MASTER: Transaction Cycles | AUD CPA Exam

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If you are studying for the audit exam and are struggling with transaction cycles, then guess what, you are not alone! Almost every student struggles with transaction cycles, but the material represents 30-40% of the AUD exam, so you have to understand the material to pass.
This video touches on the sales cycle / revenue cycle, the expenditure cycle, payroll cycle, and fixed asset cycle (PP&E) cycle.

[@agnesrodriguez8725]

This is good illustration

[@takeem08]

The CPA exam uses tracing and vouching interchangeably

[@marvelouss719]

Thank you for the details. This was helpful.
Unfortunately, I work for small a company (20m GR) that violates all substantive testings. We are at the end of April and the CFO has decided to keep the books open so he can manipulate 2023 results.

[@nclevans]

Sad, but eventually it will catch up to him.

[@universalcpareview]

Glad to help!