[jeff]

NINJA Study Notes, Flashcards, and Audio: https://www.another71.com/products-page/

Wiley Software: https://www.another71.com/wiley-cpa-software/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

Wow. blaw is killing me. So many little details!

[Anonymous]

dualmatrix, already on blaw and your test isn't until the end of August? Sounds like you're in good shape. I just did R5 sales and contracts today and my test is next Saturday haha

[momof4]

Hello Everyone,

I want to take this exam by the end of August but may have to push it to October 1 depending on how studies go. I've taken this exam before but did not feel like the score report matched where I thought my strengths and weaknesses were. So now I'm not sure how to restudy for it. I'm using a different review and hoping I can build on the prior experience. I was blindsided by the sims on the first exam. I had two that I had not heard of and were not in my review material. I think I would have passed otherwise.

Time to start over.

Good luck everyone.

BEC 84
FAR 80
AUD 85
REG 78

[NapkinThief]

I have my exam in 2-days… I've come to the epiphany that this is just too much information. I'm going to try to skim over it the next day or two, but I literally don't know even half of these tax rules, exceptions, and laws.

I would literally bet my life that there is no-one that has even come marginally close to getting more than 2-3 of the Becker practice Sims right. Reinforce the material? Their not reinforcing the material – they're eating my soul. I literally look at it and I just think,… Yup, that's impossible – NEXT.

Anyone who says they diligently went through everyone of these Sims and problems for REG is either lying or flat out insane. (I love how the AICPA will apparently bar you from being a true CPA if you can't remember all of the minutia of the tax code – that makes perfect sense… Every CPA I know can quote tax law!)

BEC - 89 (5/31/2012)
AUD - 88 (7/02/2012)
REG - 76 (7/31/2012)
FAR - 83 (8/30/2012)

"Amateurs practice until they can get it right. Professionals practice until they can't get it wrong."

[Anonymous]

The Becker practice sims are definitely challenging, but they're not THAT bad…

[NapkinThief]

There is absolutely no way your serious when you say that. I'll concede that a handful of them are at least possible, but the majority of them are asinine. I'm specifically referring to the ones from REG 1-4.

Maybe your right though – you could be the first person in the history of the exam to walk out of REG and say, “The sim's weren't that bad…” I've combed through the posts of people that have recently taken in, and there isn't one person (that passed) who said they had reasonable sims.

P.S. It's a lot easier to vent and procrastinate on here than it is to actually study – so that could also be skewing my opinion! =)-

BEC - 89 (5/31/2012)
AUD - 88 (7/02/2012)
REG - 76 (7/31/2012)
FAR - 83 (8/30/2012)

"Amateurs practice until they can get it right. Professionals practice until they can't get it wrong."

[Anonymous]

@ Napkin Thief look at this way. If the Becker sims are hard then the sims on the actual exam will appear easier and you will do well on them. Wish you the best

[Anonymous]

NapkinThief, I'm not saying the actual CPA sims are not that bad. I don't take the exam until Saturday. I'm saying the Becker ones aren't THAT bad. My understanding of the reason why people think the actual CPA Reg sims are bad is because they are either on topics that were never covered in their review material or they're just really obscure topics that were covered. That's understandable. How are you supposed to be comfortable with material you've never before seen in your life? On the other hand, the Becker sims ARE on material that is covered in the book. Sure, none of the Becker Reg sims are give-mes, but the fact that they are covered in the material means you should be able to give a good shot at them. I definitely am not getting 100s on all or even most of the Reg sims, but even on the hardest Becker Reg sims, I am giving a good shot at it where I at least get 50-70% of the points. If you really are looking at the Becker sims and are that flabbergasted at them without much clue of where to start, that may be problematic, or at least shows that you haven't learned the material to the extent that is capable by Becker.

I am hoping that the actual CPA Reg sims are easier than Beckers, but I have a feeling they probably aren't because it seems many of the Sims are on topics that are never covered. At the very least, you should hopefully feel at least decently comfortable with sims on topics that are covered (eg Becker Sims).

[ty58527]

I need help with the following question (pg. 321, Wiley REG Book):

Reuter Bank loaned Sabean Corporation $500,000 in writing. As a part of the agreement, Reuter required that the three owners of Sabean act as sureties on the loan. The corporation also required that some real estate owned by Sabean Corporation be used as collateral for 40% of the loan. The collateral and the suretyship agreements were put in writing and signed by all relevant parties. When the $500,000 loan became due, which of the following rights does Reuter Bank have?

I. May demand payment of the full amount immediately from the sureties whether or not the corporation defaults on the loan.

II. May demand payment of the full amount immediately from the sureties even if Reuter does not attempt to recover any amount from the collateral.

III. May attempt to recover up to $200,000 from the collateral and the remainder from the sureties, even if the remainder is more than $300,000.

IV. Must first attempt to collect the debt from Sabean Corporation before it can resort to the sureties or collateral.

a. I and III

b. II

c. I, II and III

d. IV

The Wiley Book says the answer is C. I understand why two and three are correct. However, I thought the principal debtor had to default before the surety had to pay. According to page 314 in the Wiley Book, the “creditor may proceed immediately against the surety upon principal debtor's default”. So it boils down to, can a creditor go after a surety if the principal debtor does not default? If someone could help me out that would be much appreciated!

AUD - 93
BEC - 85
REG - 89
FAR - 86

I am DONE!!!!!!

[Anonymous]

yes my first attempt was II and III, but there was no option for this in the answer.

Debtor does not necessarily have to be default , Cr can file involuntary bankruptcy, when debts are not paid when due. So if CR thinks DR is not able to pay debts, they can demand payment from surety, they don't have to wait when DR defaults . ” as per Peter Olinto ” LOL

[Anonymous]

Waiting until the last day possible to take this exam (Aug 31). Nerves are already starting to get the best of me!

[Roma]

I am making my way through the Individual Taxation topics, and am unclear (and concerned) as to just how much details are expected to be memorized (i.e. tested) on exact calculations versus concepts.

For example – there are a Ga-zillion (lots) types of tax credits available – EIC, Child & Dependent Care, Credit for Elderly, Adoption Credit, etc……. What level of knowledge is tested (needed) as to specific thresholds, creditt calculation, etc ???

I have a similar question on things such as exemptions, standard deductions, depreciation classes, etc…….. Will the problems present these $ figures as part of the given facts, or do we need to know them ????

Any insight would be much appreciated !

Thanks.

Using Wiley
FAR = 94 Feb 2012
BEC = 92 April 2012
AUD = 95 July 2012
REG = 91 Nov 2012

[NapkinThief]

Cardinalhoya – What a rebuttal!!

That is a MUCH better answer than the one you gave previously… Admittedly I had mistaken your “They’re not that bad” for haughty arrogance, possibly even vitriol, in light of my pusillanimous posts. However, now I see that our squabbles are largely over semantics.

I don’t necessarily consider simulations or problem sets in general on which I on average score within 50-70% to be “understanding” the material. I doubt most people who take the CPA would. More than likely most of the people on here were A + B students, and I find myself anathema to the idea of failure, or anything short of an 80. In all honest I never bothered to consciously tabulate the number I was missing; I just know that it was a lot, and I didn’t necessarily feel prepared for it.

That too may be a key difference though. I’ve come to the realization recently that I will not in fact remember everything for this exam. I won’t even remember half the stuff in the book – but that’s okay!! Think about it – 99% of this stuff won’t even be tested, as there are only 72 questions + Sims. Does that mean you shouldn’t study at all? No. For me though, it means that I’m no longer going to panic because I can’t remember every single rule, exception, and deduction. I know I’m going to miss a handful of questions, that’s fine with me; all I need is a 75!

As for ecardo5, I was in a similar position as you yesterday, but then I finally realized it’s 10x more important for me to be relaxed leading up to and going into the exam than it is for me to try to do 300 more problems and stress out about all the things I missed or don’t know!

BEC - 89 (5/31/2012)
AUD - 88 (7/02/2012)
REG - 76 (7/31/2012)
FAR - 83 (8/30/2012)

"Amateurs practice until they can get it right. Professionals practice until they can't get it wrong."

[Anonymous]

NapkinThief, agreed, it looks like we were mostly disagreeing over semantics. At the same time, just because I see getting a 50-70 on a very difficult Becker sim doesn't mean, I was a C or D student. In fact, I was an A- student at a pretty prestigious university (again, not trying to sound arrogant, just trying to counter your claim implying that I have relatively ow standards). I believe I'm just being realistic when it comes to what is necessary to pass the CPA exam as you seem to have come to terms with.

[NapkinThief]

*Shrug – it seems I was wrong in the end. I think I'm going to be in this particular forum for a while longer, as I'm 100% sure I just failed that test.

Don't bother looking at the 4 lectures that aren't tax. My exam was about 90% tax, and I literally couldn't remember ANYTHING.

BEC - 89 (5/31/2012)
AUD - 88 (7/02/2012)
REG - 76 (7/31/2012)
FAR - 83 (8/30/2012)

"Amateurs practice until they can get it right. Professionals practice until they can't get it wrong."

[Author]

Replies