CPA Exam Simulation: Acquisition and Expenditure скачать в хорошем качестве

CPA Exam Simulation: Acquisition and Expenditure

In this session, we will work a CPA exam simulation covering acquisition and expenditures. CPA exam Candidate, start your free trial:✅https://farhatlectures.com/ Intro (0:00-0:30): The video introduces the format of a CPA exam simulation, where you're given a transaction and need to identify the type of procedure, evidence, and audit objective. Example Transaction 1 (3:43-5:48): The video reviews the acquisition ledger to identify unusual transactions, which is an analytical procedure. Example Transaction 2 (5:54-7:31): The video talks about inspecting invoices and shipping records, which involves test of detail balances. Example Transaction 3 (7:32-10:31): The video discusses selecting purchase transactions and cross-checking them with vendor invoices, which involves both test of control and substantive test of transaction. Example Transaction 4 (10:38-11:58): The video uses audit software to verify the accuracy of the acquisition journal, which is a substantive test of transaction. Example Transaction 5 (11:59-13:03): The video sends confirmation requests to vendors, which is a test of detailed balances. Example Transaction 6 (13:12-14:54): The video talks about examining a sample of receiving reports, which is a test of control. Example Transaction 7 (15:30-16:21): The video reviews fixed assets and physically inspects each asset, which is a test of detailed balance. Example Transaction 8 (16:23-18:11): The video analyzes the ratio of equipment and repair expense, which is an analytical procedure. Example Transaction 9 (18:11-19:16): The video obtains a representation letter from management, which is an inquiry of the client. Example Transaction 10 (19:16-20:00): The video recalculates the allocation of insurance premium, which is a test of detailed balance. Conclusion (20:01-21:44): The video emphasizes the importance of understanding different procedures, evidence types, and their relation to audit objectives. The CPA Exam simulations, officially known as Task-Based Simulations (TBSs), are one of the most challenging components of the CPA Exam. These simulations test candidates on their ability to apply knowledge and skills in realistic, work-related scenarios. Understanding how to effectively approach these simulations can greatly enhance your chances of success. Understanding CPA Exam Simulations 1. Structure and Format Components: Each CPA Exam section includes several TBSs. The number can vary by section. For example, AUD (Auditing and Attestation) and FAR (Financial Accounting and Reporting) typically have more simulations than REG (Regulation). Types of Tasks: Simulations can involve completing forms, making journal entries, analyzing financial statements, or researching authoritative literature for specific guidance. Tools Provided: You may be given access to spreadsheets, calculators, or research materials to use during the simulation. 2. Preparation Tips Master the Content: Deep knowledge of the exam content is crucial, as simulations draw heavily on applying what you know in practical scenarios. Practice with Review Courses: Utilize CPA review courses that provide practice simulations. Becker, Wiley, Surgent, and Gleim offer extensive simulation practices that mimic the format and complexity of the actual exam. Time Management: Each simulation can be time-consuming. Practice managing your time efficiently to ensure you can complete all tasks. Typically, you should allocate about 15-20 minutes per simulation. 3. Approach to Solving Simulations Read Instructions Carefully: Begin each simulation by reading the instructions thoroughly to understand exactly what is required. Review All Provided Information: Simulations often include exhibits or additional documents (e.g., financial statements, emails). Ensure you review these carefully to gather necessary information. Plan Your Approach: Before answering, outline your approach. Determine which tasks are straightforward and which may require more time or research. Use Authoritative Literature: For sections like AUD and REG, you might need to look up guidelines or standards. Practice navigating these resources quickly and efficiently. Check Your Work: If time allows, revisit your answers, especially calculations and any data input elements, to correct any possible errors. 4. Types of Simulations Research Simulations: Require you to find and cite specific authoritative literature that applies to a given scenario. Journal Entry Simulations: Test your ability to prepare appropriate journal entries based on provided transactions or financial data. Reconciliation Tasks: May involve reconciling accounts or adjusting entries. Case Studies: Provide a scenario for which you must develop a response or solution based on multiple pieces of information. #cpaexaminindia #cpaexam #cpacourse