AUD Study Group – Q2 2018 - Page 21

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  • April 27, 2018 at 3:59 pm #1778524
    sacpa
    Participant

    @kahloon: Take one topic at a time. Then focus on each sub sub topic under it.

    When faced with challenging/confusing mcqs & mcqs with not, except, only, try the elimination process as PDiddy mentioned. Usually you can quickly eliminate 2 choices which are obviously wrong. Then eliminate the 3rd choice after careful reading. You will then be left with the right answer. After lot of practice, you will get the hang of it. Eventually, you will reach the stage when the right answer will pop up right away.

    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.

    April 27, 2018 at 4:13 pm #1778529
    asadkahloon
    Participant

    @PDiddy2000, yeah but sometimes the answer choices also contain “not” in it. totally throws me off because then I try taking the “not” out and understanding it but I havent gotten good at these types of questions.

    April 27, 2018 at 4:15 pm #1778532
    asadkahloon
    Participant

    @sacpa
    yeah thats true. I'm just panicking as my exam is this Sunday. I just feel like im forgetting everything I learned.

    April 27, 2018 at 5:18 pm #1778580
    sacpa
    Participant

    @kahloon: I know it is easy to say than done but try to stay calm & not panic. Take a short break. Go for a walk/run or go to gym/do a workout & review again.
    What are your scores in quizzes?
    Have to taken practice exams?
    It is said that if you do practice exams reasonably well, you are ready to take the actual exam. Keep in mind that practice exams in review courses are supposed to be harder than the actual exam.

    Good Luck!

    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.

    April 27, 2018 at 5:27 pm #1778583
    asadkahloon
    Participant

    @sacpa,

    I got a 72 on the mock 2 Becker exam. But I think that might be inflated too since I saw some questions from ones I had done in ninja/Becker. The issue with mcqs is that I’ve done all the aicpa ones out there so a lot of times I get them right just based on familiarity.

    April 27, 2018 at 5:35 pm #1778596
    sacpa
    Participant

    @kahloon: Since your exam is just 2 days away, I really don't know what else to tell you. There is an option to choose new questions in Ninja. Have you tried that? Another option to try new questions is to start a trial Wiley session & do those questions. There are 2 full length practice exams in Wiley trial version. Hope this helps.

    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.

    April 27, 2018 at 5:51 pm #1778611
    asadkahloon
    Participant

    yeah I guess I could try the Wiley practice tests. I've already gone through all the available NINJA MCQ's. It just freaks me out when I come across a question I haven't seen a while that tests some super detailed topic in Audit.

    April 28, 2018 at 5:37 am #1778686
    Julia
    Participant

    @kahloon: I think it's good u have those questions before. It means ur seeing everything.
    Today u shud rest. But for the future, when I get to questions I kno the answer then I try not to look @ the choices.
    I try to com up with the answer & explain to my self why the others r wrong.


    @oldlady    : welcome to the grind. Good luck with the process. It's grueling & Scary. But SO worth it.
    I think the NINJA MCQ are the closest to what u see on the test.

    April 28, 2018 at 5:47 am #1778689
    Julia
    Participant

    @Famh110 how is it going? Last I heard u were pushing test back. Hitting those MCQ's? 🙂

    April 28, 2018 at 9:10 pm #1779184
    oldlady
    Participant

    I did two things today to eliminate distractions. Deleted facebook (my entire account) and deleted Instagram from my phone. I don't have any (more) games on my phone either. And I've gotten about 4 hours of studying in already.

    April 29, 2018 at 12:26 pm #1779388
    CarolLiao
    Participant

    Hi All,

    I'm re-taking AUD this May 14th. My weakness is further auditing procedure. How do you study those revenue cycles, expenditure cycles, etc.? I'm not good with segregation of duties, especially when question asks A/R person is allow or not allow to do something.

    How should I study these cycles?

    Thank you all!

    Carol

    April 29, 2018 at 12:46 pm #1779409
    ayusdream
    Participant

    I can only tell you from my personal experience, I work in the tax field, so when IRS auditors come in to audit our clients' tax returns, these areas they will 100% look at, because they all learn the same basic auditing procedures as we do, so this can give you a hint what they will test at sims, just practice

    1. AP – to look for year end accruals expenses that belong to next period,
    2. AR – to look for year end accruals revenue supposed to be this period, to verify bad debt expenses write off, and estimates of uncollectible
    3. Inventory – because inventory is related of COGS, thus related to income, so they will verify both accounts
    4. Depreciation – look for any depreciation not properly recorded as their life class, improper depreciation
    5. Repair & maintenance – any improper expenses that are supposed to be capitalized
    6. selected expenses accounts to verify transactions – ie, look at invoices, confirmations, look for decrepency
    7. Bank statement, bank reconciliation and to look for unrecorded cash collection, revenue, and accruals of year end expenses

    when they give you a lot of answer choices, the answers are just to confuse you, know your best answer and pick from the selection, then narrow down, then the chance of picking the wrong one will be lesser, dont just jump right from the beginning to look at any available answer choices.

    April 29, 2018 at 4:21 pm #1779610
    oldlady
    Participant

    @Julia Thank you for the welcome. I have the Ninja MCQs too. Haven't started on them yet.

    April 29, 2018 at 5:26 pm #1779631
    Julia
    Participant

    Who is in for a power study weekend next week May 5 & 6? I'm going to try to do 600 for whole weekend. 🙂

    April 29, 2018 at 6:17 pm #1779697
    CarolLiao
    Participant

    Thanks for your advice @ayusdream!

    I do need to practice more on those sims.

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