ACC 650 Midterm
Ahead of my 10am midterm, I reviewed the Knotia summaries for Risks, watched the video for the DT case, and skimmed some of our class slides for the past few weeks.
I’m nervous to admit that the midterm felt reasonably okay. It feels like I’m jinxing myself by saying that. I don’t think I did an amazing job; I definitely ran out of time to discuss all the issues (didn’t address the consignment issue of outside instructors providing lessons through Woodland, and didn’t have enough time to fully discuss the non-monetary transaction for shoeing expenses or the related party transaction for the sale of the riding gear to Epona.) Also, as expected, I struggled with coming up with the audit procedures. I only came up with two: review bank recs to test the cash existence assertion, and external confirmation to test the PPE completeness assertion. But both seem pretty bullshitty to me, idk if they even make sense really. Designing audit procedures is something I continue to struggle with.
Also, although I started writing my outline by hand, I ended with sort of doing a haphazard one on the computer. I felt like I simply didn’t have the time to plan a fully handwritten outline. Even though the profs (especially Shari) have really been pushing for doing our outlines on paper, I still feel so slow writing by hand. Been too long since the days of studying with pen and paper, I’m rusty!