WGU Advanced Financial Accounting II (D555) – Complete Study Guide

WGU Advanced Financial Accounting II (D555) challenges students with complex topics like foreign currency transactions, derivatives, and advanced consolidations. This comprehensive guide provides proven strategies, essential resources, and expert tips to help you pass the D555 objective assessment on your first attempt.

Course Overview

Advanced Financial Accounting II (D555) is an upper-level accounting course that builds upon foundational concepts from D554. This course prepares students for CPA exam topics and professional accounting roles requiring expertise in complex financial reporting standards. The course emphasizes practical application of advanced accounting principles through real-world scenarios and problem-solving exercises. Students must demonstrate mastery through a comprehensive objective assessment that tests both theoretical knowledge and practical application skills.

What You'll Study in D555

• Foreign Currency Transactions – Translation and remeasurement of international business transactions
• Derivative Instruments – Accounting for hedging activities, fair value measurements, and risk management
• Advanced Consolidations – Complex business combinations, intercompany eliminations, and noncontrolling interests
• Segment Reporting – Operating segment identification, disclosure requirements, and geographic reporting
• Interim Reporting – Quarterly financial statements, seasonal variations, and disclosure standards
• Partnership Accounting – Formation, operations, dissolution, and liquidation procedures
• Government & Nonprofit Accounting – Fund accounting principles and financial reporting requirements

Best Resources for WGU D555

• MyEducator Platform – Primary course content with interactive lessons, quizzes, and practice problems focusing on Section 2 materials
• Quizlet D555 Flashcards – Student-created study sets covering key terms, formulas, and concepts
• StuDocu Study Materials – Practice exams, notes, and study guides shared by previous students
• Khan Academy Accounting – Free video tutorials explaining complex accounting concepts with clear examples
• WGU Reddit Community – Student discussions, tips, and success strategies from recent graduates
• Farhat's Accounting Lectures – YouTube channel providing detailed explanations of foreign currency and derivative accounting

How to Pass WGU D555 – Proven Strategies

1. Master MyEducator Learning Checks – Complete all quizzes and learning assessments, taking detailed notes on correct answers and explanations for later review
2. Focus on Section 2 Content – Prioritize materials in Section 2 as they align most closely with objective assessment questions and problem scenarios
3. Practice Journal Entries Daily – Write out consolidation entries, foreign currency adjustments, and derivative transactions until they become automatic
4. Use Excel for Complex Calculations – Create spreadsheets for consolidation worksheets, currency translations, and derivative valuations to minimize calculation errors
5. Take the Pre-Assessment Early – Complete the PA within your first week to identify knowledge gaps and focus study efforts on weak areas
6. Schedule Regular Instructor Contact – Email course instructors for clarification on confusing MyEducator explanations and complex problem solutions

Common Challenges in D555 (and How to Overcome Them)

• Foreign Currency Translation Complexity – The functional currency concept and translation vs. remeasurement methods confuse many students. Review foreign exchange accounting principles and practice multiple scenarios to build confidence.
• Derivative Accounting Standards – Hedge accounting rules and fair value measurements seem abstract without context. Study derivative instruments basics before diving into accounting treatment.
• Advanced Consolidation Procedures – Intercompany eliminations and noncontrolling interest calculations involve multiple steps. Create flowcharts showing the consolidation process and practice with business combination examples.

Frequently Asked Questions About WGU D555

Is WGU D555 difficult compared to other accounting courses?

D555 is considered one of the more challenging accounting courses due to complex topics like foreign currency transactions and derivatives. However, students with strong foundational knowledge from prerequisite courses typically succeed with consistent study habits and proper resource utilization.

How long does it take to complete Advanced Financial Accounting II?

Most students complete D555 in 3-4 weeks with 15-20 hours of weekly study time. Students with prior experience in international accounting or CPA exam preparation may finish in 2-3 weeks, while those new to advanced concepts may need 4-6 weeks.

What type of assessment does D555 use?

D555 uses an objective assessment (OA) format with multiple-choice questions, calculation problems, and scenario-based applications. The proctored exam tests your ability to apply advanced accounting concepts in realistic business situations.

Which MyEducator sections are most important for the exam?

Section 2 materials align most closely with the objective assessment content. Focus on foreign currency transactions, derivative accounting, and advanced consolidation topics covered in this section while reviewing Section 1 for foundational concepts.

What calculator can I use during the D555 exam?

The objective assessment provides an on-screen calculator for computational problems. Practice using similar basic calculator functions during your study sessions to become comfortable with the interface and avoid timing issues during the actual exam.

Final Thoughts

Success in WGU Advanced Financial Accounting II requires dedication to mastering complex concepts and consistent practice with real-world applications. The course prepares you for advanced accounting roles and CPA exam topics, making it a valuable investment in your professional development. Remember to utilize all available resources, connect with instructors when needed, and maintain steady progress through the challenging material. Browse all WGU course guides for additional study resources and success strategies.