AUO1 – Concepts in Auditing and Information Systems (4 cu’s)
This class can be checked off. I found that the test is very similar to the pre-assessment. I did not use the book for this class, I used youtube to study. The test covers general auditing and I.T. concepts, nothing in-depth. Some of the tested concepts include:
- ERP software
- AIS Documentation
- AIS Coding
- AIS Security
- Engagement letter
- Internal Controls (including types of sampling)
- Types of Audit Evidence
- Auditing Standards
- S.E.C. and Sarbanes Oxley Act
- Types of Audit Opinions
- Management representation letter
I took the pre-assessment for AUO1 today and passed it. I wasn’t sure what to expect because I did not fully finish studying for the course yet. The test is mostly about auditing with some AIS questions sprinkled in. It seems to be pretty straight forward and easy going. Not too much to write about, the final is schedule for later this week so I’m hoping for the best.
ACA1 – Problems In Accounting (6 cu’s)
This course was one of the harder classes so for me, partly because I thought the directions for the second task weren’t very clear. I passed all the tasks without problems except for task 2, which many struggled with as well. I had to submit this task a few times because they weren’t happy with my explanations. Other than task 2, the other tasks are pretty straight forward. I’m very happy to have this course done. Let me know if you have any questions on this course.
I have started AUO1 and ACA1 and hope to finish them both by the end of October. I already have done the first task for aca1 and found it to be somewhat easy if you follow the flow of the task. Not sure what to expect from AUO1; I know it includes auditing and accounting information systems. I will post updates as I go through these next two classes. Like always, if you have any questions or need help, let me know.
ATO1 – Concepts in Financial Accounting and Tax (8 cu’s)
A.k.a. – CGC1
The beast was slain.
I passed this course this morning and was thrilled to have this course behind me. For me this course was no joke, with my non existent business background, it was like learning a foreign language. The test seemed to be never ending as I went through the 70+ questions. I was nervous to take the final because I have heard of others failing due to the fact that the final was much different from the pre-assessment. The final is a bit different but not completely, it still has the same concepts. I can understand how people struggle with the test because it is a monster. I recommend taking your time and make sure you absorb what you can as far as reading and understanding the content.
Content Covered on this Exam:
- Basic taxation concepts
- S.E.C. and FASB
- Bonds (Interest Expense)
- Stocks (Common, preferred, treasury)
- Revenue Recognition
- Diluted EPS
- Leases (Capital Leases and nonoperating Leases) – Calculating lease payments with and without residual value
- Pensions (Defined Benefit and Defined Contribution)
- Accounts receivable (bad debts expense and factorization)
- Inventory (LIFO Dollar)
- Payroll Expense
Be familiar with the time value of money and using present value and future value factors because there are a few questions that require you to know how to use them.
WGU is unique in its approach to education. The attractive self pace courses and the ability to do as many courses as you can for one flat price per term is quite a deal. I remember how excited I was to start and what it meant for my future. We all remember the thrill of passing our first class and the feeling of accomplishment. As I moved through my program at a steady pace, not the fastest and not the slowest, I realized how far I had come. Now I have just my core classes remaining and the capstone. Although I can see the light at the end of the tunnel, the light looks ever so small. That is probably because of several reasons, one is that I want to be done already, two I want to be done already.
Like any other student, I have had my good days and my frustrated days. Some days you wish you never heard of task stream and other days you wish the course of study was just a little smaller. Although those days are unpleasant at times, it only defines the day when we succeed. Those who succeed without any “bad days” don’t really succeed at all.
Success is finding out who you are in times of adversity, not obtaining a goal. It is the satisfaction of coming to know your true character by facing challenges the define just who we are in life. Those who get knocked down but get up again(as the song goes) are the ones who succeed, regardless of whether they reach their goal immediately because success is an attitude.
Learn to get back up when you fall, and you will never taste failure again. Failure is an option, not your destiny.
I have uploaded another study guide and this one is for ATO1. I didn’t complete this study guide but it covers over 75% of the content as it is. The guide does not include any taxation content but it covers the financial accounting portion of the course. The flow of the guide follows the book and I left the incomplete sections with headings just in case someone wanted to finish the guide for themselves. You can find it above in the study resource section or the link below.
ATO1 Study Guide