REG – Exam Prep - Page 80

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  • November 10, 2011 at 3:39 pm #372024
    KasiaS
    Participant

    @sconny, I haven't taken REG yet, but from what I've read on this forum, it seems to be more like 80/20 rather than 65/35. I think it's the luck of the draw, but I plan on focusing much more on the tax side than blaw mainly because I think the SIMs are going to be more tax heavy.

    FAR 88 (07/15/11)
    BEC 83 (08/31/11)
    AUD 81 (10/15/11)
    REG 83 (11/26/11)

    Used NIU Correspondence CPA Review

    November 10, 2011 at 4:23 pm #372025
    Anonymous
    Inactive

    Could someone clear up if in contract law a mutual mistake of fact is void or voidable? Becker has conflicting information.

    November 10, 2011 at 4:41 pm #372026
    Yvonne570
    Member

    Ugh, I'm having a lot of Becker issues with this section – especially the legal aspects. The taxation with Tim G is very thorough. Think they shorted us big time with the 2nd half.

    AUD - Passed:)
    FAR - Passed:)
    REG - Retake TBD
    BEC - Missed by 3 points Retake TBD

    November 10, 2011 at 4:43 pm #372027
    Anonymous
    Inactive

    This is what I'm taking from the book. If someone could let me know if this is correct or not, I'd greatly appreciate it.

    Mutual mistakes of material fact—voidable to adversely affected party.

    Mutual mistakes of subject matter—void.

    November 10, 2011 at 5:23 pm #372028
    Yvonne570
    Member

    Mutual mistakes of material fact—voidable to adversely affected party.

    Mutual mistakes of subject matter—void. (actually, this is nonexistence of subject matter).

    It's good.

    Mutual mistakes of material fact – for example, I agree to buy your full breed advertised dog. Right before I purchase your dog, we both found out that your dog was mixed. I have the legal right to void the contract.

    Nonexistence of subject matter – I agree to purchase your car that is out of state (we both are in the same state). We both later find out that the car was stolen. There is no contract (the subject matter no longer exists).

    AUD - Passed:)
    FAR - Passed:)
    REG - Retake TBD
    BEC - Missed by 3 points Retake TBD

    November 10, 2011 at 5:25 pm #372029
    Anonymous
    Inactive

    wonderful. thanks for the help!

    November 10, 2011 at 5:27 pm #372030
    Yvonne570
    Member

    No thank you for bringing this up:) So I could re-review. LOL. I tend to ignore boring stuff but makes it more interesting to help others understand it:)

    AUD - Passed:)
    FAR - Passed:)
    REG - Retake TBD
    BEC - Missed by 3 points Retake TBD

    November 10, 2011 at 8:26 pm #372031
    mena je twa
    Member

    CPA Hopeful TX or anybody else…

    I am also wondering as to how can you use the research tab to attack simulations? If i have a hour left to tackle 6 regulation simulations, i rather put my resources and efforts to complete the simulations, rather then waste or spend time in the reserach tab, trying to look for answers.

    I know a lot of people on this forum,mentioned that how research have saved them with simulations….. Can someone shed some light..thanks for the response….

    Licensed CPA, Texas - 2012

    November 10, 2011 at 9:42 pm #372032
    Yvonne570
    Member

    They don't give you a time limit. Just the time limit to complete the exam. When working the simulations, you have the option of researching; however, get familiar with the research tab before the exam so you can immediately know where to locate the areas to view for key pointers. The research tab is the same as the original source – thankfully on the actual exam. Just be careful and make sure you complete your sims – research to the minimum but it's a great tool. For REG – given 3 hours. I would probably make sure you leave 1 hour on Sims. The Sims are usually more in depth and the ability to research can be maximized with the additional time.

    AUD - Passed:)
    FAR - Passed:)
    REG - Retake TBD
    BEC - Missed by 3 points Retake TBD

    November 10, 2011 at 11:34 pm #372033
    mena je twa
    Member

    Yvonne –

    Thanks for the reply… What i had meant to ask is, when people get stuck with hard simulations during the exam and they use the research database to look up for answers. I wanted to see how is that possible? and what kind of answers you get from it?

    Licensed CPA, Texas - 2012

    November 11, 2011 at 12:07 am #372034
    Yvonne570
    Member

    It can help by the general research. I will have to use AUD and FAR as an example since those are the tests I took. AUD, I used to research the audit requirements for a specific type of transaction. I had the PCAOB SAS available to research as well as SOX and AICPA.

    For FAR, I was able to research the codification to see how to do a type of transaction. Anything you need to research and it's available. The only thing you can't research are like google search. It's limited to the authoritative guidance.

    AUD - Passed:)
    FAR - Passed:)
    REG - Retake TBD
    BEC - Missed by 3 points Retake TBD

    November 11, 2011 at 11:00 am #372035
    Paul99a
    Participant

    OK — time to rant. When they open up the freakin' Task Based Simulations, and they give you the ability to research the topic through the IRC code through their lame database — why don't they just give you access to the whole internet, instead of just the stupid IRC code. I took the test — I couldn't understand what was written in the IRC. Same day, I got home — Googled the questions I didn't know how to answer — answer popped up in one second. Real world vs. AICPA…

    FAR-84/AUD-80/BEC-81/REG-Nov'11

    November 11, 2011 at 6:06 pm #372036
    Yvonne570
    Member

    Totally get it Paul. Especially when we have to understand and memorize all these concepts current CPAs do not even care or think about in order to get it. The CPAs I spoke with after I mentioned some of the information I learned in review stated that they don't know. They don't use it and they don't care about it. LOL. Pretty sad but that's what we have to do. Get through this and go on:)

    AUD - Passed:)
    FAR - Passed:)
    REG - Retake TBD
    BEC - Missed by 3 points Retake TBD

    November 11, 2011 at 9:12 pm #372037
    PistolPete
    Member

    Ok – I'm absolutely swimming in REG. I finished my Becker materials today, and still feel like I don't know anything. I ordered a Rogers CRAM just to supplement, but I'm really getting concerned. Guess I need to just hammer out some MCQ before my exam on the 30th. But this stuff just isn't registering with me…

    FAR - 68, 79
    AUD - 82
    REG - 71, 71, 80
    BEC - 76

    CMA
    Part 1: October 2013
    Part 2: January 2014

    November 11, 2011 at 11:35 pm #372038
    Yvonne570
    Member

    Pistol, i'm in the same situation. Right after I listen to the commercial paper, etc lectures, I get 60% on the MCQs. At least you have til the 30th instead of tomorrow:( I'm going through this the 3rd time. Taxes – okay. Contracts/so so/commercial paper – yuck 60%s. So much for 3,000 dollar review.

    AUD - Passed:)
    FAR - Passed:)
    REG - Retake TBD
    BEC - Missed by 3 points Retake TBD

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