[Q2] AUD Study Group 2014 - Page 55

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    Topic
  • #183479
    jeff
    Keymaster

    I’ve had a few requests for April/May Study Groups…March will be here before you know it.

    In order to take an early April exam, you should begin studying…now. 🙂

Viewing 15 replies - 811 through 825 (of 893 total)
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  • #568831
    Reflektor
    Member

    I was the same way with kiting! No idea why I couldn't keep that seemingly simple concept straight.

    I took this last Thursday and now I'm in the inevitable post-test second guessing phase. I felt realy, really good about the exam on test day but the more time passes the easier it is to worry that your initial instincts may have been wrong – particularly when, like me, you've been trying to pass these tests for over a year. And Audit is the one test I've taken before that I felt good about, but then got a lower score than I predicted. I keep telling myself that this time around I got a 76% on Becker practice test 1 and a 78% on the second one, and passing grades there generally bode well for the actual exam. Unfortunately it's hard to comfort yourself when score release day still feels so far away.

    Good luck to everyone who still has to take it!

    BEC - 69, 70, 82 - DONE
    FAR - 59, 77 - DONE
    REG - 53, 70, 85 - DONE
    AUD - 66, 68, 70, 85 - DONE

    #568832
    Qlad
    Member

    The problem says …for each type of inventory error , indicate the possible effect on Inventory account and COGS account…

    December sales recorded in january?…so i thought the inventory will be overstated and COGS understated …but it says no effect on Inventory a/c or on COGS

    FAR 72,71,81 🙂
    AUD 64,71, 72, 75 🙂 I'm done !!!
    REG 73, 74, 74, 84 🙂
    BEC 76 🙂

    #568833
    NYCaccountant
    Participant

    That's a bad question because Normally you would record the sale and the removal of inventory at the same time.

    It's technically possible to record just the sale in the wrong period, as the entry is:

    AR DR. 1,000

    Sales Cr. 1,000

    And say you neglected to record the removal of the inventory, obviously gross profit will be overstated.

    Which review material are you using? I want to try that SIM tonight.

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    #568834
    JamesBJames
    Participant

    Yeah, that is odd. Usually with those kinds of entries, I reverse everything regarding the erroneous entry first (so sales and A/R; COGS and inventory) and then make the entry in the right period. I'm really not sure why it says no effect.

    There are a lot of people taking AUD either today or in the upcoming three days (and good luck to everyone!). How much time are you all planning to allocate to MCQs / SIMs? I've seen so many posts in the AUD exam experience thread saying something like, “I got done with all of the MCQs in under an hour” and kind of wonder how that's even possible. I spent just under two hours for the MCQs on the Becker practice exam and double-checked everything — and good thing, too; there was at least one answer I changed and got correct because I missed a “not” in the question the first time through.

    Is two hours for SIMs enough? More? I left about 1:45 for FAR SIMs and felt like that was just about the right length.

    FAR: May 1st, 2014 - 91
    AUD: May 29th, 2014 - 97!
    BEC: July 16th, 2014 - 91
    REG: August 29th, 2014 - 88

    Licensed December 2015

    Feel free to add me on LinkedIn by clicking my username!

    #568835
    Gabe
    Participant

    I've never taken AUD, but I too cannot imagine getting done in an hour with the MCQs. The wording is too tricky to “skim” the question. That said, I usually leave around 2 hrs for SIMS

    CPA, CFE
    CISA- Experience will be completed by August 2016

    #568836
    katerina2665
    Participant

    omg, i feel so unprepared for tomorrow, i dont know what to do. I know at this point im going “just for the experience” cause i run out of time, didn't finish anything, not going to have time to review. I truly overestimated myself for thinking i can do it in less than two weeks…. first 3 chapters of Becker were great, and then it just got bad. Im glad a have whole year and some of windows to pass Audit

    #568837
    Anonymous
    Inactive

    @katerina, no reason to feel pressure or over whelmed or anything in a negative way. Like you said you have a whole year, the only thing now is just money to re-apply and a little more of your time studying. If it was a test where your life depended on getting a 75 we'd all be s***in our pants. @gabequinn, @jamesbjones i have no idea how these dudes are talking about getting done with the test with 2 hours to go. Even if i did cruise through everything in a testlet in i'd probably triple check everything and walk through each question step by step. If i get some BS journal entries from FAR i have no idea about i'm about to be pissed at Becker for not preparing me and would want a personal apology from Tim and whatever that same tone of voice dudes name is.

    #568838
    katerina2665
    Participant

    @eliasm6, ya totally right, im just so exhausted, the only thing im glad about is we have only a little over a week to wait for the results.

    #568839
    zieba
    Participant

    Reporting back:

    MCQ: Every simple concept was bastardized and twisted into some sort of convoluted literary exercise of using the most words to convey simple ideas. How can we expect the ACIPA – a fallible organization in every way – to continue to come up with questions which are just and uniform? We can't and they aren't. If I'm reading a response and it's borderline grammatically incorrect, I am going to tend to think that answer is a dead end; which in most cases it wasn't because it contained the correct phrase which linked it to a word or words in the original question.

    T1: Wordy, convoluted but doable.

    T2: Unbelievably tricky, wordy to the nth power and tested obscure minutia or abstracts. It took me nearly 50 minutes and I flagged a dozen or more. Answer choices were two lines long, each. The only way I could answer a question is to comprehend key words and make associations with answer choices.

    T3: Shorter questions, MUCH shorter than T2. I was so frustrated and drained by this point. My test – which likely will not Kept hammering at rules and communications in a tricky way, and surprisingly stayed away from areas which are widely perceived by us as difficult. I swear I don't remember a single IT question.

    T4: SIMS were great. Isn't it weird to hear that? They eased up on the verbiage and left me to my own devices and I did just fine. SIMS were very fair, and very clear in what they wanted you to do. If there were any FAR related SIMS they were extremely straightforward.

    I got to SIMS with 2:17 on the clock… took my first break (half can of red bull/vodka, one oatmeal cookie..j/k no vodka) and got back with 2:06 left. I was practically done with 19 minutes left on the clock and then hit the AL to give it my best shot on one or two boxes. Did you know that the AL discusses rules for desk calendars with company names? Or rather it did, the reference was put down in 1978.

    Had two research questions. One was dead on, the other tormented me to no end because it was vague and 50.5% to 49.5% between two sub sections.

    Katerina, if this test was a must pass for you I would have held off on posting this until you were in testing tomorrow. Don't worry about your English as most of what you'll be reading won't be! 🙂 Keep writing those checks and you'll snag the PASS one of these times… like maybe tomorrow! Woot woot! Good luck. Good luck to the rest of you as well.

    AUD - 75*, 88 done 5/14! (*exp)
    BEC - 74 , 77
    REG - 65 , 76 (10 point combooo!!)
    FAR - 69 , 75

    Dr: perseverance
    Dr: intelligence
    Dr: luck
    . Cr: . advisory score

    #568840
    Anonymous
    Inactive

    can some one please explain how to book adjusting entries that concern “cut-off” issues in the areas of sales, inventories and purchases? Any info is appreciated.

    #568841
    Anonymous
    Inactive

    @zieba you just scared the life out of everyone. You make it sound like the high school ACT where you gotta read 2 pages of material and then answer questions on it. Hopefully they give me an easier one.

    #568842
    Anonymous
    Inactive

    @CPAketa, im not sure about the adjusting entries related to cutoffs. If i had to take a guess i would assume that during the cutoff procedure they realized that they recorded inventories shipped FOB destination in 2009 when they were actually recieved in 2010 so they would reverse out the inventory JE and record it in the proper period.

    Once again i havent read anything about it but thats just my best stab at it.

    #568843
    Anonymous
    Inactive

    Curious to your guys's (and gals) thoughts on the PCAOB standards for AUD. For becker they have boxes throughout the book just like they did for IFRS on FAR. But becker doesnt really make a big deal about it, just read over it. For FAR they dedicated a section to the differences. Just wondering what yall thought about it.

    #568844
    Anonymous
    Inactive

    I passed the 3 sections in november, and till now i m still taking the AUD, failed 4 times within range of 60's.

    I managed to improve with mcqs but still the sims are my big issue. Last time i solved 60+ sims hoping to pass the exam, unfortunately failed again, im here asking for some suggestion regarding a new and perhaps efficient study plan hoping to pass this last section because im very disappointed.

    #568845
    Qlad
    Member

    How important is tick marking sims??? …just wondering if they r a possibility in the exam??

    FAR 72,71,81 🙂
    AUD 64,71, 72, 75 🙂 I'm done !!!
    REG 73, 74, 74, 84 🙂
    BEC 76 🙂

Viewing 15 replies - 811 through 825 (of 893 total)
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