Attention University of Guelph Students!

Beyond the #s Case Competition is here!

Check out all of the details:  http://uofgaccounting.com/2013/09/beyond-the-numbers-case-competition/

Some Humour

Since it's Sunday, I thought I'd take it easy and post something funny for a change.  Here you go.  Enjoy!

Free Study Plan Session for CKE/SOA/UFE

Although most of the readers of our blog are still in high school, some of you might still be interested in this FREE seminar about studying for the professional examinations (CKE/SOA/UFE).  Here are the details which I received by email from the Directors of PASS:

We are writing to inform you that PASS will be offering a free study plan session for the CKE/SOA/UFE.  This session will be held:

Tuesday Sept. 17

7:00pm to 8:30pm

U of T (room TBA)

This session will introduce students to the CKE/SOA and UFE and will explain in detail exactly what is tested on each exam.  The session will:

• Discuss key information for each of the exams

• Discuss in detail how to study for all of the exams – several detailed study plans will be reviewed

• Discuss how to “emotionally” handle the stress and approach the exams confidently

• Introduce students to a past successful UFE writer – learn what he/she did to pass!

PASS has been offering courses for the CKE/SOA/UFE for over 20 years.  Over the years, thousands of students have benefited from the PASS courses in preparing for their exams.

PASS courses are offered in 3 formats:  In-class sessions OR live online OR video sessions.  Students can choose one or a combination of these options, to ensure they will not miss any sessions. 

Students are advised to register as soon as possible, as the CKE courses begin the end of September. 

The courses have been very well received by students in the past. To quote one of our former students, a UFE Gold Medalist, with regard to both the CKE and UFE courses, **“I found this to be an excellent program”**.

For further information on all of our courses for the CKE, SOA and UFE, please visit our website at www.passufe.com

If you have any questions regarding the PASS courses, please feel free to call Ira Walfish or Michael Levi.

Yours very truly,


Ira Walfish (416-224-9929)

iwalfish@passufe.ca

Director


Michael Levi (416-224-9400)
mjlevi@passufe.ca

Director

Accrual vs. Deferral

Students often confuse the two concepts, so I thought I'd write a blog to help distinguish between the two.

Accrual
An accrual occurs when an expense or revenue is incurred, but the money is not yet paid/received.

Deferral
A deferral occurs when money is paid/received, but an expense or revenue are not yet incurred.

Here's a GREAT visual summary:

The SQ4R Method - getting the most out of the text book

Active involvement in reading the text is important for comprehending the material. The more you absorb during your read, the less effort you[ll need later on to memorize/learn the material.

One frequently suggested method for reading textbooks is the SQ4R method.

S=Scan

Briefly survey the chapter, noting the divisions, headings, tables and figures. Read the chapter summary. This provides an overview of the chapter content and a framework for organizing the material.

Q=Question

Turn each section heading into a question that you want answered. Also, try to guess questions that might appear on the exam.

R=Read

Read the chapter, section by section, trying to answer your questions.

R=Reflect

First, write the question and then write the answer to the question using only key words, lists, etc.

R=Recite

Answer the questions and state the main points verbally. You may also write down the answers and key points for later reference.

R=Review

Briefly look back over the material to assure that you have included all the main points. Reflect on the meaning and application of the major points.

Here's a nice cheat sheet of the above:

The UFE

You may or may not have heard of the term "UFE".  No, this isn't a spelling mistake and I wasn't referring to a UFO.

UFE stands for the Uniform Final Evaluation and it is the final exam that students must pass in order to obtain their CPA (formerly CA) designation.

The exam runs once per year in September, and if a person fails, they must wait a whole year to attempt it again.  Not to scare you, but the exam lasts for 3 days: on the first day it is 5 hours, and on the second and third days it is 4 hours.  In 2013, the exams are written on September 10th, 11th, and 12th.  

It's a very stressful time for anyone who is writing.

If you'd like to read more about it, here's a good link:

http://www.cica.ca/becoming-a-ca/the-ufe/

Studying Tips

Since it's the first day of school, I thought the best thing for everyone would be to go over some studying tips.

• Set your goals for the semester.  Some of your goals may relate to education (i.e. a certain grade in accounting, etc.), while others may relate to physical fitness or even relationships.
• Make sure you have a very good study environment with minimal distractions.  Study only in that place and do nothing else there but study.
• Learn to manage your time effectively.  That is, no facebooking while studying!  I find that having a to-do list for the day and week really helps.
• Don't skip class and when you're there, try not to space out.  Pay attention to what is being taught - the more you absorb during class, the less studying you'll have to do at home!

Thinking about University

For some of you, the next few months may be a bit stressful as you try to decide which programs to apply to.  If you are set on accounting or business, it's a good idea to research a bit about some of the top programs in your region.

If you live in Ontario, I highly recommend you look into the following:

• University of Waterloo
• Schulic School of Business (York University)
• University of Toronto (Rotman or UTSC)

The advantages of University of Waterloo and UTSC is that they have co-op programs and I think those are extremely important, especially if you're not 100% certain what you would like to do after university.  I've actually done a co-op program myself and that is how I ended up being where I'm at today.

If you're still not completely certain on the program, there is no harm applying to several universities that you are considering and then deciding later which one suits you best.  Perhaps you'll get a scholarship somewhere?  Perhaps you'll love the people you meet there when you go on a tour?  

When making the choice of where to go, try to think long-term as well.  What will you get once you finish your degree?  What will your resume look like?