I really think I did pretty well on it. There was only one section that I struggled a little bit with! On the way home I called my friend who is about to graduate with his Masters in accounting and he assured me that once I got through this class it was all downhill from there! I find that hard to believe since the 500 level accounting classes I'll be in sound so intimidating, but if that's what he says, I love to believe it!
Tonight I am going to try to find out the answers to the section that I had such a hard time with. You would think it would be the actual problems that were hardest, but in fact it was the opposite for me. I find the problems so much easier...remember word problems from algebra? That's what I relate them to. The hardest part about them to me is extracting the data from the scenario - once you figure out what's what you should know what to do with it. The two chapters this test was over covered current and long term liablilites - primarily warranty & premium expenses, loss contigencies, bonds, notes, and the amortization of discounts or premiums on those bonds and notes. So, it really wasn't even that much material to cover - so what stumped me if not the problems. My balance sheet recordings!! When & which liabilities to recognize. And then it wasn't the liabilities created by any of the things I had just mentioned either. I answered those fine...there was one question that threw me b/c I couldn't see a liability needed to be recorded at all, which was also an option so maybe I got it right after all. I'll let you know!
So anyway, one test down and many more to go on the road to my MBA!! Wish me luck!
Now I have a staff meeting to attend so I gotta run!