Tying off materiality
ASX
When preparing to write cases - the style of exams CAs have to write -
it's important to balance technical skills with case writing skills.
What materiality is, as covered in a previous post and then further
discussed by Neil,
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The five accounting assertions
ASX
In case anyone asks, there are five accounting assertions courtesy of
the NY State CPAs. They are as follows: 1. existence 2. completeness 3.
valuation 4. rights and obligations 5. presentation and disclosure.
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An introduction to Materiality, concerning both not-for-profit and ...
ASX
The CICA allows 0.5% to 2% of revenues to be the materiality level for
audits of non-for-profit organizations. If you don't know what this
means, you might think that's all you need to know. And if you think
that, then you probably
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Cash flow concern when buying a new business
ASX
If you’re borrowing money to buy or start up a business, remember that
your cash flow is going to have to pay for interest and principal, in
addition to giving you money to live off of. Figure out whether you’ll
have enough to live!
ACS "Director's Commentary"
So
far the goal of avoiding posts devoted to commenting on technical
events affecting this place has been met pretty consistently. Why such
a goal? ACS has a sufficiently vague mission. Since it's already vague
enough ("A Counting
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How to get out of doing A/R confirms
ASX
Accounts receivables confirms sometimes have to be done, but it
consists of a lot of tedious paper work, including mailing and faxing
letters to a whole bunch of other recipients. To get out of doing
accounts receivables confirms,
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April Strategy Session - Why highlighters are your best friends
ASX
Continuing from the series from last day, it's time for more exam prep.
When dealing with a so-called major issue, remember to go through the
following steps:. Explain what the issue is. Apply knowledge and facts
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Outline your thoughts
ASX
Part of case prep involves doing outlines. Although you’re not marked
on your outline, it’s may be a good idea to keep it in the opening to
your answer to show the marker that you know what you’re doing and
they’re about to read
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Case prep time
ASX
Fulled with caffeinated Mountain Dew and Pizza Pizza, it's time to
analyze a case and prepare to answer it. This list of tips and tricks
to use in answering cases continues the series from last month. During
your first read-through,
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Always check first
ASX
You're setting yourself up for disaster if you're an entry level
auditor, lowest of the low, and you zealously start accusing people at
the company you're auditing of fraud. Even if you've hit one of those
rare instances where
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Mysteries of exam scores
ASX
In university, getting a B- may be cause for concern if you’re a keener
obsessed with achieving perfection. On an accounting exam, marks aren't
awarded the same way. That means that getting 100% on a question,
perversely,
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Does the "S" in S-Bahn stand for success?
ASX
For maximum chance of success on exams, give yourself 10 minutes to
write up each important issue when writing an exam with case-based
questions. Photo Credit: Me. You also may have been told to always look
for alternative answers
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Walking towards drudgery
ASX
Here we see people trudging along Bay Street. The title of this post is
misleading, though, since it's evening, not morning. Unless, of course,
you believe there's more drudgery associated with going home than going
to work.
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Sailing towards freedom
ASX
The trend of including completely irrelevant photos continues today.
The weather is completely ugly and miserable - but at least it's a
little warm - so some rare sunny weather from Seattle seems
appropriate. Be careful with bias.
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Critical issue indicators
ASX
While answering exam questions, you have to hit certain 'indicators' to
get points. In the case of a company president who overproduced
products and shipped them to customers against their wishes, the exam
markers stated on an old
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How to read
ASX
This accounting stuff is getting dry. We need pictures. Photo Credit:
Me. I never said anything, however, about the pictures being even
remotely related to the topic being discussed. If you think you're
clever, tie downtown Chatham
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Don't waste time on big exams
ASX
Made more interesting notes from today's exam prep session. Don't
over-analyse during the reading phase. Don't look for hidden issues in
the question paper. As bad it sounds, "do not be creative". Be a boring
accountant during those
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Other Accounting Exam Hints
ASX
It's training season all over again - in preparation for this year's
huge exams, we have training session in progress. We're examining a
sample question and getting pointers on how to read questions. As
simple a skill as that is,
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Magic Accounting Words
ASX
"Difference" is a word you should use with care. While you may think it
just means something is 'not the same', auditors think it means there's
something wrong. And not just "wrong", but horribly, disturbingly
amiss.
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Devotion to destroying your face, and finding your own place
Awful
Plastic Surgery. The name says it all. Before and after pictures of
celebrities that will make you say, why? WHY? For maximum irony,
contrast that site with View from the Sidewalk and The Homeless Guy.
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Too busy to actually watch TV, check out the Superbowl ads ...
I'd
say there's been a distinct lack of ASX posts here. And for that I
blame society. Yes, I blame it for having so many companies which have
chosen their year-ends to be December 31st. As a result, we have a
little something called the
...
Our time is running out
ASX
"It's all over people, we don't have a prayer." - Rev. Lovejoy Ah,
study time is winding down. 4 bite-sized practice exams left to go. So
here's a random series of facts. There is also a picture of a cute
little dog to spice things
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