I recommend completing the multiple-choice questions before completing the essay/problem questions. However, you should read those questions first and then briefly prepare an outline of the correct answer, including T-accounts, mini-schedules, and time lines. Then supplement your answer with "clues" identified while working the multiple-choice.

Now, for an important point: Be sure and submit your outline with your "official" answer to the graders. Often candidates lose crucial points that were buried in the outline and did not surface in their answer. Although the grader is under no obligation toward this material, it is often used to determine a candidate's complete knowledge of the subject and can be used to award additional points.

After completing the outline, return to the multiple-choice questions, obtaining clues and "buzzwords" to incorporate into your answers. Next, begin constructing your final answer/solution to the free response questions. Remember, HELP THE GRADER! The grader only has about 90 seconds to grade your response. Do little things to help him/her out. For example, underline key words - those "buzzwords" that demonstrate you know the material (e.g., audit objectives). Additionally, as simple as it sounds, answer the question. Make sure you've responded to all the requirements of the essay/problem.

Perhaps the most common mistake made in this area is leaving out crucial information. Examine the official answers provided by the AICPA to these questions and one can see the grader is looking for more than just a simple answer. He/she needs to determine you really understand the issue. Here's where the outline comes into play. It's your opportunity to provide additional facts that may or may not be included in the official answer and weren't explicitly requested in the problem.

Now for those OOF questions. These are really a combination of multiple-choice type questions and free response. I recommend you do the following:

• Always answer all questions even if you must guess. There is no penalty for incorrect answers.
• On computational questions (including those requiring journal entries), DO NOT look at what information is being requested before. Solve the question as if it were one of the "old" free response type questions. Simply use the date provided and work the problem as if it were a homework question. After completion, you can use your solution to fill in the blanks, or match, etc.
• For questions requiring intensive computations (e.g., reciprocal method of service cost allocation), make an educated guess and move on. You can always return to the question but don't waste a substantial amount of time that you could be "earning" easier points elsewhere.