[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

[nolifecpa]

False. Only public

REG-65,71,74,73,70,74,79
BEC-60's,60's,69,71,76*,78
FAR-67,66,65,79
AUD-54,60's,65,83*,69,80
*expired

DONE

[Tootsie]

@nolifecpa, correct. Now post a question. 🙂

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

never, never, never give up

[nolifecpa]

Name a disadvantage of using the payback method

REG-65,71,74,73,70,74,79
BEC-60's,60's,69,71,76*,78
FAR-67,66,65,79
AUD-54,60's,65,83*,69,80
*expired

DONE

[grlnextdoor]

@nolifecpa – it does not account for profitability. What is the formula for Margin of Safety?

[MCLKT]

Margin of Safety = Actual Sales – Breakeven Sales

What is the formula for Economic Value Added?

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

[jeff]

Operating Income (After Tax) – (Net Assets x WACC)

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

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

[jeff]

Name the 4 perspectives of the Balanced Scorecard

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

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

[Jennifer241]

Financial, Customer, Internal Business, and Learning & Growth

What are the types of fiscal and monetary policy? (I recently had to look this up, forgot about which was which)

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

[MCLKT]

Awe! Jeff came out from Blitz updating to play!!! 🙂

Hey Jennifer 🙂 I hope your studying is coming along nicely!

Fiscal = Gov't Controlled: Adjust Taxe rates, Gov't Spending, Gov't Subsidies

Monetary = Federal Reserve Controlled: Buy/Sell Gov't Securities, adjust Reserve Requirement, Adjust Discount Rate

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

[jeff]

Name the 2 types of International Internal Auditing Standards

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

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

[MCLKT]

Ew.. I know I KNEW these at one point…. I'm really trying not to go to my notes.

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

[MCLKT]

So I went to my notes.. and I wrote: “International Standards, refer to Ninja Notes” lol!

1.Attribute

2. Performance

What are the responsibilities of the SEC Office of the Whistleblower?

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

[Jennifer241]

Whats up with these hard ones!!!

Sarbanes-Oxley prohibits any acts of retaliation against employees who alert the SEC to possible violations. I think that is there only responsibility??

What are the prime and conversion costs?

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

[I just love this]

Prime costs = DM + DL

Conversion costs = DL + MOH

What are the three approaches under GAAP to determine fair value? (extra credit: what is the GAAP preferred method of the three)

REG- Waiting 7/1/13
BEC- Waiting 7/23/13
AUD- Studying 8/12/13
FAR- Signed up 10/1/13
Studying with CPAExcel and Wiley Test Bank.

[Jennifer241]

HA! I know this one from my work

Level's 1-3

Level 1 – Using the active market value price for identical assets

Level 2 – Using the active market value of similar assets

Level 3 – Valuation models, if Levels 1 and 2 are absent, then use level 3

GAAP prefers level 1

For every audit that has investments the fair value disclosure must be in the notes to the financial statements.

What makes up a country's “balance of payments” account?

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

[Author]

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