BEC Study Group Q1 2017

CPA Exam Forum BEC BEC Review BEC Study Group Q1 2017

This topic contains 651 replies, has 127 voices, and was last updated by Rosy0407 Rosy0407 1 hour, 59 minutes ago.

Viewing 30 posts - 61 through 90 (of 652 total)
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  • #1402395

    my time 2 shine
    Participant

    @ Eli…

    Thanks. I was working Currency Exchange rate problems all day yesterday. Today, I am moving into financial management. The currency exchange rate stuff always confused me.


    My time 2 shine right now!!!
    AUD - NINJA in Training
    BEC - 64
    FAR - NINJA in Training
    REG - 47
    #1402409

    ThomasHallberg
    Participant

    Yeah that stuff is tricky, and it is in B6 of Becker. Which is so random.


    KPMG Audit
    AUD - NINJA in Training
    BEC - 77
    FAR - NINJA in Training
    REG - NINJA in Training
    #1402416
    Nathalia
    Nathalia
    Participant

    @thomashallberg thanks! I was hoping the answer wasn't to just do MCQs, but I guess the method has been proven to work.

    I think I may try to write down all the formulas in one piece of paper and add notes to them as I do the MCQs.


    AUD: 74, 75

    BEC: 81

    FAR: 64, 66, February 2017

    REG: 84

    #1402619

    ThomasHallberg
    Participant

    Yeah, that is what I did today. Also, every question I do regardless if I know the formula, I still write it out to drill it into my memory. Feeling ready, I take BEC on the 6th. Becker final test Avg was a 67!


    KPMG Audit
    AUD - NINJA in Training
    BEC - 77
    FAR - NINJA in Training
    REG - NINJA in Training
    #1402674

    QueenCPA
    Participant

    Hi All,

    For those looking for more MCQ's to practice with.

    Wiley CPA has a 14 days free trial period which gives you full access to both the lectures and MCQ's.

    My exam is exactly 14 days from now so it is really helpful as I am seeing some questions that I did not come across in both Becker and Ninja MCQ's.

    Wish me luck 🙂


    BEC -Ninja in Training

    AUD -Ninja in Training

    FAR- Ninja in Training

    REG -Ninja in Training

    #1402946

    SONA
    Participant

    Hey thanks for the extra link for MCQs and lecture.

    My exam is on 13th. Please share your exam experience.


    Thanks.
    AUD - NINJA in Training
    BEC - 66
    FAR - 74
    REG - 81
    #1402959

    ThomasHallberg
    Participant

    Will do! One week until test day!


    KPMG Audit
    AUD - NINJA in Training
    BEC - 77
    FAR - NINJA in Training
    REG - NINJA in Training
    #1402965

    tncincy
    Participant

    Good luck to you guys testing in the next few days. I am still wondering through the materials, nailing down a few more sections before I non stop drill mcq's (still kinda in between notes first then mcq's) Getting it done, time to pass.


    It begins with a 75
    Been here too long as a cheerleader.....time to pass
    #1403009

    rjcpa9
    Participant

    Does anyone have any supplemental and relevant IT links?

    Specifically for the inevitable out of nowhere exam questions we'll get that Roger & others don't really touch on such as cloud computing.

    #1403409

    SONA
    Participant

    Can anyone please explain me from where they got $10502 interest outflow?

    CPA 2016.0 BEC
    Debt, Equity, Leasing, Question # 300
    The treasury analyst for Garth Manufacturing has estimated the cash flows for the first half of next year (ignoring any
    shortterm
    borrowings) as follows:
    Cash (Millions)
    Inflows
    Outflows
    January
    $2 $1
    February 2 4
    March 2 5
    April 2 3
    May 4 2
    June 5 3
    Garth has a line of credit of up to $4 million, on which it pays interest monthly at a rate of 1% of the amount utilized.
    Garth is expected to have a cash balance of $2 million on January 1 and no amount utilized on its line of credit.
    Assuming all cash flows occur at the end of the month, approximately how much will Garth pay in interest during the
    first half of the year?
    A. $0
    B. $61,000
    Incorrect C. $80,000
    D. $132,000
    You answered C. The correct answer is B.
    To calculate how much Garth will pay in interest during the first half of the year, the table provided must be used to
    develop an ongoing cash/credit balance:
    Cash Change in
    Opening Cash Cash Outflow for Line of Ending Cash
    Cash Balance Inflows Outflows Interest Credit Balance
    2,000,000
    2,000,000 1,000,000
    3,000,000
    12/30/2016 bec2016.ninjacpareview.com/PrintPage.aspx?SessionQuestionId=37d81fba2c28410dae927bc7cd94a424
    http://bec2016.ninjacpareview.com/PrintPage.aspx?SessionQuestionId=37d81fba2c28410dae927bc7cd94a424
    2/2
    3,000,000 2,000,000 4,000,000
    1,000,000
    1,000,000 2,000,000 5,000,000
    2,000,000 0
    0 2,000,000 3,000,000
    20,000
    1,020,000 0
    0 4,000,000 2,000,000
    30,200
    1,969,800
    0
    0 5,000,000 3,000,000
    10,502
    1,050,200
    939,298
    Opening Balance Change in Ending Balance Interest
    Line of Credit Line of Credit Line of Credit Payments
    0
    0 0 0
    0 0 0 0
    0 2,000,000 2,000,000 0
    2,000,000 1,020,000 3,020,000 20,000
    3,020,000 1,969,800
    1,050,200 30,200
    1,050,200 1,050,200
    0 10,502
    60,702
    The total interest payments as shown above equal $60,702. This is approximately $61,000.
    The trick with this problem is to remember that interest is an additional cash outflow in the month paid.


    Thanks.
    AUD - NINJA in Training
    BEC - 66
    FAR - 74
    REG - 81
    #1403412

    cpasomedaymaybe
    Participant

    I'm convinced BEC is the devil. I scheduled my rematch on Jan 18th and I can't keep myself motivated at all. I decided to redo my entire Wiley CPAexcel class because I didn't finish it the first time, then drill the extra wiley questions and Ninja mcq's until the test. Since I'm already familiar with the material I'm starting to think I'm just wasting my time and the entire class redo is just boring me to tears. Thoughts on a retake when you were close the first time?


    AUD-80

    BEC-76

    FAR-77

    REG-82

    DONE!!!!!

    #1403507

    my time 2 shine
    Participant

    @ cpasomedaymaybe

    I am currently going through all the Gleim sections again and I find that there are some details I didn't fully understand the first time I am drilling. I take the test on the 20th so I am definitely drilling the material in again. Really, I could have slid by doing the weaker areas but I am tired of failing at this point. So I am going all out.


    My time 2 shine right now!!!
    AUD - NINJA in Training
    BEC - 64
    FAR - NINJA in Training
    REG - 47
    #1403511
    Nathalia
    Nathalia
    Participant

    @sona

    it's the opening balance (or previous year's ending balance) * 1%

    Also what kind of question says hey the real answer is close enough to one of the options so do that. what?? That's ridiculous.


    AUD: 74, 75

    BEC: 81

    FAR: 64, 66, February 2017

    REG: 84

    #1403601

    cpasomedaymaybe
    Participant

    @mytime2shine I know, it's my last one so I figured do it all again so I don't miss anything. Just hate the material. At least we are all here together, I'm probably not the only one spending new years eve doing mcqs!!! And I really want to avoid q2 if at all possible.


    AUD-80

    BEC-76

    FAR-77

    REG-82

    DONE!!!!!

    #1403604

    my time 2 shine
    Participant

    No, you're not. I am going at it MCQs hard!!!!


    My time 2 shine right now!!!
    AUD - NINJA in Training
    BEC - 64
    FAR - NINJA in Training
    REG - 47
    #1403640

    QueenCPA
    Participant

    15.
    A company estimates that it will sell 100,000 units of finished goods in March. Each finished good
    requires 5 feet of raw materials. The projected March 1 inventory balances are 10,000 units of finished
    goods and 40,000 feet of raw materials. Desired March 31 inventory levels are 9,000 units of finished
    goods and 42,000 feet of raw materials. What amount of raw materials should the company plan to
    purchase during March?
    A. 497,000 feet.
    B. 500,000 feet.
    C. 502,000 feet.
    D. 503,000 feet.

    Can someone please explain why the answer is 497 and not 502!

    Thank you


    BEC -Ninja in Training

    AUD -Ninja in Training

    FAR- Ninja in Training

    REG -Ninja in Training

    #1403688
    Nathalia
    Nathalia
    Participant

    Inventory:
    Beg 10,000
    99,000 <—squeeze made
    <100,000> sold
    ——–
    end 9,000

    99,000 to be made = 495,000 feet to use

    Raw material:
    Beg 40,000
    497,000 <—- squeeze to be purchase
    <495,000> used per above
    ———
    end 42,000

    Check my math but that's it. You should always start from the inventory amount since that's your real end goal. If you had purchased 502,000 ft, you would have used 500,000 ft = 100,000 inventory made. If that was the case then 101,000 would have been sold and not 100,000 like the problem indicates.

    inventory:

    beg: 10,000
    +100,000 made
    <101,000> sold <— Not right!
    ——–
    9,000


    AUD: 74, 75

    BEC: 81

    FAR: 64, 66, February 2017

    REG: 84

    #1403694
    mtaylo24
    mtaylo24
    Participant

    I've decided to study this simultaneously w/ FAR. There is no way I can be ready for either one by the end of January, so I am stretching them both towards the end of the window. Wish me luck!


    A: 60, 61, 61, 78 (Expires May 17)
    R: 55, 69, 74, 75
    B: 71, 72, 73 (3/4/17)
    F: 52, 54 (3/10/17)
    AUD - 78
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 75
    #1403699
    Nathalia
    Nathalia
    Participant

    @mtaylo24 good luck! for me BEC is Jan 21, and FAR retake is Feb 18. Really trying to finish this before tax season starts. I just want to be done with this stuff and enjoy summer 2017. We have fridays off in the summer so I would really love to spend them binge watching Netflix and not looking at the Becker books 😉


    AUD: 74, 75

    BEC: 81

    FAR: 64, 66, February 2017

    REG: 84

    #1403718
    mtaylo24
    mtaylo24
    Participant

    @nathalia, best of luck with you as well. I have found that when I put down a section for a short amount of time, I forget everything. There is no way I can put either one of them off. Studied Gleim ch 18 for intro to cost today and got my butt kicked pretty bad at first. I just want to be done! Screw the summer, I want to see the Spring! 😎😎😎


    A: 60, 61, 61, 78 (Expires May 17)
    R: 55, 69, 74, 75
    B: 71, 72, 73 (3/4/17)
    F: 52, 54 (3/10/17)
    AUD - 78
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 75
    #1403727

    QueenCPA
    Participant

    Thanks Nathalia!

    Goodluck


    BEC -Ninja in Training

    AUD -Ninja in Training

    FAR- Ninja in Training

    REG -Ninja in Training

    #1403741

    jjjgolf500
    Participant

    A job order cost system uses a predetermined factory overhead rate based on expected volume and expected fixed cost. At the end of the year, underapplied overhead might be explained by which of the following situations?

    A.
    Actual volume, greater than expected; Actual fixed costs, greater than expected

    B.
    Actual volume, greater than expected; Actual fixed costs, less than expected

    C.
    Actual volume, less than expected; Actual fixed costs, greater than expected

    D.
    Actual volume, less than expected; Actual fixed costs, less than expected

    Can someone please explain why the answer is C? I cant wrap my head around the actual volume being less than expected when OH was under applied.

    Thanks!


    Roger/Ninja MCQ
    AUD - NINJA in Training
    BEC - 77
    FAR - NINJA in Training
    REG - NINJA in Training
    #1403859

    jelani1911
    Participant

    Hey Everyone,

    I take BEC on 1/12 and I'm just about done with all of Rogers IPQ's. I would like to know if it make sense to get Ninja MCQ's when there's less than 2 weeks before my exam?

    #1403862
    mtaylo24
    mtaylo24
    Participant

    @jelani1911, Wouldn't hurt. I heard Roger's TB was pretty weak, but I know from my last 2 attempts that Ninja's BEC bank is savage. I heard Wiley has a 14 day trial period going on, why not give that a run? It's free!


    A: 60, 61, 61, 78 (Expires May 17)
    R: 55, 69, 74, 75
    B: 71, 72, 73 (3/4/17)
    F: 52, 54 (3/10/17)
    AUD - 78
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 75
    #1403879

    QueenCPA
    Participant

    jjjgolf500

    Underapplied is unfavouable (U=U) Beckers suggested way of remembering!

    You want to produce more volume than what was budgeted because that will increase your revenue so when the actual volume is less than budgeted, then that's unfavorable.

    On the other hand, you want to minimize your cost so when ur actual cost is greater than what was budgeted then it is unfavorable and therefore underapplied.


    BEC -Ninja in Training

    AUD -Ninja in Training

    FAR- Ninja in Training

    REG -Ninja in Training

    #1403882

    QueenCPA
    Participant

    jelani1911

    Yes! Take advantage of Wiley!

    Theres a billion MCQ's for free! 😀


    BEC -Ninja in Training

    AUD -Ninja in Training

    FAR- Ninja in Training

    REG -Ninja in Training

    #1403885

    my time 2 shine
    Participant

    @mtaylo24

    I noticed your working with Gleim as well. How do you feel about the MCQs because as I go through them? They make me feel rather weak lol. I been doing study sessions after each subunit and then doing test bank.


    My time 2 shine right now!!!
    AUD - NINJA in Training
    BEC - 64
    FAR - NINJA in Training
    REG - 47
    #1403894
    mtaylo24
    mtaylo24
    Participant

    @mytime2shine Not sure if my opinion helps, but I've been on this stupid testbank since March (of course taking breaks to focus on other sections) and I still can't get them all right, so that means its a good thing. I prefer the Gleim TB to Ninja and I felt that they were a good representation of what I found on the test. I found lots of Ninja's on the actual as well, but I will give Gleim the edge over how it is organized.

    This go round, I do a light reading first, then powerpoint, then I do all of the questions in order, then I do random 20 question sessions for all of the questions in the chapter. I don't move to the next chapter until I score an 80%. I feel the strategy is working.


    A: 60, 61, 61, 78 (Expires May 17)
    R: 55, 69, 74, 75
    B: 71, 72, 73 (3/4/17)
    F: 52, 54 (3/10/17)
    AUD - 78
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 75
    #1403898

    my time 2 shine
    Participant

    Ok good. I felt Gleim did compare to actual scores with BEC ( 3 points) lower, but I just want to work more on it so I can get up to the 75 mark. Sometimes, I feel like it's not gonna stick but I'm too deep at this point. Trying to finish by June is my goal.


    My time 2 shine right now!!!
    AUD - NINJA in Training
    BEC - 64
    FAR - NINJA in Training
    REG - 47
    #1404267

    CPASF1
    Participant

    Can someone please explain this question to me please? This is the most logical way i thought about it, but it's not the right answer and I tried to reason why I was wrong and the answer key was right but I still don't get it:

    my way:
    July: 30000* .6= 18000
    Aug: 30000* .3 + 15,000 * .6 = 18000
    Sept 30000* .1 + 150000* .3 + 35000 *.6
    total= 28,500
    but the answer is 30,125

    question:
    On June 30, 20X3, a company is preparing the cash budget for the third quarter. The collection pattern for credit sales has been 60% in the month of sale, 30% in the first month after sale, and the rest in the second month after sales. Uncollectible accounts are negligible. There are cash sales each month equal to 25% of total sales. The total sales for the quarter are estimated as follows: July, $30,000; August, $15,000; September, $35,000. Accounts receivable on June 30, 20X3, were $10,000. What amount would be the projected cash collections for September?

    Thank you:)

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