Tips on AUD TBS? Particularly Journal Entries

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  • #1519453
    fireblaze240
    Participant

    Hi all,

    I am currently re-studying again for AUD (literally I hate this exam section so much). This would be my 4th time retaking this exam. I have scored 70/72/74 (4th time is the charm?), so I know I am not totally clueless on the exam contents. However I have always been struggling with the simulations, particularly Journal Entries. You can imagine my excitement when they announced the exam will be 50/50 instead of 60/40 on MC/TBS. Is there any tips on how to do well on the TBS, particularly Journal Entries? I seem to generally get overwhelmed when those happen to show up and I don’t know how to approach them. Any tips would be appreciated!

    BEC - 78
    REG - In Progress..
    AUD - In Progress..
    FAR - In Progress..

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  • #1519624
    Wannafree
    Participant

    Your score shows you know the stuff.For JE what I have seen they follow some basic stuff like Adjustment JE. Don't get overwhelmed at JE simulation.Normally they ask 3 type of JE is simulation ( yes based on my 3 attempts ) as follows:
    1.Some accruals they didn't recognize.
    2.Some cash to accruals differences.
    3.Some corrections.
    So please understand the concept of accruals ( google , youtube ,books) .
    Some basic of JE , all income and liabilities will be credited.
    All expenses or assets will be debited.
    Equities will be credited.
    Now suppose first calculate what should be (most likely on accruals basis ) and how much was passed.The diff is going to be reverse ( adjustment JE ).You may read

    In short , read accruals and once you are clear on accruals AJE is easy.

    WannaB
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