A is the best choice of all of them. The others are not as material as A.

FAR - 81
REG - 74, 87
AUD - 88
BEC - 88

Finally.

“The only guarantee for failure is to stop trying”
― John C. Maxwell

[Author]

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