[Operation_CPA]

Hello all,

I stumbled upon something pretty interesting the other day and was wondering if anyone could provide some insight. I am in my final review and was completing the following question:

The year end inventory physical count found 10,000 inventory items with a historical cost of $5 per item. The market price per item at the year end was $4. Because the inventory was recorded in the books at the amount of $50,000, no journal entry was made by the company. Record the necessary Year 3 adjustments, if any.

The corrective JE I put in the first two boxes was:

DR: COGS 10,000
…….CR: Inventory 10,000

This correcting JE is correct, however, there are 3 subsequent cells/boxes underneath my intial entry for more adjustments, but being that I only needed this one, I moved on. When I submitted my testlet, I noticed Gleim had only given me the partial amount of points (2 out of 5) because I did not put “No entry required” in the subsequent blank cells.

This also happened on another adjusting entry where Gleim gave me 1/5 points because I only put “no entry required” in the first cell and left the rest of them blank underneath. Do I really have to put “no entry required” in every cell?

My question: Does the actual exam grade like this?? For a TBS that I basically aced, the points I received looks like I bombed the SIM. If this were to happen on the actual exam… that is the difference between passing and failing.

Thanks

[hecubus330]

You need to read the instruction. Sometimes the simulations will say leave blank, sometimes they say choose no entry required. You may have different instructions in the same exam.

BEC -69, 69
REG -77 (expired), 79
FAR - ?
AUD - 65, 67

[Bourne]

The same thing happened on my actual FAR exam. I had to input a JE but the directions said if no entry is required, select “No JE required”. Do I input my JE and then on the remaining lines put no entry required?

I input my JE and then left the rest of that problem blank. I passed. I believe it was correct because “No JE required” literally means no journal entry. If they want you to fill up every line, it would say something like “No entry required” or “Leave blank” etc.

[Operation_CPA]

The instructions in Gleim said:

– Not all rows in the table might be needed to complete each journal entry.

– If no journal entry is needed, select “No entry required” in the Account Name column and leave the Debit and Credit cells blank.

Said nothing about subsequent cells, meaning, fill in every box…so instead of getting 5/5 and 5/5 for a total of 10/10, I got 3/10. That is simply absurd…

[Bourne]

I wish I could tell you that my FAR exam experience (that one sim in particular) was more clear than Gleim's instructions but it wasn't. The other sims I had though had clear instructions.

[Eric]

So if there are 4 lines, do you need to put “No entry required” on all 4 lines? And also do you need to put zeroes in?

[Bourne]

The exam will more likely than not be specific enough. But in the case above, you kind of just have to use your instinct and go with it unfortunately.

[Author]

Replies