The 83rd annual Oscar race officially began at 5:38 a.m. PST with the highly anticipated announcements of nominees – and now you can check the full list of Academy Award noms  to see if those pundits who made predictions were right on the money.

Morning preparations were made well before the crack of dawn with camera crews setting up equipment at the Academy of Motion Pictures Arts and Sciences in Beverly Hills to capture last year's Best Supporting Actress winner Mo'Nique and Academy president Tom Sherak announcing those who received nods for Hollywood's highest honor. Despite the early hour, journalists and film crews buzzed about the venue, filling up on breakfast and coffee while mingling with each other; by 4:30 a.m., the space swelled with the chatter of international languages. By the time everyone was gathered and situated in the main auditorium, the anticipation was palpable – aided by a big-screen countdown clock positioned center stage, adorned with the iconic Oscar statues.

At the appointed time, a glamorous Mo'Nique and Sherak walked onto stage, gave each other a friendly smooch and began the announcements, starting with Mo'Nique reading off Best Supporting Actress nominees. Constant camera clicks were the only background noise as everyone watched with bated breath as Sherak and Mo'Nique alternated in reading the categories.

Mo'Nique closed with the remaining announcements of Best Picture nominees; shoe-ins were Black Swan, The Social Network, The King's Speech, Inception and Toy Story 3. The biggest snubs included Inception's Christopher Nolan for Best Director, although Inception did garner eight nominations overall; Get Low got absolutely nothing; and The Social Network's Andrew Garfield and The Fighter's Mark Wahlberg were boxed out from their respective actor categories. Overall, The King's Speech took the crown with 12 nominations, followed by True Grit with 10. You can read all the details about snubs and highlights as well as vote for the worst snub here. For more coverage on film accolades, polls and a chance to chime in with your own opinions, visit our Awards Watch.

The Academy's recognition of 2010's achievements takes an interesting theme of slice-of-life stories and early American underdog dramas going up against monarchy. In just a little over a month on Feb. 27, we'll see who rules Oscar night.