AUD Study Group – Q2 2018 - Page 2

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  • March 22, 2018 at 12:55 pm #1746362
    Tim
    Participant

    Took AICPA sample test for AUD today, wow they really revamped it since I last took one in January. It was more like a real exam with 2 multiple choice sections and 3 simulation sections. They even included having to enter in a launch code to get started.

    Only got 6 out of 10 multiple choice correct. The sims were pretty challenging. One of them has you finding misstatements on inventory items. For some reason they make you adjust the inventory lower for consigned items that haven't sold which were included in inventory, but those should still be included in the consignors inventory so I'm confused on that one. The research question took me forever to find the answer, it was pretty obscure.

    They have you use your own Excel which doesn't simulate the exam environment at all so I was kind of bummed about that. That's also what Gleim does in their software.

    March 22, 2018 at 1:22 pm #1746408
    famh110
    Participant

    @Tim, I recall struggling with that particular SIM as well. If you can provide more information on this question will try to help out more.

    I think its really wise to practice those exams especially with the new user interface, it's a must in my opinion.

    Inventory appears in the Evaluation category in the Blueprints so I think there is a high probability that it will come across in a TBS in some way so keep on practicing.

    March 22, 2018 at 1:33 pm #1746417
    famh110
    Participant

    @julia, congrats on passing bec and reg. glad you found a way thats working for you. i am still working on finding a way that works best for me. finding becker lectures super long so looking for more efficient ways to study as my clock is ticking and haven't passed any exams since passing BEC in March of last year. I did attempt reg in May'17 but scored a 68 and couldn't test for the remainder of the year because of work, family, health, and a whole array of issues. just took Aud in Feb'18 and got a 64 so i am eager to get this done and over with before Q4 approaches. losing a credit hurts big time. have lost FAR and its awful.

    wishing everyone good luck with these exams.

    March 22, 2018 at 1:39 pm #1746428
    Tim
    Participant

    I mean basically the physical count was 250 of this particular item. The perpetual inventory had 1000. The controller email stated that the 750 units were inappropriately still in the perpetual inventory and should be moved to consigned inventory. Somewhere else it stated that the consigned item didn't sell until January 3rd of the following year (year end was December 31). The answer for the adjustment was to reduce the inventory balance by the value of the consigned items.

    March 22, 2018 at 6:22 pm #1746756
    Julia
    Participant

    @Famh110 I'm 40 cuz life kept getting in the way. This test/study stuff is not good for our health, family, or sanity.
    I started now b/c my husband is amazing & is being so supportive.
    Becker is time consuming & expensive. But I have more time, until March 2019.
    Ninja is great. I did all the MCQ twice & Sims twice on the retakes. I was trending in 90's by the time I did re-take.

    March 22, 2018 at 6:27 pm #1746758
    Julia
    Participant

    @famh Rewriting notes, MCQ & constant audio. I have 2 co-workers who did not use anything else but NINJA & followed that plan & passed the first time. They graduated in last 6 years.

    March 22, 2018 at 6:51 pm #1746765
    Julia
    Participant

    AICPA practice test explanations: Do a search on YouTube 2018 DRS Surgent they r very through & break it down. Big 4 usually will do a webinar bout them too. I took a research class & the professor walked us thru finding the videos.
    *I meant trending in the 80's not 90's.

    March 22, 2018 at 8:26 pm #1746909
    sacpa
    Participant

    Hi there!

    This is not my 1st attempt. I should have taken AUD like in Dec 2017. But with life coming in the way I could not take it. I am working part time during tax season & planning to take AUD in a month or so. Though I completed all the mcqs & sims in Gleim & 2000 questions for CPA exam book, due to a gap in studying, I need to go over everything & continue reviewing before I take the exam. Attempted some questions in CPAReviewForFree site & will complete all of them soon. Have the Wiley book & will be doing the mcqs & sims in it. Once I am done with all that, I will buy a test bank to do more review.

    @Tim, famh: I also wondered about that particular sim in AICPA sample test. I don't fully remember the details but thought the explanation did not make sense.



    @Julia    : Thanks for suggesting to look up Youtube for explanations to AICPA sample test questions. I can relate with life coming in the way. I have been in this journey for a long time without a passed section since I could not study continuously & took the exam with not enough review. Glad you cleared BEC & REG.

    Btw, I am 54.

    Good Luck to all!

    FAR - < than 75, 10/2013, 2/2015
    BEC - < than 75, 10/2013
    AUD - < than 75, 8/2015, 1/2016

    ~ Winners fail until they succeed. Losers quit when they fail. - Robert Kiyosaki
    ~ I survived because the fire inside burned brighter than the fire around me.
    ~ Something will grow from all you are going through. And it will be YOU.
    ~ Right now you may not be where you intend to be, but it's where you need to be in order to get where you want to go.

    March 22, 2018 at 8:56 pm #1746929
    Julia
    Participant

    @CPAwannaB: How is Becker going? I Love the detail.


    @sacpa    : glad u sticking w it too! Super excited bout AUD & FAR. I'm not letting anyone slow me down this time. I have seen people getting divorced & separated during this process. It makes a HUGE diff to have a support system.

    March 22, 2018 at 9:19 pm #1746941
    sacpa
    Participant

    @Julia: Yes, will go on in spite of personal setbacks, discouraging atmosphere & multiple failures. Agreed, makes a world of a difference having a steady support system, which unfortunately I don't have except for these forums.

    FAR - < than 75, 10/2013, 2/2015
    BEC - < than 75, 10/2013
    AUD - < than 75, 8/2015, 1/2016

    ~ Winners fail until they succeed. Losers quit when they fail. - Robert Kiyosaki
    ~ I survived because the fire inside burned brighter than the fire around me.
    ~ Something will grow from all you are going through. And it will be YOU.
    ~ Right now you may not be where you intend to be, but it's where you need to be in order to get where you want to go.

    March 22, 2018 at 11:40 pm #1746978
    Allsheneededwassome
    Participant

    @Tim:

    I also think it should be included in consignors inventory until sold.

    March 23, 2018 at 12:32 am #1746981
    Anonymous
    Inactive

    I did the AICPA practice exam too & also confused about why the answer key say to deduct that inventory balance. Only explanation I can think of is maybe there's a different account used to account for inventory that is consigned?
    I took FAR over half a year ago, so I'm not up to date on if Consigned inventory is even an appropriate account.

    March 23, 2018 at 7:01 am #1747038
    JMG
    Participant

    Glad to see there's some older folks in here like myself, I'm 39 and just started working at a Big 4. I'm also married and have a little one at home so yeah, it isn't easy getting these exams done.

    I will be taking AUD for the third time and I've switched from using Becker to Ninja exclusively. Becker just wasn't getting it done despite putting in the time and utilizing everything they had to offer. Hopefully this change up will finally get it done. What I find that's working for me with Ninja is taking the time to read every explanation on the mcqs and clicking on the references and reading through those as well. Takes more time but I feel like it's really sinking in now.

    March 23, 2018 at 9:32 am #1747199
    Tim
    Participant

    I'm 37. I didn't get my accounting degree (MSA) until 2013, though. No kids yet, I'm sure that makes studying way more difficult. I am getting married in 2 months. I think the best way to approach the exams at our age is to just take it slow, put the time in and really know the material before taking each part. Over-studying is a minimal waste of time compared to retakes, in my opinion. Retakes are also expensive and stressful.

    Glad I'm not the only one stumped on the consigned inventory problem in the AICPA sample test. Hopefully the real exam questions won't be controversial like that.

    March 23, 2018 at 12:28 pm #1747451
    Allsheneededwassome
    Participant

    I'm 32 with two kids. studying for this certification with kids is NO FUN. Invariably one of my kids is always sick the night before my tests and I mean guts out 101 fever vomit you name it. I still believe that if I had gotten the freakin research question right, I would have put AUD behind me…but nope! The CPA gods want to make this journey as painful as possible.

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