AICPA REG Practice SIMS - Page 2

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  • #1789653
    Anonymous
    Inactive

    Sorry I have been bombing this message board about REG lately. I took the AICPA practice test and got all the MCQ’s and most of the sims although they gave me more of a hard time. Can these sims be taken seriously as a gauge for what to expect on the real exam? I felt like the BEC practice sims were on the money. The exam may have been a little more lengthy but overall similar

Viewing 15 replies - 16 through 30 (of 31 total)
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  • #1790608
    Anonymous
    Inactive



    @youcandoit
    that sounds similar to my BEC experience. Railroaded by MCQ but did well on sims. I would rather have it that way then completely bomb the sims since you can usually narrow down the MCQ's and get a good amount correct

    @lizardh that one was tricky. I think one of the keys is that the owners are 50% owners

    #1791354
    Anonymous
    Inactive

    Went back and did some scrubbing on Becker Sims – appreciate you posting this thread as some information in regards to these sims seem to have left my brain!

    #1795820
    Anonymous
    Inactive

    @Eric how did it go? Man I hope I can squeak out a pass. I have pretty much moved on but am still a little frustrated. I know I missed some easy questions after checking my notes :/ Hope it went well for you!

    #1796141
    Anonymous
    Inactive

    Hey man! – wow, that was definitely one tough exam. I can say for sure though that the Ninja supplement to Becker was VERY helpful this time around.

    Hoping for the best for us man … only 6 weeks to wait !!

    #1796153
    Anonymous
    Inactive

    @Eric yeah I agree! Tough is the perfect way to describe it. I got my fingers crossed for both of us!

    #1796288
    lizardh7
    Participant

    Hey guys – I agree that was tough…I had one SIM that completely threw me for a loop….hoping for the best but I am not so sure. I hate waiting now…

    #1796305
    Anonymous
    Inactive

    @lizardh7 Yeah they were tricky but I actually thought I performed better on sims. There were a few of the underline ones with like 8 options to select from that were tough but I may have managed to get a good amount of points on them. The MCQ's were the most frustrating part for me. I felt like I really had a hard time being confident about my answers. Lots of “educated” guesses. Not a good feeling after trending nearly 90% doing almost 2,000 questions. How did the multiple choice feel for you?

    #1796317
    lizardh7
    Participant

    ME TOO @the people's champ. I felt the EXACT same way on Mult choice. Both testlest were hard for me, and i flagged a lot…I am honestly nervous and am not sure If I should just start studying again… The multiple choice were definitely harder for me as well. I took 45-50 minutes on each one, but felt like I should have taken MORE time because my last testlet I had time remaining…hoping for the best 🙁

    #1805705
    Cocoadough
    Participant

    Could someone please help me out on this Testlet 3–SIM 2?

    What was everything included in Fred's stock basis on January 1, year 1? I can only account for the 700,000 and 106,000. Where is the 37,600 coming from?

    Also, could someone please explain the gain taxed to Fred of 50,000 on Dec 15, year 2?

    #1809310
    OTK1995
    Participant

    I almost wanted to cry on Testlet 3 – Sim 2. I can't remember exactly @Cocoadough but I think the stock basis was the $700k plus his share of the income on the tax form.

    The gain taxed to Fred was half of the gain from the 10 acres of land sold. There is a fixed asset schedule showing the original 20 acres valued at 1,200,000. Divide that by half since they sold half. That's $600k. They sold the 10 acres for $700k so there is a $100k gain on the sale. The gain is split between Fred and Melissa at $50k each.

    Hope that helps.

    #1809646
    Isabelle
    Participant

    I am also freaking out about these sims!!! Can anyone help me with Testlet 4 Sim 1 about the vehicle? I'm spinning my wheels on this one and I can't seem to grasp how to do it. It's so specific and I'm pretty weak on MACRS. Thank you in advance!!!

    #1809742
    Cocoadough
    Participant

    ok that makes sense but could you please clarify what was included in the $843,000 basis at year 1?

    @Isabelle the key to that question is just to make sure the expense is for the business use and not personal use.

    #1809785
    Isabelle
    Participant

    Thank you @cocoadough! In regards to your question, the basis includes the original contribution plus everything on the K-1. $700,000 (original contribution) + $248,625 (share of the ordinary income) + $975 (share of interest income) – $6,000 – $10,000 (items affecting shareholder basis towards the bottom of the K-1) = $843,600. Hope this helps!

    #1809790
    Cocoadough
    Participant

    thank you so much! For some reason I was trying to take 50% of the ordinary income on the k-1 so that was messing me up.

    #1809925
    OTK1995
    Participant

    The first time I passed reg I didn't even touch the sim portion of my study materials. After going through the AICPA sample, I have definitely implemented the NINJA sims into my studies. I'm doing pretty well with them but I'd rather not miss a single weak spot and not do them.

Viewing 15 replies - 16 through 30 (of 31 total)
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