Greetings, WGU students! Welcome to our guide on Intermediate Accounting III WGU D105. As you embark on your academic journey, this module may seem like a formidable challenge. But fret not! You’re in good company – many students have walked this path before you and emerged victorious.
In this article, we’ll be your trusted companions, helping you navigate through the complexities of this course with ease. Together, we’ll explore:
So, let’s embark on this adventure together! With our guidance and support, you’ll be well-equipped to excel in this module. Best of luck on your journey!
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Overview of Module WGU D105đź“–
Intermediate Accounting III WGU D105 is designed to provide students with an in-depth understanding of complex accounting principles. Building on the foundations laid in Intermediate Accounting I and II, this course covers a wide array of advanced topics crucial for professional success in the field of accounting. Students will delve into subjects such as investments, revenue recognition, accounting for income taxes, pension plans, and leases. Additionally, the course offers insights into accounting changes and error analysis, ensuring students are well-versed in handling real-world financial discrepancies.
The course offers a lot of information during a semester that students would expect to cover topics related to the Full Disclosure Principle and the nature of the statement of cash flows. They include: These components are crucial in ensuring clean and accurate financial statements, an area of great importance in the accountancy profession. This alone develops not only technical knowledge but cognitive skills in critical thinking and thus problem-solving which enable the students to analyze and synthesize complex financial information effectively.Â
In this module you will go through;
Unit 1: Introduction
Unit 2: Revenue Recognition
Module 1: Revenue Recognition
Unit 3: Investments
Module 2: Accounting for Investments
Unit 4: Accounting for Income Taxes
Module 3: Accounting for Income Taxes
Unit 5: Accounting for Leases
Module 4: Accounting for Leases
Unit 6: Accounting Changes and Error Analysis
Module 5: Accounting Changes
Module 6: Error Analysis
Unit 7: Accounting for Pensions
Module 7: Accounting for Pensions
Unit 8: Statement of Cash Flows
Module 8: Statement of Cash Flows
Unit 9: Full Disclosure in Financial Reporting
Module 9: Full Disclosure in Financial Reporting
As you prepare for the final exam, it is important to review these topics thoroughly, making use of practice problems and past exam papers to reinforce your understanding. Consistent study and a clear grasp of each module component will be pivotal in achieving success in this course. Form study groups with peers to discuss challenging concepts, and don’t hesitate to seek clarification from your instructor on any difficult areas. By staying organized and proactive in your studies, you can confidently approach the final exam and excel in Intermediate Accounting III.
Ultimate Study Guide to Ace the OAđź“ť
Let us begin our journey through module D105 and equip ourselves with the knowledge to achieve success over the final assessment. This study guide will help you navigate through the course content with ease and help you prepare for the knowledge checks well in time. As this is a tried and true study guide, we will guarantee your success by adhering to the advice provided below. So without further ado, let us dive in..
Step 1 – Read through Textbook Units 2 , 3 and 4
As per the modules D103 and D1043 which are prerequisites for this module, D105 follows the same module structure. That means that your knowledge in this module will be tested by facing two objective assessments. So as we begin our study journey into the subject matter, let us begin by preparing to face the first OA which covers the course content of Textbook units 2, 3, and 4. If you are wondering, we are skipping Unit 1 due to it only acts as an introduction to the module and doesn’t contain any knowledge on the subject matter.
To find the Textbook of D105, follow the below-given instructions.
- Log onto the Student Portal of WGU > Go to the module “Intermediate Accounting III WGU D105″ > Click on “Go to course materials”
As you have already completed D103 and D104, studying the content of the first three units will be easy. These Units contain the same material you have learned previously in the other accounting modules, except for the topic of deferred tax assets/liabilities. Take your time and read through the content at your own pace. Try to understand the content rather than trying to memorize it.Â
To help you with your studies, you can utilize the knowledge checks, Unit quizzes, and module tests provided in the Textbook. Attempt each of these to get an idea of the type of questions you will have to face in the OA. Also, you will come across links to supplemental videos in the Textbook. These videos will help you clarify key concepts of the course content that will make you better prepared for the challenges ahead. So we highly recommend you use them in your studies.
It is important that you also take short notes while you go through each unit in the Textbook. This will help you to revise the course content before you face the assessments of this module and refresh your memory on the core concepts. If you prefer making flashcards or using any other study technique, feel free to utilize them to help you through the course content.
Step 2 – Watch the recordings and go through supplemental reading material
Once you finish reading through the first three units of the textbook, you will have acquired the necessary knowledge to face the first OA of D105. But instead of directly facing the assessment, we recommend that you take your time to go through the course content again with a different study resource to help you clear your doubts on the subject matter. For this purpose, we have selected the recorded videos for each module conducted by the course instructors of D105. These videos are very helpful in understanding difficult theories and gaining advice on how to pass the module. So follow the below-given instructions to find the videos and go through the recordings for Units 2,3 and 4.
- Log onto the Student Portal of WGU > Go to the module “Intermediate Accounting I D103″ > Click on “Course Search” > Open the link “D105 Course Resource Page” > Scroll down on the page until you find a table that contains the links to the recordings.
Once you watch a recording to a specific Unit, we also recommend that you go through the extra reading material and practice questions provided in the same table.(Refer to the image below)
This will help you in preparing for the OA and committing the knowledge of your memory. If you are still having trouble with any specific concepts, you can use our “Extra Resources” section of this article to find additional supplemental material that can assist you.
Step 3 – Face the Pre-A
As the final preparation before sitting for the first OA, we will attempt to pass the first Pre-A of module D105. By going through the Pre-A, you will be able to get a better understanding of the OA and how it is structured as the Pre-A and OA are both aligned in this module. As this is the last tool that we use to evaluate our knowledge, we recommend that you treat this as the real OA and give it all you’ve got. Set aside a time window without any distractions to sit for the Pre-A and try to achieve the best score possible.
Once you complete the Pre-A, find the auto-generated coaching report that will showcase your performance in the Pre-A. Use this report to identify the areas you need to work on and revise the relevant key concepts by revisiting the short notes you have taken. If you have not achieved a score of 85% or more, retake the assessment once again. Repeat this step until you are able to achieve this score to ensure your knowledge before facing the final challenge.
Step 4 – Sit for the OA
Now that you have successfully passed the Pre-A, you should be competent enough to pass the real assessment; the first OA. So without hesitation, schedule the first OA at a time of your convenience. When you sit for the OA, make sure to carefully read the questions and understand the exact ask before choosing an answer. Even though there might seem to be more than one answer correct to a question, you will be able to narrow down the correct answer by understanding the expected outcome of the given question. Also, make sure to manage your time and pace yourself to be able to answer all the questions before the time runs out.
Remember that this is a proctored exam. So take some time before the assessment to test your internet connectivity, webcam, and microphone to avoid any complications during your attempt. Once you are well prepared, give your best to ace the first OA in your first attempt.
Step 5 – Follow the same steps for the second OA by going through Units 5 , 6, 7, 8 and 9
Now that you have successfully completed the first OA, let us continue our studies to prepare for the second OA of D105. To prepare for the second OA, follow the same procedure we have followed for the previous OA.
- Read through Units 5, 6, 7, 8 and 9
- Go through each knowledge check, quizzes, Unit tests and supplemental video in the Textbook
- Go through the recorded videos for Units 5, 6, 7, 8 and 9 on the “D105 Course Resource Paget”
- Complete the practice quizzes next to the recorded videos
- Attempt the second Pre-A and pass it with more than 85% score
- Ace the second OA
By following these simple steps, you will be able to complete the Intermediate Accounting III WGU D105 module with ease.
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Tips and Strategies to Face the OA 👨🏻‍🏫
To excel in the Objective Assessments (OAs) for Intermediate Accounting III, it’s essential to develop effective strategies and make the most of the available resources. Here are some tips and tricks to help you navigate through the assessments successfully.
General Tips for OA Success
- Use Your Whiteboard: During the exam, use your whiteboard to jot down keywords from the questions and circle them. This technique helps you stay focused on the key points and ensures that you don’t stray from the main question. It is especially useful for complex questions where it’s easy to get lost in details.
- Manage Your Time: Time management is crucial. Allocate your time wisely to ensure you have the opportunity to answer all the questions. If you find yourself stuck on a particular question, move on and return to it later if time permits.
- Understand the Perspective: Pay close attention to whether the question is asked from the perspective of the lessee or lessor. This distinction can significantly affect how you interpret and answer the question.
Tips for the First OA
For the first OA, you’ll encounter 19 questions along with an Excel portion. The Excel section follows the same format as the Practice Assessment (PA), so familiarity with the PA will be beneficial. The first OA is divided into two main sections.
- Investments Section: This part comprises 10 questions. Focus on the key principles of accounting for investments, including classification, valuation, and recognition.
- Income Taxes Section: This section includes 9 questions. Ensure you have a solid grasp of deferred tax assets and liabilities, tax expense calculations, and inter-period tax allocation.
Tips for the Second OA
The second OA differs from the practice assessments, learning checks, module quizzes, and unit tests in terms of how questions are worded. Pay close attention to the phrasing to understand exactly what is being asked. Here’s a breakdown of what to expect:
- Units 5 and 8: These units are heavily tested, so prioritize your review of these sections.
- Accounting for Leases: With 10 questions on this topic, ensure you understand the criteria for lease classification, measurement, and disclosure requirements.
- Accounting for Changes and Errors: This section has 9 questions. Be familiar with the procedures for correcting errors and implementing accounting changes.
- Accounting for Pensions: Expect 3 questions here. Focus on pension expense components, funded status, and disclosure requirements.
- Statement of Cash Flows: There are 8 questions on this topic. Practice preparing and analyzing cash flow statements, paying particular attention to operating, investing, and financing activities.
- Full Disclosure in Financial Reporting: This section includes 4 questions. Understand the principles of full disclosure and the types of information that need to be included in financial statements.
By following these tips and thoroughly preparing each section, you’ll be well-equipped to pass the Objective Assessments in Intermediate Accounting III with confidence. Good luck!
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FAQ âť“
Q: What are the prerequisites for Intermediate Accounting III (D105)?
A: To enroll in Intermediate Accounting III, you must have completed Intermediate Accounting I (D103) and Intermediate Accounting II (D104).
Q: How is Intermediate Accounting III structured?
A: The course is divided into several units, each focusing on specific advanced accounting topics. You will also have assessments that test your understanding of these topics through objective questions and practical exercises, including an Excel portion.
Q: How does the course help in understanding real-world financial discrepancies?
A: The course includes comprehensive coverage of accounting changes and error analysis, ensuring you are well-versed in handling and correcting real-world financial discrepancies.
Q: How different are the OA questions from the Practice Assessments (PA) and other quizzes?
A: The wording of questions in the OA may differ from those in the PA, learning checks, module quizzes, and unit tests. Pay close attention to the phrasing to ensure you understand exactly what is being asked.
Q: What is the recommended study schedule for this course?
A: A balanced study schedule might involve dedicating a couple of hours each day to the course. For example, you could plan to study for 2-3 hours on weekdays and reserve additional time on weekends for more intensive review sessions and practice assessments.
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Conclusion đź“„
As you embark on your journey through Intermediate Accounting III WGU D105 at WGU, remember that success is within your reach with the right preparation and strategies. By taking the advice provided in this article, you can significantly improve your study approach and make the most of the resources and tips we’ve shared. Utilize the study guide to organize your learning and ensure you cover all necessary topics thoroughly. The tips and tricks outlined for passing the Objective Assessments (OAs) will help you navigate the exams more efficiently and effectively. Stay focused, manage your time wisely, and don’t hesitate to seek help when needed. With dedication and the right strategies, you are well-equipped to excel in this course. Good luck, and we wish you great success in Intermediate Accounting III!
