[asdf]

I was so embarrassed when I had to encounter 3!!!!!!!!!!!!!!!!!!!!!!!!!!! (not 1, not 2) reconciliation between g/l and subledger
in AR and PPE, and other I don’t now even remember.
I studied simulations not thoroughly, but this subject was like I’ve never expected.
Anyone knows how to study for this subject?
I didn’t even see any sample questions for rec between g/l and subledger while I’ve studied.

FAR - Passed

REG - Passed

AUD - Passed

BEC - July 2020 - PASSSSED!!!!!

-----------------------------------------

PETH - Oct 2020 - Passed  😉

[cottonkandi]

There are several tricks to figuring those problems out:

1. When was the property purchased? (current year, prior year, or a date after the balance sheet closed). Remember financial statements should only reflect transactions of the current year.

2. Is it truly a PPE? Read the capitalization memos/policies, determine how the company is capitalizing. Like the company decided to expense items under $400. You might see a $300 printer that was capitalized so therefore you would make an adjusting entry, cr printer, dr expense. Did the repair improve the productivity/ efficiency of the product or was it a regular maintenance that was capitalized. If you realize it's a routine maintenance that was improperly capitalized, you should cr. asset and dr. expense.

3. Know the difference between FOB shipping and destination for both seller and buyer. Look at the dates of year-end shipping activities. If they are giving you shipping info, it's usually because they want you to realize whether entry was for current year or if it should be adjusted for next year.

That's all I can think of for now.

BEC: 75!

FAR: 84!

AUD: 81!

REG: 79!

[Cheeks Malone]

All of the suggestions from @Cottonkandi are really solid and sound like what I ran in my head while answering these problems.

AUD - 86
BEC - 82
FAR - 86
REG - 82

Ethics - 100

 

"We lib a play anutha day."

-Farmer Fran

[Author]

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