Task-based simulation question about the code of section

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  • #3168967
    guppy
    Participant

    I am new to this forum so please pardon me if someone has asked the same question before.

    I am studying on FAR and AUD. I have encountered several task-based simulation questions to ask me to fill the topic code of some standards, like “Which section of the Accounting Standards Codification best states the items of other comprehensive income?”, and I was expected to fill the topic code like “FASB ASC + 3 digits… etc.”. Do I really need to remember all the topic codes? It's almost impossible to remember them. Will it be tested in a real exam? Please help, thank you!

    #3169131
    Mick
    Participant

    You don’t need to memorize these. You will have access to the authorative literature to look up the ASCs. For the most part, you should be able to find the ASC the question is looking for based on key words in the question. Occasionally, I’ve come across some where it’s has been difficult finding the right key words to use to get the correct answer.

    Authorative literature can also be used to help complete other sims but aren’t available for MTCs.

    AUD 80*, 75

    FAR 74, 70, 82

    BEC 60, 87

    REG 63, 65, 79

    * Lost credit

    #3169341
    guppy
    Participant

    You don’t need to memorize these. You will have access to the authorative literature to look up the ASCs. For the most part, you should be able to find the ASC the question is looking for based on key words in the question. Occasionally, I’ve come across some where it’s has been difficult finding the right key words to use to get the correct answer.

    Authorative literature can also be used to help complete other sims but aren’t available for MTCs.

    Thanks so much, Mick! It is very helpful information. I never knew such research skill is also tested in CPA exam.

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