[Anonymous]

Any advice would be appreciated. My test is about three weeks away and I haven’t touched any SIMS yet.

Generally, would someone be better off studying multiple SIMS questions or studying JEs entries, since I’ve read that JEs are a major part of the SIMS.

Also, is there any way to get familiar with the AL search function thingy? I’d like to be able to answer this question quickly without having to take 5 minutes just to figure out how to use it.

Thanks.

[Anonymous]

This is just my experience.

I barely touched any sims. I might have done sims for F1, but that's it. If I could have done them, I would have. Especially just to get a bit of exposure/expectation.

But without going into details, journal entries are an absolute must for sims. Other than that is probably something very specific and predictable like statement of cash flows.

If you had the time and willingness, I would do a “life cycle” or “walkthrough” for major topics. If you have one of those Kieso accounting textbooks, they'll basically show the journal entries from the beginning of a transaction to the end. I think those are incredibly useful.

Also if you have similar but different transaction types (e.g. AFS vs Trading vs. HTM) then I think it's extra worth it to do the JE for those together and compare them. And understand the economics, don't memorize.

Since the sims can be in any format, I don't think (but again, I didn't study the sims and I don't recommend doing my bad study habits, lol) it's worth trying to do sims like multiple choice. It's designed to the anti-MC in my opinion. It's testing for understanding, rather than pattern identification/memorization.

Step 1) Pick the most common and biggest transaction types (like, I probably wouldn't do JE's for franchises if you have a day to cram vs. something like CAR IN BIG or SIR AGE)

Step 2) Write out the JE

Step 3) Try to re-read the JE's chronologically/in terms of events and understand what the JE's are representing

Step 4) Do JE's for smaller/specific topics

Edit: Hope I'm not being too specific…

Just to emphasize, it's really important to think 1) TRIGGERING EVENT first 2) What are the JE that have to follow

The sims aren't just going to ask you to spit out a JE for something. They'll tell you that something happened (e.g. an acquisition happened) and ask for the JE for that event. Knowing JE for comparable events are important, because the event could require a change in accounting method (e.g. what if you went from accounting an investment from equity to having to consolidate)?

So it's key to not just memorize the JEs but also the context. And if you have extra time, try to think of up some scenarios.

[waffle_house]

Do sims with lots of JE's with different concepts mashed together.

[Anonymous]

Definitely know the JEs, especially adjusting entires. I'm not sure if I passed or not, but on the simulations this time at least I had a chance on a few of them because I knew the JEs. Do some Ninja MCQs as they are great practice. The key to the simulations is NOT panicking. I can't tell you on how many tests I have panicked in this area and it has killed me. If you some most of the JEs, you could literally just mess around writing stuff on piece of paper and figure something out. Do every single simulation in Wiley book as well.

[Author]

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