[Anonymous]

I am always stronger in MC Questions and weaker on simulations. Can anyone recommend a way to study for journal entries that are relevant for the audit exam??? Or any review course that may include good simulation examples for journal entries for audit??

Help Please!! I’m sooo close to passing, and I know that this is my weakness, just dont know how to go about studying for this 🙁

[Snausages]

really, i didn't think the journal entries in AUD were bad at all. they are pretty basic, one-step entries. just remember that debits increase assets and expenses, and credits increase liabilities and revenues. the exam may give you a hypothetical situation related to AUD and an auditor conducting a part of an audit process, and ask what J/E's would you need to correct for the audit errors that s/he finds. if you remember the above rules, you should be fine. remember that when you have an error, you may have to reverse a pre-existing entry, which would be the opposite of the above logic. you'll be okay, just remember the KISS rule: keep it simple, stupid! 😉

[Peanut]

@Snausages, I love your debit/credit rule, AND your KISS rule I've been using ever since you posted it the other day. The kiss rule definitely works haha. I would be working the MCQs and come across a question that I can narrow down to two answers, I tell myself “keep it simple stupid ” and I get it right! 🙂 Thanks

AUD 81 (X4) Previous scores 59, 72, 72
REG 80 (X3) Previous scores 59, 60
FAR 75 (X2) Previous score 67
BEC 79 (X2) Previous score 58

[Peanut]

I tend to over analyse everything, so kiss helps!

AUD 81 (X4) Previous scores 59, 72, 72
REG 80 (X3) Previous scores 59, 60
FAR 75 (X2) Previous score 67
BEC 79 (X2) Previous score 58

[Anonymous]

Try to think about journal entries in the context of how they will affect the financial statements. If you record this invoice of $100,000 in the wrong period, accounts payable will be understated, which means total liabilities will be understated and net income will be overstated.

The journal entries in AUD are from the perspective of how recording a transaction improperly will affect the financial statements. So I think if you practice these types of sims/questions that will help you on the exam.

[Snausages]

@Peanut: glad it helps! remember, some questions will be complex by nature, but still don't get intimidated. just break it down again (as ‘tears for fears' once sang). if you nail AUD, you will have to send a bottle of 18-yr scotch to me in chicago!

[Anonymous]

@Alli i think you should look at the FAR book. It has another journal entries. I think AUD is a beast… The mc questions were tricky. I did so bad on them. Do you know any ways to study for AUD?

@ Peanut What's KISS?? im taking Roger too but i didnt get a chance to watch FAR or AUD videos.

BEC- 70,79 (Roger & Wiley)

FAR- 74,71 NOOOOOOO 11/30 3rd time CHARM!!!

AUD- 66 (DAMN) 10/31

REG- 2/27 (wow FEB 29th)

[Anonymous]

@Another74CPA. My approach to the Audit mc were to go through each section of the wily test bank and write down which I got wrong. I then went back and did the ones I got wrong, making sure I read carefully the explanation for why each answer was right/wrong. I noted which topics I was weak in and read in the roger text and reviewed ninja notes. Then went back and did the ones I got wrong again until I understood them.

To make sure I wasn't memorizing I also did every third question in the wiley text and practice exams in the wiley text and test bank.

Thank you all for your response, ill work on those je's and sims….hopefully ill pass next window 🙂

[Author]

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