Recent Tutoring Session Reviews
"We went over the journal entries used for process cost accounting and the month end summary. The student was trying to understand last week's work and still had this week's work to do, so no homework was assigned. We are meeting Friday to work on any problems she is having with this week's work."
"The student uploaded her homework questions and we went over calculating standard direct labor cost, spending variance, and labor rate variance. She mentioned that she has difficulty figuring out how to do a problem when certain numbers aren't provided to her. For example, she didn't think to divide 24 minutes by 60 minutes to determine the standard hour. I shared some strategies and study skills such as using index cards to help remember formulas for the exam. Also, I suggested approaching the problems from a business owner's perspective to help with understanding whether a variance is favorable or unfavorable."
"The student and I planned to work through tutorial questions today. For tutorial 4, she had worked through question 2 on her own prior to the session. Question 2 involved working through depreciation, accruals, and bad debt recognition to build an income statement and balance sheet. She had a few questions that were clarified and then came up with the correct result for both statements. Next we moved to tutorial 5. The first question dealt with timing of fiscal year expenses versus calendar year spending. The second question involved building and comparing year over year income statements. The final question was much more complicated by asking to build an income statement and balance sheet given several statements of actions taken during the year. We worked through this problem, but are not quite finished. Our next session will continue to focus on working through tutorials and problems."