AUD JE type question

  • Creator
    Topic
  • #173376
    forever4
    Member

    During my review, I did NOT see any thing about JE. What type of JE question would i get for AUD? Like the cycle or FAR?

    Im confused.

    Thanks

    FAR 5/14 88 PASSED!
    REG 7/13 74 :((((((((....! I cant believe it!!!! I studied so hard...
    REG retake 11/29 -> 89!!!!!!!!!!!!!!!!!!!
    BEC 10/11/12 -> 84!!!!!!!!!!!!!
    AUD 10/25/12 -> 95!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    I'm DONE! OMG 8 months of hard work.

    I SHALL PASS. BECAUSE IT'S ME, SO EVERYTHING WILL BE OK!

Viewing 14 replies - 1 through 14 (of 14 total)
  • Author
    Replies
  • #414357
    MrsB
    Member

    I have not taken my exam yet but I have seen some JEs in the wiley sims. So far all of the JEs have been correcting entries.

    F 80
    A 86
    B October
    R November

    #414358
    forever4
    Member

    sims in the test bank or text book? What chapter is that? 😮

    thanks

    FAR 5/14 88 PASSED!
    REG 7/13 74 :((((((((....! I cant believe it!!!! I studied so hard...
    REG retake 11/29 -> 89!!!!!!!!!!!!!!!!!!!
    BEC 10/11/12 -> 84!!!!!!!!!!!!!
    AUD 10/25/12 -> 95!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    I'm DONE! OMG 8 months of hard work.

    I SHALL PASS. BECAUSE IT'S ME, SO EVERYTHING WILL BE OK!

    #414359
    MrsB
    Member

    There is one in assessing evidence. I am using the Wiley 2011 test bank CD.

    F 80
    A 86
    B October
    R November

    #414360
    mena je twa
    Member

    I dont recall seeing a JE question ina audit. But since you have passed FARE, and if they throw a question at you of JE's in audit, you should be able to handle the Debits and Credits

    Licensed CPA, Texas - 2012

    #414361
    forever4
    Member

    @MrsB: they have CD version??? 😮 Never heard of it. I haven't done all the sims in the book and test bank so we'll see. What was it about though? Just checking if they are in comformity with GAP?

    @mena: Gosh. I forgot most of FAR materials. I need to check on equity method. ARGHHH

    FAR 5/14 88 PASSED!
    REG 7/13 74 :((((((((....! I cant believe it!!!! I studied so hard...
    REG retake 11/29 -> 89!!!!!!!!!!!!!!!!!!!
    BEC 10/11/12 -> 84!!!!!!!!!!!!!
    AUD 10/25/12 -> 95!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    I'm DONE! OMG 8 months of hard work.

    I SHALL PASS. BECAUSE IT'S ME, SO EVERYTHING WILL BE OK!

    #414362
    Anonymous
    Inactive

    @forever4 have you gone to the AICPA website and done the practice test for AUD? If it hasn't changed there is a sim on there that pertains to journal entries. That will give you an idea of the type of JE you could get.

    #414363
    forever4
    Member

    @Destiny: You're awesome!! I will check it out later this week. I'm waiting to do those official ones when I feel more comfortable about the materials.

    FAR 5/14 88 PASSED!
    REG 7/13 74 :((((((((....! I cant believe it!!!! I studied so hard...
    REG retake 11/29 -> 89!!!!!!!!!!!!!!!!!!!
    BEC 10/11/12 -> 84!!!!!!!!!!!!!
    AUD 10/25/12 -> 95!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    I'm DONE! OMG 8 months of hard work.

    I SHALL PASS. BECAUSE IT'S ME, SO EVERYTHING WILL BE OK!

    #414364
    MrsB
    Member

    They do not make the CD version anymore. It ended in 2011. The CD sucks and I wish that I had the web version. Here is a question from my sims:

    During the course of the year 2 audit of the company, the auditor discovered the following situations that may or may not require an adjusting journal entry. Each audit finding is independent of any of the other findings. Double-click on a shaded space and select the account or accounts that would comprise the adjusting journal entry, if required, to correct the audit finding. Accounts may be used once, more than once, or not at all.

    Audit finding

    Adjusting journal entry

    Dr.

    Cr.

    The bank’s confirmation reply regarding the company’s line of credit indicated that the December, year 2, interest was unpaid at year-end. Accruals for monthly interest expense have been made for 11 months in year 2 by the company.

    Interest expense

    Accrued liabilities

    Employee overtime pay for hours worked before year-end, but paid in the following year, were not recorded in year 2.

    Operating expenses

    Accrued liabilities

    In the last week of year 2, the company recorded revenue for services rendered to some clients in year 3.

    Revenues

    Accounts receivable

    During year 2, a former client sued the company for inappropriate work. Legal counsel has advised that it is “reasonably possible” that the company will be assessed damages. An amount can be estimated.

    Disclosure but no entry required

    Disclosure but no entry required

    At the end of year 2, a major customer filed for bankruptcy.

    Allowance for doubtful accounts

    Accounts receivable

    F 80
    A 86
    B October
    R November

    #414365
    forever4
    Member

    OMG.

    If you were Mr.B instead of Mrs.B, I would love you for life!!

    FAR 5/14 88 PASSED!
    REG 7/13 74 :((((((((....! I cant believe it!!!! I studied so hard...
    REG retake 11/29 -> 89!!!!!!!!!!!!!!!!!!!
    BEC 10/11/12 -> 84!!!!!!!!!!!!!
    AUD 10/25/12 -> 95!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    I'm DONE! OMG 8 months of hard work.

    I SHALL PASS. BECAUSE IT'S ME, SO EVERYTHING WILL BE OK!

    #414366
    forever4
    Member

    Btw, would you mind posting the answers too plz??? 🙁

    Thanks!!!

    FAR 5/14 88 PASSED!
    REG 7/13 74 :((((((((....! I cant believe it!!!! I studied so hard...
    REG retake 11/29 -> 89!!!!!!!!!!!!!!!!!!!
    BEC 10/11/12 -> 84!!!!!!!!!!!!!
    AUD 10/25/12 -> 95!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    I'm DONE! OMG 8 months of hard work.

    I SHALL PASS. BECAUSE IT'S ME, SO EVERYTHING WILL BE OK!

    #414367
    forever4
    Member

    Nvm. I think you did!!

    Thanks!~

    FAR 5/14 88 PASSED!
    REG 7/13 74 :((((((((....! I cant believe it!!!! I studied so hard...
    REG retake 11/29 -> 89!!!!!!!!!!!!!!!!!!!
    BEC 10/11/12 -> 84!!!!!!!!!!!!!
    AUD 10/25/12 -> 95!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    I'm DONE! OMG 8 months of hard work.

    I SHALL PASS. BECAUSE IT'S ME, SO EVERYTHING WILL BE OK!

    #414368
    MrsB
    Member

    You are very welcome!

    F 80
    A 86
    B October
    R November

    #414369
    zissou90
    Member

    MrsB first of all thank you for your post. I have a question, in the adjusting entry example that states:

    During year 2, a former client sued the company for inappropriate work. Legal counsel has advised that it is “reasonably possible” that the company will be assessed damages. An amount can be estimated.

    Did you mean can't be estimated? I thought that if it could be estimated an adjusting entry would be made.

    B
    A- 89
    R-89
    F- 79

    #414370
    tarepanda
    Member

    @zissou90 – I remember that SIM when I was studying AUD. The wording in the question is correct (amt *can* be estimated). It's a trick. You have to key in on the fact that the potential damages/liability is “reasonably possible.” If reasonably possible, no adjustment. Just disclosure in the F/S. If it were probable, then you would have to think about adjustments…

    2012 (Kaplan)
    REG: 70, 72
    2013 (Kaplan, Wiley Test Bank & textbooks, Ninja audio)
    FAR 2/21/13: 75
    REG rematch 4/2/13: 84
    AUD: 5/22/13: 86
    BEC: 7/30/13 ... 86!

Viewing 14 replies - 1 through 14 (of 14 total)
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