[debitcash]

I am having difficulty answering questions that pertain to management assertions (completeness, cutoff, valuation, allocation, accuracy, existence, occurrence, rights, obligations, understandability, classification).

I get which go with account balances (CVER), transactions (COVEU), and disclosures (CURV) but I cant seem to get the MCQs right most of the time.

Ive memorized both mnemonics from Ninja and Becker but cant seem to understand the application.

[PERCV OCCA OCCCA vs COVERU]

Wondering if anybody has any tips/tricks for remembering these and actually getting them right come test day. Any keywords I should be looking out for? Any input will highly be appreciated.

Merry Christmas and Happy Holidays! And best of luck to who all are testing.

FAR:75!
AUD:69, 63, 73, TBD
BEC:76!
REG:71, TBD

BECKER + NINJA PRODUCTS

keep your cool

[FAR_WARS]

I have trouble with these questions also.

vouch = existence (usually, but not always)
trace = completeness (usually, but not always)

What else?

FAR- 80
BEC- 75
AUD- 78
REG- ?

[debitcash]

@far_wars

You and I seem to be in a similar predicament with that 69 in AUD — wondering when you have your next exam scheduled and how you have been studying for it?

Mine is scheduled for JAN 5th and I have been doing nonstop MCQs to get to the review stage in NINJA…

FAR:75!
AUD:69, 63, 73, TBD
BEC:76!
REG:71, TBD

BECKER + NINJA PRODUCTS

keep your cool

[FAR_WARS]

Am debating between Jan 4th or Jan 20th (just before score release deadline). However my application is still processing, so we will see what I end up with. It is hard to want to start another section before I get this one in the bag.

As for review I have been doing nothing but MCQ. On my last attempt, I scored STRONGER on my sims and WEAKER in just about every category on MCQ. The wordiness of the questions really got me. I have been practicing trying to answer the question before looking at any of the choices. Also using process of elimination and trying to find the obvious incorrect answers.

FAR- 80
BEC- 75
AUD- 78
REG- ?

[debitcash]

Interesting, I had the opposite results, had stronger/comparable on the MCQs and weaker on the SIMS. I wanted to squeeze in AUD asap so I can get BEC in also before Q2.

Cant really “study” for the SIMS so I am trying to perfect my understanding of the topics with hope that the knowledge accumulated through the MCQs could help me on the SIMS, not to mention further use of the AL.

FAR:75!
AUD:69, 63, 73, TBD
BEC:76!
REG:71, TBD

BECKER + NINJA PRODUCTS

keep your cool

[FAR_WARS]

I will probably sit for BEC as well by end of Feb. I just really hope I can pass AUD first.

Here are some notes i took on the assertions. If someone could elaborate more that would be great.

AP is usually Completeness
inventory is usually Completeness
Credit Approval is usually Valuation and Allocation
Investments are either Rights and Obligations or Valuation and Allocation
AR is usually Existence or Rights and Obligations

I remember something about determining whether it is likely to be understated or overstated. I.E. liabilities and expenses bad, so they are likely to be understated. So we would test for completeness.

Assets and revenues are good, so they are likely to be overstated (fictitious) so we would need to test for existence.

FAR- 80
BEC- 75
AUD- 78
REG- ?

[Author]

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