January 7, 2019 at 5:09 pm #2153491pat952Participant
@MJ44 Everyone's study techniques are different, but this is the one that worked for me on my 3 exams including a retake. This helped me go from a 65 to a 86 on FAR. Note I am also a computer person so this might not work for everyone. For my retake, I did not read the book again. I would skim, and keep note of the important things. I had 3 word documents on my computer. One was for lists and different mnemonics that were listed. One was for reasons why I got M/C questions wrong, and some of the pass keys. The last was for helpful diagrams and example reports listed in the book. I would skim a module and write these down, then do the M/C for that section and write down wrong answers. I would repeat this over and over again until I got to the end of the section. At this point I would do the simulations, and mark down the simulations I struggled with to remind me to look at them again. After going through all the sections I would do the Mock Exams. After a mock exam I would look at what sections I struggled with. Then I would do a progress test on that section to see what exact modules I wasn't really understanding, and then would do the skills practice to help me understand. Then after all the mock exams were done, I would spend the last few days before the test just cranking out progress tests. These became my bread and butter for passing the tests. They are a great way to get a diverse group of questions just on the sections you are struggling in. For anyone else who is taking an exam for their first time this works too! I would just suggest reading the book a little more thoroughly. The biggest piece of advice I can give to anyone taking the test is that practicing the M/C is hands down the most important thing to do. This is how you engrave the material in your brain. I hope this all helps!January 7, 2019 at 7:14 pm #2153797StudyStudyStudyParticipant
subsequent events question – on November 20, 2012, an incident occurred that led to ongoing litigation with a former employee. Management accrued a loss of 45k. A legal counsel inquiry dated February 5, 2013 supports managements assessment that a loss of 45k was probable. On February 10, 2013 the litigation was settled for 20k. Date of auditors report is February 12. Is this considered a contingency gain 40k vs 25k and therefore we don’t make an adjustment to the accrued loss? I only see examples of settling for a larger loss and in those cases you would adjust the FS and disclosures.January 7, 2019 at 7:54 pm #2153944
I think you would do the same as if it were settled for more.
Go back and reverse the entry for the “over accrued” amount.
That would make sense to me, you might want to wait for other answers, I could be wrong.
I will say that I didn't see anything that I considered backwards or unusual on the test. In my experience the test seems to stick with the ‘usual suspect', which in this case would be the larger loss.January 7, 2019 at 7:59 pm #2153968JasonSoCalParticipant
5th time's a charm? AUD is my last exam to pass and my REG falls off on Feb 4. I take AUD on January 17th and I am a bit behind on my studying. I scored above average on SIMS last time so I am focusing on learning the material. Doing Roger CPA AUD Cram Course. Wish me luck!January 7, 2019 at 11:43 pm #2154307rkelle19Participant
I took my first exam, AUD today. The MCQs weren’t too difficult, feel like I did really well on those. However the simulations were way worse than anything becker prepared me for. Did a lot of guessing and feel like I failed. Anyone else have a hard time with the sims? Should I expect to retake it or is this a normal feeling after taking a CPA exam?January 8, 2019 at 6:43 am #2154403
I took the test on the third, and I know I messed up on one simulation. I guess I can just pray that one was a pretest.
But yes, I think the simulations are harder because they require more judgement AND they bring in a lot of stuff from FAR. I actually felt like one of my Simulations had very little to do with audit, and would have fit right into the FAR exam.
The questions were all rule based and the simulations all judgement based- and it was that way both times I took it.
I do, however feel like my Roger prep gave me a good base for how the simulations looked.
And one of them was almost exactly like one I did on the AICPA sample test.January 8, 2019 at 8:46 am #2154484shakil127Participant
@Pat952 Did you use this technique when you fail the Audit exam with a 72?January 8, 2019 at 9:16 am #2154520pat952Participant
@Shakil127 no I did not. I messed around with different ways to study for AUD and FAR, and failed both of them. Those were my first 2 exams. After that I switched to this method, and passed my next three. It has yet to let me down!January 12, 2019 at 11:44 am #2161084
Me too! Good luck!<January 12, 2019 at 11:50 am #2161105 How to update my scores in my signature when I reply to posts?January 12, 2019 at 11:51 am #2161114 How to update my scores in my signature when I reply to posts?January 13, 2019 at 7:52 pm #2163334
Hey y'all! Taking AUD this Saturday (1/19/2019). Passed FAR and REG last Fall, so very glad to get those done. Although many people mention that AUD is deceivingly easy, so I am trying not to let me guard down and just study way more than I think I need to…
Also, to those who are asking the key to passing- I think Roger (who I use for studying) has it right when he says, “The CPA exam is NOT AN IQ TEST- it is a test of DISCIPLINE. If you study, you will pass!” So, just keep hitting those IPQ's over and over and practice what you got wrong!!!!
Good luck to all!January 15, 2019 at 2:48 pm #2165821Uzumaki2018Participant
Congrats and passing your first two sections!! That's amazing!!!!!!!! I'm currently studying for audit and using roger cpa as well and I was wondering what your study process is like. I know you stated that you do IPQS over and over again. Is there anything else besides IPQ? Any note taking strategies, like whats your process like? I'm currently on the the responsibilities and ethics section and it just seems so overwhelming all the information and i'm not sure what to take notes on! Please help!!!
Thank you,January 18, 2019 at 11:20 pm #2171131
@uzumaki2018 I honestly just write down all the neumonics and then highlight things in the book as I listen to Roger- I realized after FAR and REG that I was spending wayyyyyyy too much time taking notes rather than just listening to Roger and pausing to make sure I understand what he is talking about before I move on. This has helped me see the “big picture” better and honestly not worry too much about all the information being presented. Because I would get very overwhelmed… Honestly, if I then go through the multiple choice at least once and study the questions I missed, I think that is definitely sufficient to pass all the CPA exams!!! I take AUD tomorrow and going to try to focus on the wording of the questions more than anything, and trust that I studied enough like the other two times. LOL.January 26, 2019 at 11:58 am #2181805
I took the exam on January 4th, felt very confident through the MCQs and first simulation, but the last two simulations totally wrecked me. Still waiting to get my score.January 30, 2019 at 11:59 pm #2189764
I felt so happy when I found this forum, Its like I found my long lost CPA family. I am sitting for my first CPA exam – AUD on March 2nd, im studying hard using Roger buT I am not doing good on the MCQS. I understand the lectures properly but the way the MCQs are worded, I'm like did I even read that part. Uggghhh
ElichJanuary 31, 2019 at 5:49 am #2189851
I know. That one little word changes everything about a question.
But that is the way the test is worded too. Out of all of the tets, I feel like audit is the most tricky in that way.
Like the word ‘issuer' used to be something I just glanced over.
Now I ask myself on every question “is this public or non-public”
Don't worry, that's what practice questions are for. To get you thinking about those little things.
Good luck in your studies and on your test!January 31, 2019 at 8:12 pm #2191120February 2, 2019 at 1:06 pm #2195224my time 2 shineParticipant
My name is Nicole. I am taking the exam on March 9th. I am looking for help throughout this journey. What is considered “Average Net Receivables” in the Receivables turnover ratio? I am studying using Gleim but I didn't see any real explanation in the outline.February 2, 2019 at 7:30 pm #2196106To0ld2PassParticipant
@MyTime2Shine average receivables would be taking the balance of current year and prior years and dividing by 2. If it says net receivables i would think it would be the current year receivables minus allowance for doubtful accounts plus prior year's divided by 2.
Avg Receivables = (Current Year Receivables + Prior Year Receivables)/2
Avg Net Receivables =((Current Year receivables – Current Doubtful accounts) + (Prior Year Receivables – Prior Doubtful)) / 2
Tried to write it out in formula, not sure if i succeeded 🙂February 3, 2019 at 11:39 am #2197546my time 2 shineParticipant
No, this was definitely helpful. Thank you. I used google and some examples used prior year and some did not so I wasn't sure which to use.February 4, 2019 at 7:23 pm #2200222
Got my score today got a 90. I'm in Grad School. I studied 3 weeks, about 6-8 hours a day. Happy to answer questions.February 4, 2019 at 8:26 pm #2200396shakil127Participant
@thejackedcpa what material did you use? What was your study routine ? Is it your first time taking audit?February 4, 2019 at 9:14 pm #2200555
Got an 86!!! Cannot believe it. I'm a tax person and hate audit, but Roger must have prepared me well. I studied less than REG and FAR for sure, but enough obviously.February 4, 2019 at 11:57 pm #2200825February 5, 2019 at 8:52 am #2201308
@Shakil127 I used Becker and this was my first time taking Audit. I first went through the entire course listening to the entire lectures, skill practice, MCQs. After that initial review I never listened to the lectures or the skill practice again. I think they are a waste of time. I like to read the book, and then repeatedly write down on paper the information I feel will be tested, as it helps me better remember. When I felt brain dead or tired, I would just drill MCQs. I think people waste too much time on the mock exams trying to recreate the actual exam. I often would do the mock exams and only do a couple of simulations or just the MCQ, continuously exposing yourself to different types of questions is essential. Hope that helpsFebruary 6, 2019 at 11:55 pm #2205028February 7, 2019 at 9:14 pm #2206378mcast126Participant
Hi! I am currently studying for Audit and I have to say I have been scoring between 50-70 on the mcq! I have passed two parts so far (FAR and REG) and What has worked for me is reading the book twice, doing mcq twice and sims once. To be honest, I never pass any of the mock exams… the actual test seems to be much easier though.
FAR – 64/77
REG – 82
AUD – March
BEC – TBDFebruary 9, 2019 at 12:26 pm #2208439BryGuyParticipant
Hey Guys, First time posting on this forum for AUD Q1.
I took AUD back in October '18 and got a 74. I moved on to REG and just took it yesterday (2/8/19). Now I have AUD scheduled for a retake on 3/6/19 and I have a pretty good idea of where I need to focus my review in order to prepare well enough to get that 75! Does anyone have any review tips for someone in my position ? Anyone who was in a similar situation and passed/failed again ? I am looking for any tips on what TO DO and what NOT TO DO.
Any feedback is much appreciated!February 13, 2019 at 10:28 am #2214385KevinParticipant
I just took AUD on the 5th, so I dont have my score back yet. But if I were to give advice, I would say on the MPQ side just do tons of practice questions. On the sims side, the common belief is that you don't really need to practice them. However, if I have to take AUD again I would definitely practice the audit sims. The sims and the MPQ test different aspects, obviously, and getting familiar with those type of questions should help. All my sims were on different subjects too, so I would make sure to go over every application area.
- You must be logged in to reply to this topic.