[Anonymous]

I am taking FAR on Tuesday and have been practicing my Final exams in the simulation section of Becker. I remember someone mentioning in class to be cautious of making sure we record debits first and then credits in our JE’s, but I have never heard of a specific order to create them in.

On the FAR final exam 2, like the 6th tab I got the answer (Journal entry) correct, but the order was off, so it was marked wrong.

Like I wrote :

Dr: APIC-Stock warrants 30

Dr: Cash 225

Cr: APIC-Common Stock 155

Cr: Common Stock 100

And the correct answer was….

Dr: Cash 225

Dr: APIC-Stock warrants 30

Cr: Common Stock 100

Cr: APIC-Common Stock 155

I tried to figure out a method to the madness, and even made sure to record the JE’s in the same order as the pop-up of accounts to choose from, but that did not work either.

Hopefully you can help me out on this one.

Also, along the same lines, for the CAR IN BIG entries, do we do all debits first then credits or go in the CAR IN BIG order?

Sorry for all of the questions!

Happy Sunday!!

[hav2pass]

In my AUD sim exam, they gave 2 columns for dr and cr. So no confusion there. Also, for each Q, the item number corresponded to the answer Q. Earlier there used to lots of blank rows to fill out.

When I took the sample test on AICPA website, all debits were listed first, then credits in the answer explanation.

Hope that helps!

BEC 86 (expires Sept'11)
FAR 85
REG 87
AUD 8/27 - waiting

[Anonymous]

Yeah I know that much… but even within the specific columns for Debits and credits, there is an order. It is so weird to me. Like if you write cash before common stock it is wrong, even though they are both debits…

Any clue how to handle that?

Thanks for the speedy response!!!

[hav2pass]

I think AICPA simulation won't have that flaw. I had this doubt for FAR last year and I asked my personal counselor at Gleim and he said the earlier. DOn't worry abt this. Just put the correct a/cs and numbers.

BEC 86 (expires Sept'11)
FAR 85
REG 87
AUD 8/27 - waiting

[kb24]

In addition to debits before credits I was taught that the preferred order of J/E is to list them in the order they appear on the balance sheet. That's why cash comes before APIC-stock warrants and C/S before APIC-common stock. I don't know if this is an issue on the exam or not.

FAR 4/1/11 - 89
AUD 4/15/11 - 85
REG 4/29/11 - 80
BEC 5/13/11 - 85

[Anonymous]

@BringIt,

This was covered in another thread a while ago, when a bunch of people were wondering about it. If I understand your concern correctly, you have nothing to worry about. You're just saying that you got all of the proper debits and credits, you just listed them in a different order, correct? This is just a software limitation, and they'll accept it in any order on the exam.

[Anonymous]

[Anonymous]

Okay perfect!! You guys are so helpful!

Thanks =)..

I mean seriously with all the material on this exam the last thing we should have to worry about is JE order. The accounts in the order of the balance sheet does make sense too!

[Author]

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