[jeff]

NINJA Study Notes, Flashcards, and Audio: https://www.another71.com/products-page/

Wiley Software: https://www.another71.com/wiley-cpa-software/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[hopeful_cpa]

thank god.

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[yankeeaccountant]

Hey everybody!

Getting close to month end. I hope everybody is faring well. I am still trying to understand and conquer Transaction Cycles. Doing mcq's out the yin yang! Hopefully the third time is the charm 🙂

[hopeful_cpa]

what issues are you having regarding the transaction cycles?

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[yankeeaccountant]

Hey hopeful_cpa

I get confused when they are asking to verify an assertion, and it isn't clear to me. It isn't like they say from the accounting records to the source. They name the specific docs: i.e. inventory tags, etc. And then I am confused as to where to differentiate a trace from a vouch. I get especially confused on the accounts payable questions. I think explaining it is harder than using a question. I am going to go back and work on mcq's and if I find one that confuses me, I will post it. I think it is easier that way!

[hopeful_cpa]

Tracing is going from the source into the docs… i.e. sales order to the sales invoice for example… the sales order comes first, then the bill of lading, THEN the sales invoice. Tracing fulfills the Completeness assertion.

Vouching is the opposite… i.e. going from the sales invoice back to the sales order. Vouching fulfills the Existence or Occurrence assertion.

Did that make sense at all, or did I repeat what you already know? lol

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[yankeeaccountant]

No that is good! I am just having a hard time taking that info and putting it into a question sometimes. For instance, when they ask about the assertion FIRST, then ask you what procedure to do–that seems to get me confused. Don't know why! I wrote down the definitions of what each assertion means, but I am guessing it hasn't soaked in yet! ugh.

How are you doing? You still have plenty of time, so I am thinking you are in a good spot….

[yankeeaccountant]

wait, ok, I just reread your post. I thought vouch was from the accounting records to the source…..I am confused??

[hopeful_cpa]

yea, i got a week including tonight. i am currently rewriting the book pretty much to commit to memory as much as possible. i figured i go through MCQ's pretty quick, but this chapter review stuff is taking me forever. i'm almost done with everything in AUD 3 with Roger right now. i know i probably didnt pass REG because of small errors in detail i didnt get, so i dont want to make the same mistake with AUD. i have already gone through all the mcq's one and i am realizing that all the answers are here in the book after i'm going through it all. i am able to relate the two back and forth from the ones i remembered doing.. i dont remember all the questions i did but this is helpful a little. i am going to do the cram towards the end of the week after i go through the mcq's one more time. i should be hopefully done with all the rewrite's by tomorrow night, then its mcq/sim crash hard after that. i'm hope this study structure i'm doing helps =/

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[yankeeaccountant]

@hopeful_cpa

curious, is the Roger book the same for the course as the cram?

[hopeful_cpa]

vouching is accounting records to source, but that process can start anywhere in the cycle i believe.

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[hopeful_cpa]

i just took a quick look at it, it looks similar, i dont know if its the same order or stuff is removed or added… if after i go through it and its the same thing i'm going to cause a fit and get my money back lol. i'll let you know in a few days.

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[yankeeaccountant]

AHA! that is what is confusing me. So, I would go backwards from tracing to get the right order….. I am working in Becker right now. I am going to do 121 mcq on the transaction cycle. I will pay attention to the vouching and see if your last comment will help me get this!

Thanks!

[yankeeaccountant]

I would too! But I am sure it is probably different…I do really like Roger. I wish I started off with him. Ok, gotta get back to the 121 q in Becker. Have a good one!

[rce_80]

Hi everyone. I wanted to reach out to ask if anyone has used the Wiley online Audit test bank solely for preparing for the audit CPA exam????? I hope someone has so I can feel confident taking my exam on Tuesday of this coming week. I've relied on these online questions and wondering if they're good enough material to get me at least a 75. I noticed the questions have nothing on international audit which is, supposedly, going to be tested this fall 2011. Please, advise. Thank you!

Good luck to everyone studying to be done with this insanity! 🙂

[Anonymous]

I just made a 71 on the audit portion of the CPA exam. The reviews prepare you well for the multiple choice portion of this exam. If you are like me and do not have any real world experience there is not much you can do for the simulations. There is nothing much you can study to help you nail down this portion of this exam. I would roll through the multiple choice a couple of times before the exam (and read the answer). Then go and find the hardest simulations you can get your hands on then figure twice that hard what you are going to see on the exam. Without this writing portion of the exam you do not get any cushion to counteract these simulations. If you get 90% of the multiple choice right you still have to get 21 points in the simulation to pass this exam. Without real world experience that is about impossible these reviews will not prepare you for simulations. One more time these reviews will not prepare you for these simulations. Any thoughts!

[Author]

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