[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

[Jsingh23]

Im also taking the exam next week. I'm using Wiley CPA Excel Exam review 2014 as a review to my becker software…

Im getting so annoyed because these questions are much harder and much much more detailed. I got about 50% right on the first 50 questions for individual tax….and I've been consistently scoring in the 80s with the becker MCQ. I feel like Becker is leaving out a lot. Anyone else reviewed with Wiley and faced anything similar?

AUDIT-89
BEC-83
REG-78
FAR- April 19

[How many letters do you need]

I'm reviewing with Wiley and NINJA MCQs. I started poorly with Wiley but have been scoring in the 70-85 range for most tax categories. Just memorizing business law now. NINJA MCQs seriously make me feel stupid.

MBA,CMA,CPA, CFF?, ABV?

[NJPRU]

@How Many – ahhh yes. i had originally begun studying for it in July but decided that Gleim wasn't a good source to study with. I was 10 chapters in out of 20 and I couldn't remember a single thing – for whatever reason (probably FAR), I was burnt out and tired and I felt Gleim wasn't teaching me BEC correctly. I have since then purchased Becker and will begin that on Monday.

How are things on your end? How do you feel about REG?

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Anonymous]

I am taking REG Tuesday and feel more overwhelmed than any other section. I am using Yaeger, watched all videos, wrote note cards for each chapter of Wiley, did all book and test bank questions twice. Also, got Ninja Notes to read at work. The amount of detail and memorization just seems insane. I have a knowledge of all the concepts, just don't know how detailed the questions will be. Plus all the concepts are running together in my head during my final review.

[How many letters do you need]

NJPRU: Ahhh that's OK though so long as you find a study program that works!

REG is insane. It's just a complete beast. The volume of stuff is slightly better than FAR but the type of material just takes so much more repetition to stick (at least to me). I took BEC right after FAR and then took some time off. Really had trouble getting back on the horse so I really haven't put forth the kind of effort that I expect from myself on this one. Still going to do my best but would not be surprised to have a retake in Oct. Still holding out hope for that 75:). I'll pop my head into the Q4 BEC study group from time to time to see if there is anything I can help out with….

MBA,CMA,CPA, CFF?, ABV?

[spartan14]

well thought I'd report back on how reg went for me… if I can give any advice it is give yourself as much time as possible for the sims! can't stress it enough. I didn't touch 1 of the sims and only half ass guessed on two boxes with 6 mins left on another sim (I didn't finish 1 on far). My exam happened to focus on only the areas I didn't know (lucky me!) but maybe the AICPA will work some of their grading magic and I'll pass. I will be holding onto that shred of hope until September 8th.

Good luck to you all!

AUD- 99 (5/29/14)
FAR- 92 (7/3/14)
REG- 93 (8/22/14)
BEC- 94 (10/11/14)

[How many letters do you need]

Spartan: not the end of the world if you did well on the rest of the Sims and the MCQs…you still have a decent shot….good luck I'll see you on the score release page!

MBA,CMA,CPA, CFF?, ABV?

[vickyshakshar]

What should be the answer for the below mcqs:

1. Mark & Jones, CPAs, and its client, Smith Lighting, are discussing a possible advisory engagement in which the firm would review Smith's account receivable (A/R) system and recommend changes that would improve the company's collection process and speed collections. Smith proposes to pay Mark & Jones a fee based on improved performance in A/R collections. Would such an arrangement raise any ethical concerns?

A. No, but only if Smith is a publicly traded company subject to SEC and PCAOB rules.

B. No, provided Mark & Jones documents the arrangement clearly in the engagement letter.

C. Yes, but only if Mark & Jones was performing other services for Smith.

D. Yes, if Mark & Jones also performed a review engagement for Smith.

2. Ben, a consulting manager of George & Co., is considering membership on an audit client's board of directors. Ben does not provide any services to this client. Which of the following statements describing this situation is true?

A. Ben may join the board because he is not an auditor.

B. Ben may join the board because he is not a partner.

C. Ben may not join the board because the rules prohibit all professionals in the firm from serving as a director of a client.

D. Ben may not join the board because only non-managerial employees of the firm may serve as client management.

[vickyshakshar]

One more question to answer. Please help.

A former client of Aaron Derek, CPA, filed a lawsuit in state court alleging that Aaron failed to exercise due care in the performance of tax and compilation services performed in 2011. Aaron firmly believes that he performed his services with competence and diligence. In his defense, he plans to admit to making one minor error which he says was inadvertent and did not have a material effect on the client's taxes or financial position. In light of his admission, has Aaron complied with the AICPA Code's standard of due care and why?

A. No. He obviously did not discharge his professional responsibilities with competence and diligence.

B. No. He did not perform professional services to the best of his abilities.

C. Yes. He has chosen to be honest in reporting that he made an error.

D. Yes. The AICPA standard for due care does not require CPAs to be infallible.

[wjun15]

Can someone answer this question for me:

If you prepared a tax return for someone who had 20K in medical expenese deducted on his return but he actually only had 3K in expenses (understatement of tax liability), and the preparer had no reason to doubt the accuracy, it says in becker the preparer is not liable for any penalty or interest.

But does the taxpayer have to pay the difference between what he reported and what he actually incurred in an amended return?

[leglock]

Because the taxpayer's medical expenses were inflated, his income was lower and therefore he paid less taxes than he should have. Yes, the taxpayer must amend his return and pay the additional amount of taxes due based on the extra income.

[vickyshakshar]

Anyone for the above 3 mcqs please….

[thechapman]

Does anyone else see R8 as a waste of time? I feel like I'm studying a bunch of very detailed stuff that doesn't have a high probability of being tested.

Passed - 2014

[oblio]

Study tid bit: Key person life insurance premiums are not decuctible for corp. as an expense because corp. is beneficiary, i.e. the life insurance proceeds would not be taxable, so they don't get to deduct the premiums paid for the policy as an expense.

I'm good with above, but anyone want to clarify life insurance premiums if the employee's family is the beneficiary? I believe it is ok for corp. to deduct life insurance premiums as expenses if the beneficiary is the employee's family?

BEC – 67, 81(exp)

AUD – 68, 93

FAR – 80

REG – TBD

[Jsingh23]

Yeah, they can deduct the premiums if the employee's family is the beneficiary.

AUDIT-89
BEC-83
REG-78
FAR- April 19

[Author]

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