Scores Came Out: I Just Got a 73% on Audit, Now What?
Yesterday morning a student interested in trying Universal CPA Review reached out and expressed concern with the fact that they just took audit for the fourth time and scored a 73%. Audit is a lot of candidate’s “kryptonite” and the reason is because it is sort of like skiing. Easy to learn, extremely hard to […]More
Does Universal CPA offer any exclusive discounts?
Yes, Universal CPA Review has exclusive discounts with partners that are linked below: https://www.test-guide.com/best-cpa-review-courses.htmlMore
What is the difference between GAAS and SAS?
It is important to understand that GAAS (generally accepted auditing standards) provides the general standards that are applicable to ANY audit engagements. However, depending on whether the company being audited is public (issuer) or private (nonissuer), there are specific sets of standards under GAAS that must be followed. Basically, the PCAOB standards and SAS are […]More
What to focus on in final week of REG studying?
If you are aiming to retake this in just one week, my biggest suggestion would be to focus on fine tuning your approach and unless you feel like you are solid on this, my suggestion would be to focus heavily on entity tax as it’s where the bulk of the points can be picked up. Entity tax: Instead […]More
What types of journal entries are tested on the CPA exam?
The CPA exam loves to test your understanding of journal entries. Even if you receive a question and it doesn’t require you to know the journal entry, knowing the journal entry reinforces your understanding of a particular topic! This is the ultimate list of journal entries! Knowing these journal entries can be helpful for FAR, […]More
BEC MCQ – Calculating Cross Rates Between Two Currencies
One euro will buy U.S. $1.48, and a British pound will buy U.S. $2.06. What is the cross rate of euros per pound? A) 0.72 B) 1.39 C) 1.48 D) 2.06 1.39 is correct. So in this question, exchange rates are published for the Euro to US dollar and the British pound to US dollar. […]More
What is a cross rate or cross currency triangulation?
A cross rate, which is also known as cross currency triangulation, is when you use you calculate an exchange rate between two currencies that are both valued against another currency. For example, in the US, you would value other currencies against the US Dollar. As you can see in the visual below, currency A (US […]More
BEC MCQ – Job Costing and Application of Factory Overhead
Echo Company uses a normalized job costing system and applies factory overhead on the basis of machine hours. Echo’s yearly profit plan disclosed anticipated factory overhead of $4,800,000 if 200,000 machine hours are worked. By year end, actual factory overhead charges and machine hours worked amounted to $4,730,000 and 215,000, respectively. What amount correctly states […]More