audit journal entries

  • Creator
    Topic
  • #1582327
    rsiddiqui
    Participant

    I am in the review phrase for the exam and i heard on this page that there I should review Journal entries for the audit exam. Where in becker does it show journal entries, as i want to make sure I am prepare

    rsiddiqui
Viewing 7 replies - 1 through 7 (of 7 total)
  • Author
    Replies
  • #1582339
    Want2BeCPAsoBad
    Participant

    I didn't see any journal entries on Roger but I took AICPA sample test and it did include a simulation for journal entries. You can take it at the AICPA website.

    AUD - NINJA in Training
    BEC - 82
    FAR - NINJA in Training
    REG - 82
    Your intelligence has nothing to do with your score!  It's a matter of dedication, study habit and how well you test.

    AUD- 64 (Retake 1/2)-Waiting on score

    BEC- 82 (2x)

    FAR-May 2018

    Reg- 82 (1x)

    #1582343
    rsiddiqui
    Participant

    thanks for that i will take a look at that, does anyone else have any ideas

    rsiddiqui
    #1582360
    Me!
    Participant

    Hi,

    This link has been posted many times before and it is extremely helpful!

    https://www.principlesofaccounting.com/illustrative%20entries/entrieslist.htm

    AUD - 76
    BEC - 78
    FAR - 70-Q1; 66!-Q2 WTH! 77
    REG - 78

    Used CPA Excel, Wiley, Ninja

    Licensed CPA, Tennessee 2/2018

    #1582364
    rsiddiqui
    Participant

    thanks, should i review all of them, or does some apply to the far only

    rsiddiqui
    #1582390
    BBHYX
    Participant

    There's a module in audit becker for Adjusting journal entries

    Becker for all

    AUD - 87 (Q2 2017)
    FAR - 97 (Q3 2017)
    REG - 95 (Q3 2017)
    BEC - 98 (Q3 2017)

    #1582400
    Me!
    Participant

    I would say look at all of them…at least be exposed to them. I had an AUD sim that when I saw it I thought, “Geez, am I taking FAR?!!!” AUD adjustments are from FAR section, I mean we are auditing financials so it makes sense to look at all of them.

    AUD - 76
    BEC - 78
    FAR - 70-Q1; 66!-Q2 WTH! 77
    REG - 78

    Used CPA Excel, Wiley, Ninja

    Licensed CPA, Tennessee 2/2018

    #1582414
    Mike J
    Participant

    Sometimes you can get too close to something you study and study and study. It would happen to me.

    As an auditor you have to know what you're looking for. So when you have to find and/or correct an error, first think of what that journal entry should look like. eg am I increasing or decreasing an asset? Should something be expensed (debit an expense) or capitalized (debit an asset account)?

    To explain the behavior which gave way to a particular ratio, journal entries are a tremendous help. When in doubt, sketch it out.

    So, don't worry about rote memorization so much as be VERY comfortable using journal entries to explain (a) what you're seeing; (b) what it should look like if wrong; and (3) how to correct it.

    Memorizing will come with practice and the right perspective.

    You'll be fine. Good luck!

    AUD - 90
    BEC - 79
    FAR - 77
    REG - 77
    They don't trust JUST ANYBODY to count beans
Viewing 7 replies - 1 through 7 (of 7 total)
  • You must be logged in to reply to this topic.