BEC Study Group Q1 2017

CPA Exam Forum BEC BEC Review BEC Study Group Q1 2017

This topic contains 333 replies, has 73 voices, and was last updated by  Motiani 32 minutes ago.

Viewing 30 posts - 181 through 210 (of 334 total)
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  • #1427970

    afrieband16
    Participant

    in regards to written communications:

    how do you practice? do you try and “self-score”? what are some important things to consider/make sure to know other than not writing bullets/graphs/charts?

    lastly, how often do you, if at all, practice?

    any tips/suggestions are appreciated


    _________________________________________

     

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 84
    REG - NINJA in Training
    #1427987

    rserrao24
    Participant

    @Motiani I took BEC for the second time on the 7th. I averaged 71% in NINJA and was trending around 87%. I also took the first Becker practice exam and scored a 72%. Didn’t feel great walking out of the exam, but hoping for a 75. Definitely focus on concepts and don’t spend too much time on those long multi-step calculation problems.


    BEC- 67 (9/9/16)
    #1428005

    jelani1911
    Participant

    After my exam this week i’m moving straight into REG. My question is, how good is Roger for REG, should i stick with Roger since i’m already using it or use Ninja 10 point combo?

    #1428105

    anyatver
    Participant

    I tried to practice for written communications but it’s just not going well. What I am doing is reading every single solution to the sims available in Becker and hoping that the structure and some of the info will stay with me. Figure if I focus on multiple choice and know the concepts I will be able to come up with a coherent memo at exam time.


    Hoping for the best and preparing for the worst!
    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    #1428135

    CPYay
    Participant

    @jelani

    I have used Roger videos and the book for all my exams so far. I supplement with Ninja MCQ and Ninja Audio/notes if needed. So far, no complaints. I take REG next too and will be following my same routine.

    @afrieband

    Roger recommends the following:

    Tell them what you’re going to tell them
    Tell them
    Tell them what you told them

    In other words… a three paragraph format is typical. Thank them for their question about blah blah. Explain the importance of the question.

    Go into detail for the answer, providing concepts you recall form the text/MCQs.

    Summarize and thank them again.

    I haven’t practiced them, but read examples in the text. From what I’ve read on this forum, that should be plenty. It’s more important to know the concepts and material.


    Roger/Ninja MCQs all day erryday
    AUD - 92
    BEC - NINJA in Training
    FAR - 89
    REG - NINJA in Training
    #1428158

    jelani1911
    Participant

    @cpyay

    Thanks a lot!!! placing my order now for REG with Roger.

    #1428221

    QueenCPA
    Participant

    Can someone please explain why its D, confused!

    You walk into a little boutique in the nearby mall. As you walk up to the cash register with an item that you wish to purchase, you notice that there appears to be only one employee in this small store. With a limited number of personnel in the store at any given time, what would be the best internal control procedure to provide a reasonable guarantee that all cash sales are being rung up properly and cash put in the cash drawer?

    A.
    Carefully screen all new employees

    B.Require that all sales be rung up on the cash register using barcodes

    C.
    Increase the minimum number of employees at the store at any given time to three

    D.
    Post a sign in a visible spot near the checkout counter that states, “If you do not get a receipt, your purchase is free.”

    The correct answer is D.


    BEC -Ninja in Training

    AUD -Ninja in Training

    FAR- Ninja in Training

    REG -Ninja in Training

    #1428233

    afrieband16
    Participant

    @queencpa someone already answered this exact question – here was their response

    “Question regarding the sign: It forces the employee to issue receipts to customers, thus running the transaction through the register. Sure, the employee could give items to friends, but this would eventually be caught when inventory counts are completed. If there’s a discrepancy and no supporting documentation, fraud is a likely cause. As the answer states though, having 1 employee is a challenge in itself.”


    _________________________________________

     

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 84
    REG - NINJA in Training
    #1428996
    Nathalia
    Nathalia
    Participant

    I just took the Becker Exam #1 and literally every question I wanted to give up on the exam and enter random answers, but I stuck to it. Somehow got a 71. Every Becker exam practice test I’ve taken I’ve gotten between a 55-68 on the first try… Hopefully this means that I’ll do decently on the actual exam. Sadly most of the questions I got wrong were calculations based so I guess I need to go memorize that 6 page list of formulas and beat to death those practice mcqs.

    I still have 12 days to review (4 of which I have all day to study) so hopefully enough will soak in for at least a 75 on the actual exam.

    Good luck everyone! I’m rooting for all of you to pass! 🙂


    AUD: 74, 75

    BEC: January 2017

    FAR: 64, 66, February 2017

    REG: 84

    #1428998
    Nathalia
    Nathalia
    Participant

    Also, for the person above who asked about the WC and how to practice- I think what I’m going to do is go through all the becker WCs, read the answers and write down the buzzwords for each topic. I hear it doesn’t matter if your answer is correct, as long as it’s written properly and has the buzzwords, you’re good to go. When it comes to formal writing, I do well at work and my clients don’t think I’m a dummy (hahah don’t go based on how I write on here), so I should be ok in that part.


    AUD: 74, 75

    BEC: January 2017

    FAR: 64, 66, February 2017

    REG: 84

    #1429002

    CPASF1
    Participant

    Can someone please help me with the thought process with this question really slowly, step by step. i am having the worst trouble with these type of questions, even after looking at the answer i cannot understand why a certain # goes where and why it is multiplied by that number. does this have to so with the order of sales or budget? i am so confused, thanks!

    Card Bicycle Co. has prepared production and raw materials budgets for next year. At the end of this year, the finished product inventory is expected to include 2,000 bicycles and raw material inventory is expected to include 3,000 bicycle tires. Each finished bicycle requires two tires. The marketing department provided the following data from the sales budget for the first quarter:

    January February March
    ——- ——– ——-
    Expected Bicycle Sales (units) 12,000 16,000 18,000

    The company inventory policy is to have finished product inventory equal to 20% of the following month’s sales requirements and raw material equal to 10% of the following month’s production requirements. In the January budget for raw materials, how many tires are expected to be purchased?

    #1434162

    anyatver
    Participant

    @CPASF1-you have to start with the sales and finished good inventory to see how many bicycles have to be produced…Then you have to see how much raw material you need to get to the number you got in first step

    The formula is

    Budgeted sales
    -beginning finished good inv.
    +desired ending inventory
    Total needed for production

    Same with RM ….

    So, beginning Finished good inv in January is essentially ending in December, given 2,000 bicycles. Desired ending inventory in January is 20% of February sales requirement or 3,200

    Thus bicycles to sell in January is
    12,000 (budgeted sales)
    -2,000 (beg inv)
    +3,200 (desired ending inv)
    13,200 bicycles to produce

    Now to produce those bicycles how much raw material do you need?

    beginning rm inventory is 3,000 tires
    desired ending rm inventory is 10% of following month’s production requirements -February’s production requirements are 16,400 bicycles or 32,800 tires

    Thus
    26,400 tires need for production (13,200*2 from above)
    -3,000 beg tires (given)
    +32,800 tires (desired ending inv)
    Total tires expected to be purchased is 56,200

    Let me know if it’s close to what the answer has to be 🙂


    Hoping for the best and preparing for the worst!
    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    #1434678

    CPASF1
    Participant

    @ anyatver, the answer is: 26,680

    this is how they did it:
    January production: 12,000+ (.2* 16000) – 2000 =13200

    feb production: 16,000 + (.2* 18000) – .2 * 16000= 16400

    january purchases= 2* 13200 + .1* 2 * 16400 – 3000

    i especially don’t understand why they .2 * 16000 in the feb production
    and also why in the january purchases part it’s * .1 and .2

    #1434692

    anyatver
    Participant

    I guess my math got the best of me…

    It says that ending finished goods inventory is 20% of following months sales-therefore .2*16,000 and for raw materials it’s 10% of following months production .1*(2*16,400)-you need two tires for each bike…


    Hoping for the best and preparing for the worst!
    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    #1434764

    Test Your Might.

    To keep the answers all in one place, please post in the FB thread to enter.

    #1434858

    JMG
    Participant

    Is it possible to pass BEC on 5 weekends of studying? Busy season is not allowing me more than that unfortunately. Wondering if I should give it a shot or push it back to next quarter.


    Studying For The CPA: How To Lose Friends and Alienate People
    #1434860

    Just took BEC today for the first time after studying for a month the material from Becker. I studied every day, all day every weekend and the whole last week about 4-5 hrs each day just doing comprehensive mqs. A few nights ago i read on here that a lot of people felt like the questions they received on the exam day were very different from what they have studied. The exact same happened to me. i felt like i guessed on so many questions that it scares me. I was getting 80s on the mqs in becker, but i felt like the questions in the test didn’t touch 80% of the stuff becker was saying it’s important. I was planning on starting to study for audit asap and take it by the end of febr. However, after getting out of this test i am not sure if i should keep studying for BEC, since i dont find my grade until the end of the month i think. Any suggestions?

    #1434879

    jelani1911
    Participant

    @Lavinia

    Don’t worry yourself too much, you probably did great!!! stay focused and start studying for audit since this is the last quarter before exam changes.

    #1434927

    CPASF1
    Participant

    thanks anyatver! it’s okay as long the reasoning makes sense

    #1434959

    sixers215
    Participant

    Currently studying to sit for BEC in Feb.
    Quick question regarding studying tips….(if using becker) does anyone find it more helpful to complete the corresponding homework questions as you complete each sub-topic of each chapter vs. completing all of the homework questions after completing all of the sub-topics within a chapter???

    #1434966

    jelani1911
    Participant

    A company reports the following account balances at year‐end:

    Account Balance
    Long‐term debt $200,000
    Cash 50,000
    Net sales 600,000
    Fixed assets (net) 320,000
    Tax expense 67,500
    Inventory 25,000
    Common Stock 100,000
    Interest expense 20,000
    Administrative expense 35,000
    Retained earnings 150,000
    Accounts payable 65,000
    Accounts receivable 120,000
    Cost of goods sold 400,000
    Depreciation expense 10,000

    Additional Information:
    The opening balance of common stock was $100,000
    The opening balance of retained earnings was $82,500
    The company had 10,000 common shares outstanding all year
    No dividends were paid during the year

    For the year just ended, the company has times interest earned of
    3.375 times.
    6.75 times.
    7.75 times.
    9.5 times.

    Can some one help explain this question to me!!!

    #1434995

    jjjgolf500
    Participant

    Times Interest Earned = EBIT/Interest Expense

    Interest Expense is given. To find EBIT, subtract COGS and other expenses that aren’t Interest or Taxes from Sales. Looks like it comes out to 155000/20000. Could be wrong because I just glanced.


    Roger/Ninja MCQ
    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    #1435014

    jelani1911
    Participant

    @jjjgolf500

    Thanks a lot, Wiley sucks at explanations.

    I need some assistance with this question as well.

    A company produced and sold 100,000 units of a component with a variable cost of $20 per unit. First‐quality components have a selling price of $50. The component’s specifications require its weight to be 20 kg. with a tolerance of +1 kg. Unfortunately, 1,200 of the units produced failed the company’s tolerance specifications. These 1,200 units were reworked at a cost of $12 per unit and sold as factory seconds at $45 each. Had the company had a quality assurance program in place such that all units produced conformed to specifications, the increase in the company’s contribution margin from this component would have been

    $14,400
    $20,400
    $21,600
    $39,600

    #1435032

    marine
    Participant

    I am using Roger’s course, but I’ve just bought NINJA MCQ BEC. It has better WC part


    Marine
    AUD - NINJA in Training
    BEC - 68
    FAR - 76
    REG - NINJA in Training
    #1435038

    SONA
    Participant

    I think the answer will be $20400.

    The additional amount he spent on reworking $12 + $5 lost profit. Therefore 17*1200 units would have been his gross profit.

    I might be wrong but this is my educated guess.


    Thanks.
    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 74
    REG - 81
    #1435040

    marine
    Participant

    Same happened with me (I am using Roger). I was doing 85 and more at home. In addition I feel questions was much more difficult then I was practicing.I got 68. But I know I did bad on WC(almost nothing). One of my questions was 401K which is not covered in my course. Don’t worry! You can still pass! I had the same feeling with FAR but I passed it!


    Marine
    AUD - NINJA in Training
    BEC - 68
    FAR - 76
    REG - NINJA in Training
    #1435047

    jelani1911
    Participant

    A company reports the following account balances at year‐end:

    Account Balance
    Long‐term debt $200,000
    Cash 50,000
    Net sales 600,000
    Fixed assets (net) 320,000
    Tax expense 67,500
    Inventory 25,000
    Common Stock 100,000
    Interest expense 20,000
    Administrative expense 35,000
    Retained earnings 150,000
    Accounts payable 65,000
    Accounts receivable 120,000
    Cost of goods sold 400,000
    Depreciation expense 10,000

    Additional Information:
    The opening balance of common stock was $100,000
    The opening balance of retained earnings was $82,500
    The company had 10,000 common shares outstanding all year
    No dividends were paid during the year

    At the year‐end, the company has a book value per share, to the nearest cent, of
    $10.00
    $15.00
    $21.63
    $25.00

    #1435079

    jjjgolf500
    Participant

    Book Value Per Share = Common Stockholder’s Equity/Common Shares Outstanding.

    The common shares outstanding are given.

    Looks like to find equity you can take Assets – Liabilities = Equity.

    Is it 250000/10000 or $25.00?

    *Unless it wants the Average C/S Equity instead. In that case it would be the (185200+250000)/2 = 216250. Then 216250/10000 = $21.63


    Roger/Ninja MCQ
    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    #1435370

    chasemlewis
    Participant

    I just took BEC yesterday (01/10), and I don’t feel too good about it. I know I had to guess on a few MC choice questions, but I really only had any trouble with one of the writing assignments.

    AUD-78
    BEC- waiting on results
    FAR- 02/2017
    REG- 04/2017

    #1435415

    anyatver
    Participant

    @chasemlewis-sounds like you might have done ok if you only had trouble with one WC? Did you find you had enough time?


    Hoping for the best and preparing for the worst!
    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
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