How Important Are Journal Entries - Page 2

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    Topic
  • July 15, 2014 at 3:05 am #186963
    justgivemea75
    Member

    Hi all,

    I was just wondering, when preparing for FAR, how screwed are you if you understand the concepts but aren’t that great at journal entries? To give you an example, if someone asks me to calculate the net periodic pension cost, I can SIRAGE like it’s nobody’s business. However, if you asked me to give the journal entries for anything related to pensions/gov/non-profit stuff, I’d be speechless (I’m generally good on the other topics, however).

    How screwed am I for FAR?

    FAR - 84
    AUD - 76 (phew)
    BEC - 88
    REG - 77

    DONE!

Viewing 8 replies - 16 through 23 (of 23 total)
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  • Author
    Replies
  • July 15, 2014 at 8:58 pm #581237
    Vlakmir
    Member

    These links are a great resource – Thanks!

    REG - 92
    AUD - 90
    BEC - 82
    FAR - 82
    BISK Review Materials
    DONE! /Happydance

    July 15, 2014 at 9:12 pm #581238
    Skynet
    Participant

    Journal Entries are very important just like understanding that Debits are on the Y-axis and Credits are on the X-axis.

    July 15, 2014 at 9:51 pm #581239
    floacct
    Member

    Hi OP. This one can't be sugar coated. If u don't know ur journal entries like the back of ur hand for far and arguable audit, you might as well spend those testing fees on a sack of blow and a nice bottle of aged scotch.

    July 16, 2014 at 4:39 pm #581240
    justgivemea75
    Member

    Sorry guys I've been out. Thanks for the heads up, I'll study those harder. Just to clarify, I'm good on journal entries for the “normal stuff”. I can do JEs for inventory, AR (including write-offs), etc. but it's pensions and government stuff (things that to me have no real logic) that I struggle with. Is there a website that's a comprehensive resource for all the journal entries we need to know?

    FAR - 84
    AUD - 76 (phew)
    BEC - 88
    REG - 77

    DONE!

    July 16, 2014 at 4:52 pm #581241
    Monkey Wrench
    Member

    How important are journal entries?

    How important is your heart?

    🙂

    July 16, 2014 at 6:53 pm #581242
    Skynet
    Participant

    ^Unless you are he Tinman.

    July 16, 2014 at 6:54 pm #581243
    samdiegoCPA
    Member

    @Skynet I could be called Tinman and still survive! But barely. 😉

    AUD: 84
    REG: 84
    BEC: 79
    FAR: 83

    July 16, 2014 at 8:05 pm #581244
    CPA50
    Participant

    Thanks for the info – I'm feeling a little slow on JE. I can figure them out, but right now I need to stop and think about them, and I know I won't have time during the exam. Gotta get solid.

    *LOVED the Conan the Accountant quote – made my day 🙂

    AUD 88 (expired), 80 retake
    FAR 64,69,67,73,67,73,73,73, August 3
    REG 75 (expired) September 7
    BEC 72, 77

    The adventure continues...

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