[nib]

Hello friends ,

In my last FAR score report , simulation Was weaker section. In exam , I could not complete simulations . Because my time management got messed and I was going slow in journal entries .

As my old study plan , I prepared separate ms words notes of all J/E . I had gone through it many times . It seem it did not work for me .

Please advice study plan for JOURNAL ENTRIES ..

[MaLoTu]

I think the only real way to study the JE is to use them in solving the MCQ, in my personal experience. I suppose I am more of a kinetic learner in that way. I sucked at JE the first 2 exams and then finally on my third attempt some of them began to click. I don't even know if I passed or not yet, so feel free to take my advice with a grain of salt! I would just try applying them rather than trying rote memorization (writing them over and over).

[Anonymous]

bin,

To understand JE's, I think it's important to see the big picture – how a JE impacts the books from transaction level to account level to financial statement level. If you're really struggling with this, I might suggest downloading accounting software with double entry bookkeeping (gnucash is free), then experimenting with JE's using a fictitious company (or maybe your personal finances – hey, win-win).

[Anonymous]

@Malotu–u definitely passed!!!

great advice- approach each MCQ by thinking of the related journal entries:

for example inventory and rising prices: i dont even memorize the whole in a period of rising prices using LIFO net income will go <up/down> and ending inventory will <decrease/increase> BUT knowing the journal entries associated with the concept i will be able to easily deduce on exam day:

ok rising prices means that upon sale both sides of the Dr. COGS Cr. Inventory journal entry will both be higher than using FIFO (rising prices last in)… soooo income will go down (because COGS(expense) is higher thus reducing gross profit and net income and conversely ending inventory will also decrease because we credited it for a higher amount so there is less left over

its hard to put my train of thinking in words but basically every MCQ has a quick J/E asociated with it in my head,

[nib]

@MaLo
you will definitely pass.

@ eesti


@calvinus

1)I will check for gnucash .

2) I have started solving mcq as a simulation que with J/E

3)heard lectures of allen mursau . Its really good

[Author]

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