AUD Study Group Q1 2015 - Page 54

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  • February 2, 2015 at 10:45 pm #650587
    riascheme
    Member

    Hrmm is there a section of ninja MCQs that cover adj. J/E? Also, which of the sims would be the most helpful for it (besides 65?)

    Thanks for your help y'all!

    February 2, 2015 at 10:57 pm #650588
    ruggercpa2b
    Participant

    riascheme I feel like there is another SIM but I dont remember which one it is. I also printed the information from the link below and had a basic understanding of the JEs and what the entries look like so in case they give you a scenario and ask you to complete an adjusting entry you already know what the entry is supposed to be and then make the appropriate adjustment if needed.

    https://www.austincc.edu/accting/toolbox/documents/JournalEntries.pdf

    AUD - 73, 72 retake 7/2/2016
    BEC - 8/20/2016
    REG - TBD
    FAR - TBD

    I am so ready for this nightmare to be over. Been at this way too long.

    February 3, 2015 at 12:40 am #650589
    Anonymous
    Inactive

    Ninja AUD Sim #80 is a short adjusting entry SIM.

    February 3, 2015 at 12:43 am #650590
    Kate
    Member

    How can we assume that we have adjusting journal entries? Isn't every exam different? He didn't say yes or no, he just said he didn't want to disclose the exam. I think it's unrealistic for AJEs to be on there; isn't that more of a FAR concept?

    AUD (2/3/2015) Pass
    REG (4/24/2015) Pass
    FAR (8/3/2015) Pass
    BEC (10/25/2015) Pass

    February 3, 2015 at 12:53 am #650591
    Martin
    Participant

    On the Audit experience thread, I read that some of the Audit simulations felt like they were taking the FAR exam.

    Through God all things can happen!

    “You never fail until you stop trying.”
    ― Albert Einstein
    When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
    “Just keep swimming, just keep swimming.”

    FAR= 72-84
    Audit= 73-82
    BEC= 74-75
    Reg=77

    February 3, 2015 at 1:00 am #650592
    superstani
    Member

    To support financial statement assertions, an auditor develops specific audit objectives. The auditor then designs substantive tests to satisfy or accomplish each objective. Which of the following audit procedures would primarily respond to the audit objective for accounts receivable that accounts receivable are properly described and presented in the financial statements?

    A.Analyze the relationship of accounts receivable and sales and compare it with relationships for preceding periods.

    B.Review the aged trial balance for significant past due accounts.

    C.Review loan agreements for indications of whether accounts receivable have been factored or pledged.

    D.Review the accounts receivable trial balance for amounts due from officers and employees.

    FAR-79
    REG-79
    BEC-81
    AUD-82

    February 3, 2015 at 1:07 am #650593
    Martin
    Participant

    Properly described and presented means that you will need to properly disclose related part transactions? Is it D?

    Through God all things can happen!

    “You never fail until you stop trying.”
    ― Albert Einstein
    When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
    “Just keep swimming, just keep swimming.”

    FAR= 72-84
    Audit= 73-82
    BEC= 74-75
    Reg=77

    February 3, 2015 at 1:34 am #650594
    Anonymous
    Inactive

    @superstani – C (?)… I'm struggling to remember if factoring of A/R requires disclosure but I'm assuming that since it is an “off the balance sheet” activity that it would require disclosure… So I'm going to go with C over D, due to reviewing loan agreements vs trial balances… D would also seem more primarily to deal with related party transactions than A/R but it would definitely still affect A/R. Hopefully I'm not completely in left field.

    February 3, 2015 at 1:40 am #650595
    riascheme
    Member

    ruggercpa2b and ARCPA2B – thanks so much for your help 🙂

    Kate – yes every exam is different. which is why i'd rather not get blind sided. but becker has it in their materials, which makes it fair game…

    I was going to go with C as well. *auditor thinking cap* WWAD?

    February 3, 2015 at 2:14 am #650596
    Kate
    Member

    I am saying it is C, because you want to make sure that they have the RIGHTS to those accounts receivables. If they're pledged for something, then they really don't have the complete rights to them. Does that make sense?

    AUD (2/3/2015) Pass
    REG (4/24/2015) Pass
    FAR (8/3/2015) Pass
    BEC (10/25/2015) Pass

    February 3, 2015 at 2:19 am #650597
    superstani
    Member

    @ARC and Martin the answer is D. I'm little worried at the moment. i just finished 30 new questions from section 3 ninja MCQ and i got a 40%. Before this event i was trending 88 and average 79 overall. The exam is in 7 days and my question is how concerned should i be on a scale 1 to 10.

    FAR-79
    REG-79
    BEC-81
    AUD-82

    February 3, 2015 at 2:30 am #650598
    Martin
    Participant

    superstani, people keep saying that the Ninja questions come from AICPA just like Wiley and Becker,but I find them harder. My average on Wiley in 85 after around 1,200 questions. Since I got some repeats, I started working on questions from Becker, and my average from those questions is around 84%. I bouth ninja to get some new questions and have completed around 400 questions with an average of 72%.

    Im on the same boat as you, I don't know if I'm ready. Im going over my flash cards today,so i can work on the famous Becker final exams, and I guess I will know after those two exams. Since your average is 79% on Ninja, I think you are in good shape.

    Through God all things can happen!

    “You never fail until you stop trying.”
    ― Albert Einstein
    When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
    “Just keep swimming, just keep swimming.”

    FAR= 72-84
    Audit= 73-82
    BEC= 74-75
    Reg=77

    February 3, 2015 at 2:34 am #650599
    Martin
    Participant

    Im glad the answer is D by the way and I was right, I started hitting my head after I saw the other replies claiming that the answer was C. You never know with Audit, I completely agree with the other students as soon as they said C,that means that come exam time, i'm not sure of what I know.

    Through God all things can happen!

    “You never fail until you stop trying.”
    ― Albert Einstein
    When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
    “Just keep swimming, just keep swimming.”

    FAR= 72-84
    Audit= 73-82
    BEC= 74-75
    Reg=77

    February 3, 2015 at 2:36 am #650600
    Martin
    Participant

    Kate, you would be absolutely correct if the questions was asking for right and obligations.

    Through God all things can happen!

    “You never fail until you stop trying.”
    ― Albert Einstein
    When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
    “Just keep swimming, just keep swimming.”

    FAR= 72-84
    Audit= 73-82
    BEC= 74-75
    Reg=77

    February 3, 2015 at 2:48 am #650601
    Kate
    Member

    Ha ha. Everyone is freaking me out now. I take AUD at 11am tomorrow, and do not feel prepared.

    AUD (2/3/2015) Pass
    REG (4/24/2015) Pass
    FAR (8/3/2015) Pass
    BEC (10/25/2015) Pass

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