myaccountingblog-me.blogspot.com
My Accounting Blog: Beginner's questions
http://myaccountingblog-me.blogspot.com/2009/11/road-to-cpa-ii.html
I was approved to take the Exam and about to start the prep, but there were still some doubts. So after much research, deliberations and brain storming, following is what I came up with-. Q1 Which section to take first/what order should I take the Exams? Would add here, the subject is not difficult, after putting in some effort you can definitely grasp it, the major issue is"REMEMBERING IT ALL", so whatever is your study strategy always remember to have enough time for revisions. Now this would depend on...
myaccountingblog-me.blogspot.com
My Accounting Blog: Basic study technique
http://myaccountingblog-me.blogspot.com/2010/02/basic-study-technique.html
I first went through the lecture with Becker instructors, read the chapter on my own( including the "Homework reading") and did all the questions( including the supplemental one) and that is most important! If I came across a good question, or a question which would serve as a good example for some concept in the book, I used to note down the question number next to the relevant text in the book, so when I am revising from the book, I can quickly go over the question. My take on them.
myaccountingblog-me.blogspot.com
My Accounting Blog: LAPPING
http://myaccountingblog-me.blogspot.com/2010/04/lapping.html
Lapping as per Becker text book, involves withholding current receipts of cash or checks and not recording them. The unrecorded receipt is covered by applying a subsequent receipt to the previously unrecorded account. My take on them. Before you start preparing. Simple template. Powered by Blogger.
myaccountingblog-me.blogspot.com
My Accounting Blog: Bank Reconciliation Statement
http://myaccountingblog-me.blogspot.com/2010/04/bank-reconciliation-statement.html
The motive is to reach at the same. Adjusted balance in both BANK and CASH. Begin with the closing balance in Bank-. 1 Deposits in Transit. 2 Any error resulting in a lesser balance at bank. Wrong credit/ lesser debit. 2 Any error resulting in a higher balance at bank. Wrong debit / lesser credit. Begin with closing balance in CASH -. 1 Direct collection by bank. 2 Any error in the book. 1 Bank charges- service charges/ check printing charges or any other charges. 2 NSF checks/ fees. My take on them.
myaccountingblog-me.blogspot.com
My Accounting Blog: AUDITING-Kiting/ lapping
http://myaccountingblog-me.blogspot.com/2010/04/audit-ing-kiting-lapping.html
The various methods of substantive tests for cash balances are-. 1 Bank Reconciliation Statement. As the name suggests, it reconciles the year-end General Ledger Cash account balance to year-end bank statement balance. The Bank statement balance is adjusted for items appearing/ missing in Cash book, and vice versa.So ultimately Adjusted Book balance should be equal to adjusted Cash balance. My take on them. Before you start preparing. Simple template. Powered by Blogger.
myaccountingblog-me.blogspot.com
My Accounting Blog: Audit Risk
http://myaccountingblog-me.blogspot.com/2010/04/audit-testsprocedures.html
Audit risk, that the auditor may, unknowingly, fail to modify appropriately the opinion on financial statements that are materially misstated. Simply stated, its the risk an auditor is willing to take that he might issue a clean report on not so clean financials. If the auditor decides to lower audit risk. Risk of Material Misstatement. The auditor's assessment of risk of misstatement. This risk exist independent of audit and auditor cannot generally It can be understood as,. My take on them.
myaccountingblog-me.blogspot.com
My Accounting Blog: Filing Status
http://myaccountingblog-me.blogspot.com/2010/02/filing-status.html
There are 5 filing status -. 2 MARRIED FILING JOINT. 3 MARRIED FILING SEPARATELY. 4 HEAD OF HOUSEHOLD. 5 QUALIFYING WIDOW with a dependent child. In my opinion nothing better explain this than IRS website. Do refer to it. 1 SINGLE- It includes, never married/ legally separated/ widowed( not remarried/ do not have a dependent child). The status on Dec. 31st decided the filing status. 2 MFJ- As the title suggests, the parties must be married on Dec 31st, they may live apart but not legally separated. In th...
myaccountingblog-me.blogspot.com
My Accounting Blog: Audit Procedures
http://myaccountingblog-me.blogspot.com/2010/08/audit-procedures.html
AUDIT PROCEDURES: The following are important audit procedures-. 1 Obtain an understanding. Of the entity, it's business/environment/ industry, internal control. (generally used for assessing RMM). 2 Test of Controls. Procedures used to obtain evidence needed to assess Control Risk(CR). (generally used for assessing RMM). 1 Post vendor bills. 5 Signs the check. 3 Substantive test of transaction. 4 Test of details of balances. Focus on ending General Ledger Balances. (generally used for DR). C As an overa...
myaccountingblog-me.blogspot.com
My Accounting Blog: The beginning
http://myaccountingblog-me.blogspot.com/2009/11/beginning.html
Hello, if you are visting this blog, you are probably. an accounting student/ a CPA aspirant or a candidate,and a 75% chance you searched kiting/lapping. On google and that brought you here. Whatever the reason may be,I am glad you are here. I haven't been updating the blog for long, but you cant keep away for long when you love to write? So here I am, writing what I mostly like to talk about.Accounting, specifically here, CPA. My take on them. Before you start preparing.
