[john97107]

Hi,

I took Audit, got a 72. Did very well on MC- got average/above average on all, but failed on the simulations, I think primarily due to having 3 journal entry problems. I think those took me down. This is my first section and I have not done journal entries since college (2+ years). How would you suggest I study this time around (2 weeks) for journal entries?

Thanks,

John

[kandisjoy]

Hi John,

What study materials are you using? The reason I ask because it helps to know what study material you have available to you when suggesting a study method.

Practice the simulation problems that have JEs, and if you get them wrong, study WHY you got them wrong. It's so important to know the reasons behind the journal entries.

I've seen a lot of “corrective” entries in my AUD studying, and what helps me is the following method:

1) Figure out what journal entry was made originally (when the error was made)

2) Figure out what the correct journal entry would be with the given circumstances

3) Figure out what adjusting journal entry needs to be made to correct the original entry (make it match the correct entry)

I usually score about 80-100% on JE simulation practice problems using this method. I hope this helps you.

FAR: 71, 77
BEC: 70, 82
AUD: 62, 78
REG: 71, 68, 85

CA Licensed 11/2011

[john97107]

Thanks for responding, I have been using Becker, which doesn't provide you with so many JE problems. What are you using/ recomend I use?

[kandisjoy]

No problem – we're all here to help each other out! I use CPAexcel and they have quite a few JE questions, but since that's kind of expensive for just JE problems… perhaps check out Wiley? It's an inexpensive option to get access to many questions.. but I don't own the Wiley software so maybe someone will respond who knows more about it. Anyone out there?

FAR: 71, 77
BEC: 70, 82
AUD: 62, 78
REG: 71, 68, 85

CA Licensed 11/2011

[Peanut]

John, Did you get the flash cards from Becker for AUD? I hear those are supposed to be really good for Audit. If not I would suggest making your own flash cards on the J/Es. That should help you drill in the concepts and what you need to know.

AUD 81 (X4) Previous scores 59, 72, 72
REG 80 (X3) Previous scores 59, 60
FAR 75 (X2) Previous score 67
BEC 79 (X2) Previous score 58

[rknight21]

OP you just need to know the general entries for assets, accrued expenses (payables), revenue, expense…. all transactions will fall under one of those categories. also you must know how they affect net income..

[kb24]

I used Wiley. There were some JE SIMS and some MCQ regarding JE. Don't remember exactly how many. The thing about audit is that you're probably not going to be seeing random JE. Rather, the typical situation is to idenify the entries you need to make to correct a given misstatement. What helped me was to think of the account pairings I'd likely see e.g. if it was an error in accrual, I'd think of the accrual account and associated expense account, if there was an issue with inventory, COGS and Inventory would need to be adjusted, etc. In the latter case, I might also need to consider Sales and A/R depending on what the error was.

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

[john97107]

Would you recommended I get Wiley for the JE problems- is it worth it or should I just use my intermediate book? And yes I did get the AUD flashcards, they are good but nothing on JE…

[john97107]

Also-reason I'm making a big deal out of this is because 3/10 tabs were JE, and sims are now 40% of the grade so I wouldn't mind putting down 90$ to lock in this section if need be…

[Author]

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