[Wannafree]

Hi SIM Gurus
I am practicing the AICPA SIMS and other Mock SIMs.While I am reading the emails I am looking for some info based on questions.The most important is date then amount .
This amount can be broken into irrelevant and relevant e.g.SIM on AICPA sample test (contingency ) relevant amount is minimum and maximum range of damages in lawsuit against the co.Other info is distraction.
SO in that email Oct 3rd is the date ,amount minimum is x and max is Y , no estimate is better than others.
You are welcome to give your inputs if you do read emails with pre-set questions.There may be other important info in email but just trying to see how you folks approach the email info.
Disclaimer : AICPA sample test is open to public and I am no way violating any disclosure rules.

[Anonymous]

I just read it SIM #! in the sample test correct? Since it's October of the year under audit, and the loss is probable, you have to accrue the loss contingency and also disclose it, i would think. If no estimate is better than the other, I think you accrue the max (could be wrong, have to review my notes).

[Wannafree]

“If no estimate is better than the other, I think you accrue the minimum.”
I am trying to get more inputs for what to look for in email tips.

[Recked]

Accrue the minimum amount in the range and disclose the range.
Had to look this one up in the book, hopefully this will help me remember it.

[Anonymous]

I knew max was the wrong answer:) I usually just look for the answers to the question. So always read the question first then go to e-mail.

[Ana]

Can you provide the link to the AICPA SIMs? Thanks in advance

[Wannafree]

@Ana , here you go .
https://sampletests.aicpa.org:8443/Citrix/STWeb/

@anyatver , right or wrong answer is not important for this post.Please give your inputs for extarcting more info from email in less time.This question I just used as an example.

[Recked]

While working on the SIMS I focus on what question they are asking, and then try to scan/read the source documents to see if there is any information relevant to that specific field.
I know… easier said than done.

[Anonymous]

Like Peter Olinto says-look at the question stem first -this technique works for both SIMS and MCQs-just look for the answer in the resources-if you know the question, you know what information you need and what you don't… (presumably).

[Author]

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