Faith,
I'm happy to hear that I'm not the only one who struggles with accounting. I've
failed this exam before, so maybe my strategy isn't the greatest, but I think
this might help you drill down to the most important accounting topics.
I didn't find the "red book" to be particularly helpful because it's so out of
date that it contradicts some of the items you need to memorize on the AS.
After lightly reading the assigned chapters, I used the book only as reference.
I spent a lot of time on what I thought were the most important topics: GAAP vs
SAP, Taxation, Balance Sheet, Income statement, Capital and Surplus, Schedule F
and Schedule P. I think that if you know these topics well - you'll do great on
the essay portion of the exam.
Last year they asked some picky things that I did miss (like is ulae discounted
for tax purposes) but overall I thought I knew what I was doing on the exam
(scored a 5).
If anyone disagrees, let me know.
How is the rest of the group doing? Would love to hear from you.
Mary Pat
(Embedded
image moved AMFMPIP@aol.com
to file: 07/29/99 05:53 PM
pic32697.pcx)
To: studygroup7@lists.casact.org
cc: (bcc: Mary Pat Bayer/Wausau)
Subject: Accounting
Hi everybody!
I guess that all of you are busily studying and that's why no one is posting
any messages.
I am having lots of trouble getting through the accounting material. Since I
did reserving in a previous job, I can get through these readings with my
sanity somewhat in tact.
Does anyone have any helpful hints about the accounting? Should I carefully
try to read through an annual statement? Will that help me understand the
readings any better? I think I'm in big trouble since I can barely decipher
the difference between debits and credits.
Hope all of you are doing better than I am.
Keep cool,
Faith
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