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US CPA Simulation Questions - Complete guide | Hi-Educare
In the US Certified Public Accountant (US CPA) exam, task-based simulations are known to be scenario-based questions. Each question introduces a situation and provides data in the form of memos, charts, and emails. Except in the Business Environment and Concepts (BEC) section, the simulations make up 50% of the total US CPA exam score. How important are Task-Based Simulations? Task-based simulations (TBS) play an important part in the US CPA exam. Depending on which section you are taking, you will have around 7 to 8 simulations on each section of the Certified Public Accountant exam. On the whole, there are 31 TBS; they will make up half of the overall score. Over the past seven years, the AICPA (American Institute of Certified Public Accountants) has been improving the simulation section by redesigning the interface, adding exhibits, and changing their sample exams. With all these exam changes, task-based simulations play a vital role in assessing the candidate’s ability on the US CPA exam. What kinds of Simulations are on the US CPA exam? In general, there are five types of simulations in the US CPA exam. Here’s the list for you: 1.Research 2.Journal Entry 3.Free-Response Numeric Entry 4.Document Review 5.Option List 1.Research: Research task-based simulations help you to cite an authoritative source. For instance, you may be required to cite the internal revenue code section that defines the tax rates on qualified dividends. You will have access to the authoritative literature tool, and hence you won’t need to memorize it all. Note: This simulation doesn’t appear in the Business Environment and Concepts (BEC) section. 2.Journal Entry: These simulations help you in completing the journal entries. In order to complete journal entry simulations, you are required to select an account from the account column and must enter the corresponding amount in that column (credit or debit). Journal entry simulations can appear on the FAR and AUD sections of the US CPA exam. 3.Free-Response Numeric Entry: Free-Response Numeric Entry simulations ensure you enter the numeric amounts into the predesignated cells. Besides, these simulations require that you respond with a few kinds of numbers like a ratio, an amount of currency, and many more. Once you have entered it, your response will be formatted automatically. These task-based simulations appear on the sections of the US CPA exam. 4.Document Review: The Document Review Solutions ensure in providing a realistic document and accompanying all the source materials. The document contains underlined phrases, words, or even paragraphs. You will be provided with a portion list by clicking on the underlined portion. You are responsible for determining which edits are needed if any. These task-based simulations appear on the sections of the US CPA exam. 5.Option List: The option list simulations ensure you opt for the best option to answer a question in the given list. Also, depending on the simulation, you will be given a scenario along with instructions. You can answer the predesignated cells by just clicking on the questions. Sometimes these simulations combine with the Numeric Entry Simulations. These task-based simulations appear on the sections of the US CPA exam. Tools for Task-Based Simulations: The task-based simulations on the US CPA exam are not easy to solve; hence, the AICPA includes many tools in assisting their completion. Before you start your exam, if you are not familiar with the tools, you will waste valuable test time. Besides knowing how these tools work, it is essential to know how to use them at best. Overly depending on these tools may waste a lot of time and effort. Practicing with the tools on various simulations is the best way to find that balance. Here’re a few tools for Task-Based simulations: 1.Calculator 2.Excel 3.Authoritative Literature 4.Spell Check 5.Exhibits Highlight Calculator: The US CPA exam includes an eight-function calculator. You can use this tool for basic calculations (multiplication, division, addition, or subtraction), but Excel is the best tool for longer calculations. Excel: The US Certified Public Accountant Exam (US CPA Exam) includes access to Microsoft Excel. With the Excel tool, you can use filter features and sort/full formula. However, for security purposes, few features have been disabled. Authoritative Literature: This tool is available only during the simulations. It is very much required for the Research Simulations. Actually, the authoritative literature tool is a search utility that consists of all the authoritative literature for the US Certified Public Accountant exam concepts. It is essential that before you sit for the US CPA exam, you have to know how to use this tool. The authoritative literature sources include AICPA Professional Standards, Internal Revenue Code, PCAOB Auditing Standards, and FASB Codification. Spell Check: When it comes to written communication tasks in the Business Environment and Concepts (BEC) section, “spell check” is a valuable tool. The US CPA exam features basic software for spell checking that can underline any word automatically if there’s any mistake. In such a way, you can right click on the underlined text and see the spelling suggestions list. Exhibits: Many simulations in the US CPA exam include exhibits. These are additional data sources containing the information required to answer questions on the task-based simulation. Exhibits come in a variety of forms like press releases, income statements, memos, etc. Hence, it is always valuable to practice extracting the data/information from various types of presentations. So, you need to practice more simulations. Highlight: This tool helps in tracking the information/data in multiple exhibits. You will receive an option to mark by using your cursor to highlight the text on the CPA exam. Conclusion: Hi-Educare (India’s leading CPA/CMA provider) created the largest bank of Task-Based Simulations for you to practice. We offer you the best advice for practicing more simulations before sitting in the US CPA exam. The US CPA exam is becoming more difficult, so ensure you are working with the best review provider like Hi-Educare. Feel free to contact us for more details about US CPA exam: Call: +91 6361515064 | +91 9739177769 Email: info@hi-educare.com Visit: https://hi-educare.com/
05-Jan-2022, 05:31 PM