[satyakatiwal]

Hi
I am practicing SIMs using Beckers and I noticed I know the theory but still taking
lot of time to balance the BRS. I note each check on paper and do add or deduct but still
Overlook One or two checks or adjustments.
.my problem is not concept but missed items
Which eventually I locate and balance the ledger.
I would appreciate any tips to balance faster BRS .

[Anonymous]

@satyakatiwal – I believe the key to do well on a bank reconciliation SIM is to understand both the purpose and conceptual aspects of it. When you say you understand the concepts, you actually know the underlying concepts or just the mechanics of adding and subtracting (i.e. subtracting outstanding checks from the bank balance and adding deposits in transit)?

[satyakatiwal]

Big4Bean , I believe I understand the concept very well because when I solve problems with say 5-6 items I can balance quickly.i am able to solve MCq without issue. Problem starts when it has say 12 items including deposits in transit and outstanding checks and it’s not balancing. I spend time and find out one check I had not added. When I write down on paper all items then I tick the ones I already accounted and it’s fine but take long time . I take more than it should be.so thought how others are reconciling.

[Anonymous]

Make sure you master this topic. This can be your saving grace on the actual test date.

Each time you work on a bank recon problem, imagine it as your own bank account. That’s what I do. I always imagine the transactions between my personal checking account and Chase Bank.

One of the SIMs of FAR Mock 2 of Becker’s software includes one Bank Recon. The bank and book ending balances tally so I got it 100%. In the recent test I had, I got one which was a little complicated because of one book discrepancy which became bank discrepancy on the same month (a wrong that was wronged again by the other party, you know what I mean?) and adjusted later. There were many attachments that really threw me off. And then, I was running out of time in my last testlet, approximately 30 minutes left for the last 3 SIMs. I just kept clicking my mouse, reading through the attachments, and keying the info. Before moving to the next SIM, I was surprised to see a balanced figure for both the bank and book ending balances. I am not sure it they were even correct because there’s not much time left to review and recheck. That SIM might have been my saving grace to pass the hurdle and get a 76 in the last testing window.

[satyakatiwal]

@Amor that BRS killed me and I kept trying thinking I may find out , kept clicking and finally I wasted my 20 minutes and still couldn’t balance . I had 35 Minutes for 3 SIMs and got 74:-(

[Anonymous]

I’m so sorry, that 74 is brutal!

Chances are bank recon may not visit your testlets again next time. But it won’t hurt to master it. What hurt me in my test (Q4/2017) prior to my pass in FAR were EPS, R&Devt., software costs, intangibles, and other impairment questions. Those were the very first topics I studied hard after receiving another fail. By the time I was (90%) done with FAR materials, I was starting to forget those stuff so I did another round of hard review with them. There were about 2-3 questions each of those topics scattered in my testlets.

I am humbled by my score because I knew I tripped up with one SIM BIG TIME.

Also, make sure you know NFP and Statement of Changes in Equity BY HEART.

https://accounting-simplified.com/financial/statements/statement-of-changes-in-equity.html

[satyakatiwal]

Thanks Amor ,now my BEC expired.
I will keep yours suggested topics in mind.
I remember your Tax notes on Age
and I am sure you will pass REG like what people say walk in park.

[Author]

Replies