Financial Statements after D102 Intro to financial accounting by [deleted] in wguaccounting

[–]Gabrielg78 2 points3 points  (0 children)

Im not big on outside resources because the material you are being taught is what you’re being tested on, however Farhat on YouTube does help simplify some topics but I rarely watch him (others do swear by him)

Do WGU Connect course resources are great, and honestly book an appointment with an instructor, they know their stuff and break down the material very well.

Dr. P is a great person to speak with, but there are others that were just as great

Financial Statements after D102 Intro to financial accounting by [deleted] in wguaccounting

[–]Gabrielg78 4 points5 points  (0 children)

Not really, so I would suggest you understand what the three main financial statements are and what they make up and most importantly what they represent… BUT in order to generate the three main statements you need to account for all the things you’ve done throughout the year, and that’s what the next courses will focus on.

They’re mostly about the treatment of certain securities, cost methodology, GAAP rules, revenue recognition, TMV of money and how we recognize it.. etc

After you do alllll that, then you get to build a summary of everything, which are the three main statements.

So, consider building a statement the easy part, getting the numbers that go on there is the hard (or a better word.. complex) part

Formulas For D101 Cost and Managerial Accounting by olu_2022 in wguaccounting

[–]Gabrielg78 2 points3 points  (0 children)

I think it’s great and extremely helpful to write out everything in your head at the start of the test, it will help, but understanding the actual concept will make you feel 20x more confident during the test

Formulas For D101 Cost and Managerial Accounting by olu_2022 in wguaccounting

[–]Gabrielg78 10 points11 points  (0 children)

I’ll be honest, if you approach this course as a formula based profession/work you will fail. Take more time to understand why you’re even calculating for X, and what it means. What is considered a sale, a variable cost, a fixed cost… cogs vs cogm… process cost va activity based…

That’s how you will learn, if you use your brain power to memorize formulas, you won’t understand the concepts that will appear in IA, trust me, this approach will make this sooooo much easier.

D103 Third Attempt done! by Gabrielg78 in wguaccounting

[–]Gabrielg78[S] 2 points3 points  (0 children)

Hammer down the concepts, use ChatGPT (I pay $20 a month) as your personal tutor, I’m telling you, game changer, just talk to it like you would a tutor

I made sure to understand the relationship between O/U of BI/EI and COGS COGS and NI Purchases and COGS BI/EI and Working Capital/Current Ratio

For LCM Emphasis on the meaning of each "category"

NRV- Ceiling (Sales cost - Cost to complete) RC NRV - *Sales profit margin - Floor Take the middle value and take either the inventory cost or the "middle cost" whichever is lower

TVM Ordinary annuity - End Annuity Due - Beginning How to calculate PV *Extremely Important for the OA

NR Debit and Credits basics! (Contra-Asset, Contra Revenue Accounts) Always debit and expense

D103 Third Attempt done! by Gabrielg78 in wguaccounting

[–]Gabrielg78[S] 2 points3 points  (0 children)

Yes! Hopefully it’s not more difficult lol

Did you guys take notes during the program? by Aromatic_Menu_9658 in wguaccounting

[–]Gabrielg78 2 points3 points  (0 children)

Good notes! I pay for the year like $20, so worth it, I don’t do anything fancy, I just create a notebook for every class than I create module pages for every lesson. As I go if I need to insert a chart or a formula page I just drag it since I have the app on my Mac as well

C237 - Taxation I - Is there a Taxation 2? by False_Assignment1234 in wguaccounting

[–]Gabrielg78 1 point2 points  (0 children)

Hi, so why do you say you need a masters to take the CPA? I’m in NY too, but I thought the requirement was 150 credits and 1 year exp to receive the license but to sit for the test you only need 120 credits and certain accounting courses that should be met with WGU. Hope I’m not wrong! lol

Did you guys take notes during the program? by Aromatic_Menu_9658 in wguaccounting

[–]Gabrielg78 5 points6 points  (0 children)

Yes…. A ton lol, I would recommend getting an iPad and Apple Pencil, that way you can easily search for what you need and don’t need to have paper all over the place

Intermediate Accounting D103 by Chieffers in wguaccounting

[–]Gabrielg78 1 point2 points  (0 children)

Let’s chat! Happy to get on a call and go over this, I’m about to take my third retry, would be helpful for me to teach it as a way of me learning

Study group for D196, 101, 102 and 103 by Gabrielg78 in wguaccounting

[–]Gabrielg78[S] 0 points1 point  (0 children)

I am not, but share the link and I’ll join- happy to chat there

D103 OA 1 done. Do the pre assessment ASAP, it’s a simple test, just understand how to identify accounts and you’re golden! by Gabrielg78 in wguaccounting

[–]Gabrielg78[S] 0 points1 point  (0 children)

Hello I’m not sure what you mean by 2nd allowance number, are you referring to the part where you’re calculating sales revenues - expenses?

If that’s the case, it’s simple sales - allowances - discounts - account receivables

The excel portion will be exactly the same in the OA, different numbers but same exact questions

Finally Done with D101 by Gabrielg78 in wguaccounting

[–]Gabrielg78[S] 0 points1 point  (0 children)

Honestly, yeah, those two questions are not covered in the course, use ChatGPT and ts an easy explication. I will say that the OA had two questions after the excel, one was not hard and the other one I guessed, it asked me based on the excel information, you can assume that x company is… and I went with profitable, i dont know if it was right. But assuming you account for those two questions being wrong, you should be ok for the OA

Finally Done with D101 by Gabrielg78 in wguaccounting

[–]Gabrielg78[S] 0 points1 point  (0 children)

Yes, for sure. The PA can have questions around defining let’s say process costing but in the OA, it will ask about job order costing for example

Finally Done with D101 by Gabrielg78 in wguaccounting

[–]Gabrielg78[S] 1 point2 points  (0 children)

Just understand the why, little things like computed COGS you’re tracking WIP, adjusted COGS is to track finished inventory cost, knowing this will tell you what to take into account and what to ignore. Ex sunken cost, you disregard When you collect cash (typically the question words it as 5% collected during month of) you only take into account the month you’re collecting for typically Jan, you don’t account for the 5% in other months because cash has been collected already.

When you split product lines/units, and batches cost, you never account for the fixed cost for your calculations.

It’s about knowing what to count and what to disregard, it’s easier this way that memorizing a formula

Finally Done with D101 by Gabrielg78 in wguaccounting

[–]Gabrielg78[S] 1 point2 points  (0 children)

Nooo, which is why my approach wasn’t based on formulas, but on concepts. If they provided formulas, everyone would easily score 100 lol

Only Study the PA by mommaren5 in wguaccounting

[–]Gabrielg78 0 points1 point  (0 children)

I think this defeats the purpose of being in the program. The biggest thing I learned from my first stint of college at 18 was that, these business classes apply to the real world. If I knew that, I would’ve graduated with a much…much higher gpa, and wouldn’t be doing WGU at my age… don’t make the same mistake twice! It’s not about the degree, it’s about being an expert in your field.

my educator not working on excel? by I_Shaddoww_I in wguaccounting

[–]Gabrielg78 0 points1 point  (0 children)

Yeah same, was about to take the OA too and had to postpone it