AUD – Transaction cycles killing me

CPA Exam Review CPA Exam Forum AUD AUD Review AUD – Transaction cycles killing me

This topic contains 3 replies, has 4 voices, and was last updated by  Jimmy Dugan 1 week, 2 days ago.

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  • #2320626

    Hey guys,

    Im using becker and the 4th chapter is killing me. I've been gettin in the 50s and 60s for the mcq with transaction cycles. The MCQ are just very difficult and I don't know how to tackle them. It's almost like you need real world experience with them. Any tips of on these cycles would be great. Thanks.

    24. New York.

    FAR - 76 (February 2019)

    AUD - TBD (MAY 2019)

    #2327304

    OldDogNewTricks
    Participant

    Review the book and then draw out each of the various transaction cycles including the relevant documents that are part of each process. Then layer on top the typical tests an auditor might perform within each cycle. Once you've drawn it out, review it…and then start from scratch and attempt to draw it out. Understanding the beginning to end for each process is important in answering the questions.

    #2328111

    Mike030882
    Participant

    I agree with @olddognewtricks,

    You can't take shortcuts. Becker often offers shortcuts and memory tricks in lieu of (more) detailed explanations.

    So, OldDog is right. Just take an hour or so. Sketch out all 5 major business cycles. See how the controls are implemented. I'd use your old textbook from college. Don't use the hour like you're trying to understand the MCQ. Use it to teach yourself.

    Sometimes, you need to take a step back as opposed to knocking your head against the wall. For me, it helped with Basis transactions or calculations on REG. And budget problems on BEC.

    You'll get it.

    AUD - 90
    BEC - 79
    FAR - 77
    REG - 77
    They don't trust JUST ANYBODY to count beans
    #2328615

    Jimmy Dugan
    Participant

    I would absolutely follow the advice on making a little diagram for the transaction cycles. Also, it was helpful for me to focus on the ARC (authorization, record-keeping, custody) mnemonic; many of the transaction cycle questions focus on segregation of duties.

    AUD - 95
    BEC - 87
    FAR - 84
    REG - 90
    You're killing me Smalls

     

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