AUD Study Group – Q2 2018 - Page 27

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  • May 19, 2018 at 9:54 am #1802455
    Julia
    Participant

    Gryfri: I almost did the same thing. I noticed I was getting the same type wrong alot. Then I saw why. It was the wording. So I reword it to myself.
    But look @ question:
    Which factor would make the auditor pay close attention (Concentrate on) in evacuating reasonableness.
    If the estimate has LITTLE susceptibility to misstatements then y would it b looked at closely.
    Lack of relative significance – why look @ it?
    Audit comm would ask questions.
    Hope this helps.

    May 19, 2018 at 9:58 am #1802458
    Julia
    Participant

    Gryfi: I did a power weekend last week & did 550 questions. This helped lots. I was able to look @ trends of what I was getting wrong.
    Very time consuming. I think it was a 15 hr weekend. But my score went up bout 5 points. It has kept going up. I needed a breakthrough & that helped.

    May 19, 2018 at 10:08 am #1802468
    Julia
    Participant

    2 and half weeks out. Had to take last couple weeks off. Parents sick. Now I am diving back in.
    MCQ and recopy notes. Plan to really kill it this weekend. Lets see how this goes.

    May 19, 2018 at 10:57 am #1802524
    El_Stillo
    Participant

    Hi All,

    Really struggling with sampling techniques such as PPS. Totally lost on this sections, does anyone have some different strategies regarding how to study this part of Audit? I have a fear that I'm going to get a Sim on this and will ruin any chance of passing.

    Thanks!

    May 19, 2018 at 12:46 pm #1802623
    Julia
    Participant

    ElStilo: Maybe this YouTub vid will help clear it up. It helped me.
    YouTube is great resource.

    May 19, 2018 at 4:03 pm #1802809
    Anonymous
    Inactive

    Just took the Audit exam.

    Thought MCQ's were easy. Then the simulations hit me like a train. Will be interesting to see how I did :/

    May 21, 2018 at 6:06 am #1804504
    El_Stillo
    Participant

    Greg, took Aud on Sunday and I agree.

    I think there were about 10 MCQ's that I was on the fence about and the Sims…. were nothing that I really expected. What bothers me is that I studied some weaker areas and they were nowhere on the test. And I was surprised by the omission of some questions all together.

    Question for the group, Now what? I'm about 50/50 on the test, I don't feel like I bombed it but I wouldn't be surprised if my score came in below 75 either. My next exam is Reg, should I start the grind all over again and all in or should I keep looking at Audit some and take it easy on Reg until otherwise?

    Next Exam I'm taking closer to the end of the cycle so I'm not playing the silly waiting game.

    May 21, 2018 at 5:37 pm #1805452
    Joetse
    Participant

    These psychometric tests have a way of knowing what you didn't study, and then they throw a bunch of those questions at you. They are scoring and analyzing in real time what your stronger areas are, and weaker areas, and then they start throwing stuff at you at the weaker areas as well as make sure to give you completely different topics from the M/C, especially M/C questions you nailed. It's always like that, and you always wanna spend more of your time preparing for the SIMS than the M/C. Usually, 2 or 3 out of your 8 sims will be exactly the ones from the AICPA practice exam in terms of question, concept tested, documents, layout and everything, just with different numbers and slight differences.

    May 21, 2018 at 5:50 pm #1805489
    Joetse
    Participant

    @SACPA #1794730 Ya but if there was a receivable balance AT the balance sheet date (let's say 60 days aged, that was related to the subsequent bankruptcy, that WOULD have to be recognized because the estimate for your allowance account at the year-end adjusting journal entry would have been understated. Depending if the disaster was “extraordinary” or not. If it was unusual AND infrequent in nature it might not have been probable and reasonably estimable. But if the question assumes the uncertainty was probable and reasonably estimable, then you have to disclose AND recognize in the year end balances. So I'm thinking you do have to recognize. If the receivable was brand new, like the sale occurred AFTER balance sheet date and then something happened, company went bankrupt before statements filed with SEC, then don't have to accrue, and just disclose if other than remote. (non-recognized subsequent event).

    May 21, 2018 at 11:46 pm #1805867
    stan
    Participant

    I can't think straight right now. Could someone help me with the question below? This is from the AICPA practice exam.

    The company shipped merchandise valued at $45,000 to a consignee on December 24, year 2, and recorded the sale and the relief of inventory on that date. The consignee had not sold the merchandise as of January 5, Year 3. The merchandise has a profit margin of 10% . Record the necessary year 2 adjustments, if any.

    The answer is:

    DR: Inventory 45K
    DR: Sales 50K
    CR: COGS 45K
    CR: AR 50K

    How did they get 50K for sales and AR?

    May 22, 2018 at 6:05 am #1805903
    El_Stillo
    Participant

    Stan

    Take 45000 and divide by the (1- profit margin). 45,000/(1-.10) = 50,000

    This would have been the original entry if the sale would have occurred in the year 2 but since it was on consignment and sold in year three you cannot recongize this income in Year two, you have to reverse the entry.

    AR Db 50,000
    Sales Cr 50,000

    Cogs DB 45,000
    Inv CR 45,000

    May 22, 2018 at 1:09 pm #1806419
    MR.93
    Participant

    Back on this forum after a longgg break! I'm currently trying to finish up all the multiple choice before I dive into the review. Unfortunately hours put into studying were at a minimum late last month and into early this month so I couldn't attempt all the questions 2x before hitting the review stage. I test on 6/6 and am super nervous! Any tips/advice?

    I have FAR and BEC both expiring at the end of June and this is the last exam I have to pass. In the past I failed by a couple points. This time around I viewed all lecture videos again, pretending to take this exam for the first time. Anyone else in the same boat as me?

    May 22, 2018 at 2:08 pm #1806538
    Anonymous
    Inactive

    @MR.93

    I took it on 5/19 and if I could go back and give myself study advice it would be to be more diligent on each simulation (understand each one thoroughly), work through the AICPA practice exam format (didn't know that was a thing until now), and to not breeze through the authoritative literature questions – understand the key words it's looking for because it'll give you a ton of extra time.

    You got this!!!!

    May 23, 2018 at 4:59 am #1807307
    famh110
    Participant

    @julia and @sacpa…how are you all doing? its been a long time since we chatted. i hope everything is well on your end. study hard! 🙂

    May 23, 2018 at 8:54 am #1807480
    MR.93
    Participant

    @Greg, I would agree with you on that. SIMS have been my weaker area. What review course did you use?

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