Assume you are now taking the CPA exm, given the trial balance of a General Fund, the task-based simulation question asks you to write out the CLOSING entries and/or ADJUSTING entries, and prepare the Financial Statements.”

Depending on the Centers, CPA Examination allows you to either have a) White Board which you can erase, or b) several scratch papers with pencils.

Please discuss, given the fact that normally a candidate only spends 15 minutes on each task-based simulation questions.

1) Would you draw T Accounts to help you write the CLOSING or ADJUSTING entries? YES/NO and WHY?

2) Which T Accounts you will really draw? and WHY?

3) Are you comfortable with or proficient in CLOSING entries when taking the CPA examination?