[Anonymous]

How does one study/prepare for journal entries (if you wind up getting one) on the auditing sims? Hypothetically if you get a journal entry sim. Study bonds? Study inventory? Study sales entries?

[jfreelov]

All of the above. It's your obligation to know the journal entries for basically every type of transaction. As you progress through each chapter/module, you should make sure you are familiar with any related journal entries.

FAR - 71, 94
BEC - 91
REG - 51, 88
AUD - 89

[jfreelov]

All of the above. It's your obligation to know the journal entries for basically every type of transaction. As you progress through each chapter/module, you should make sure you are familiar with any related journal entries.

FAR - 71, 94
BEC - 91
REG - 51, 88
AUD - 89

[G3]

They like testing adjusting entries

3XBEC:75 * 4XREG:82 * 4XFAR:76 * 7XAUD:77

“It is hard to fail, but it is worse never to have tried to succeed.” Theodore Roosevelt

[G3]

They like testing adjusting entries

3XBEC:75 * 4XREG:82 * 4XFAR:76 * 7XAUD:77

“It is hard to fail, but it is worse never to have tried to succeed.” Theodore Roosevelt

[ruggercpa2b]

I know for the Yaeger Audit lectures the instructor will tell you the adjusting entries or JEs that would go with some of the MCQs that he goes over during the lectures. I have been keeping a notebook where I write the question number and the entries. This has been an area of concern for me as well for my audit retake and I have been looking at the FAR forum and searching for JE topics.

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.

[ruggercpa2b]

I know for the Yaeger Audit lectures the instructor will tell you the adjusting entries or JEs that would go with some of the MCQs that he goes over during the lectures. I have been keeping a notebook where I write the question number and the entries. This has been an area of concern for me as well for my audit retake and I have been looking at the FAR forum and searching for JE topics.

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.

[tough_kitty]

Interesting. My study materials didn't include adjusting JEs or maybe I missed that part but I am pretty sure I can figure them out knowing that part of the audit includes the cut off dates for AR etc.

FAR: 81 (May 2013)
BEC: 81 (July 2013)
REG: 83 (August 2013)
AUD: 82 (November 2013)
California CPA since 1/30/14

[tough_kitty]

Interesting. My study materials didn't include adjusting JEs or maybe I missed that part but I am pretty sure I can figure them out knowing that part of the audit includes the cut off dates for AR etc.

FAR: 81 (May 2013)
BEC: 81 (July 2013)
REG: 83 (August 2013)
AUD: 82 (November 2013)
California CPA since 1/30/14

[nishvik]

I think journal entries tested on Audit sims may not be that difficult if you figure out what thy are asking for.

I would say when you study try to think how a particular account would be affected bcoz of particular situation.

eg: Say company shipped goods on dec 29 year 1 FOB shipping point and recorded the reduction in Inventory in year 1 Dr COGS Cr Inventory. Hence no adjustment would be needed.

Another example Say a company X shipped goods 30th dec year 1 FOB destination point and reached the customers docks on Jan 3 year2 and the Company X recorded the journal entry for reduction in Inverntory in year 1 Dr COGS Cr Inverntory.Therefore adjustment needed which will be reversing entry DR Inventory CR COGS

I hope I am correct here,please correct me if I am wrong

Does any on have any tips on how to breakdown the Sims language?Its like I get so jumbled upon on looking those sims bcoz sometimes there is loads of information with the time clicking. Sometimes its like my mind just freezes.

Good Luck

FAR- 79 -->Becker self study, Final review & Flashcards
REG -72-->Becker ,76-->Becker plus Wiley test bank
AUD- 73 Becker,72-->Becker+Wiley,69-->Added ninja notes,89 --> Added Gleim review
BEC- 84 Becker plus Wiley Test bank

I am Done !!!!

[nishvik]

I think journal entries tested on Audit sims may not be that difficult if you figure out what thy are asking for.

I would say when you study try to think how a particular account would be affected bcoz of particular situation.

eg: Say company shipped goods on dec 29 year 1 FOB shipping point and recorded the reduction in Inventory in year 1 Dr COGS Cr Inventory. Hence no adjustment would be needed.

Another example Say a company X shipped goods 30th dec year 1 FOB destination point and reached the customers docks on Jan 3 year2 and the Company X recorded the journal entry for reduction in Inverntory in year 1 Dr COGS Cr Inverntory.Therefore adjustment needed which will be reversing entry DR Inventory CR COGS

I hope I am correct here,please correct me if I am wrong

Does any on have any tips on how to breakdown the Sims language?Its like I get so jumbled upon on looking those sims bcoz sometimes there is loads of information with the time clicking. Sometimes its like my mind just freezes.

Good Luck

FAR- 79 -->Becker self study, Final review & Flashcards
REG -72-->Becker ,76-->Becker plus Wiley test bank
AUD- 73 Becker,72-->Becker+Wiley,69-->Added ninja notes,89 --> Added Gleim review
BEC- 84 Becker plus Wiley Test bank

I am Done !!!!

[ymmit]

Try and use simple logic in your head for every journal entry: What will increase because of the transaction and/or what will decrease? If you can figure this out the journal entry will be easy, just debit and credit away depending on what type of account increased/decreased (rev.,exp.asset,liab.,equity)

The only thing anyone should try and memorize as far as journal entries is learning the contra accounts. There are some tricky ones in acquisition journal entries I remember.

Licensed CPA!

[ymmit]

Try and use simple logic in your head for every journal entry: What will increase because of the transaction and/or what will decrease? If you can figure this out the journal entry will be easy, just debit and credit away depending on what type of account increased/decreased (rev.,exp.asset,liab.,equity)

The only thing anyone should try and memorize as far as journal entries is learning the contra accounts. There are some tricky ones in acquisition journal entries I remember.

Licensed CPA!

[Author]

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