[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/

[wjun15]

can someone explain the AAA account? What is the difference between the AAA and the s corp basis ?

when theres a distribution of assets from a S corp, it says that if you have corp E&P, this is the order of distribtuion and tax result:

to extent of AAA = not subject to tax, reduces basis in stock

to extent of C corp E&P = taxed as dividen, does not reduce basis in stock

to extent of basis = not subject to tax, reduces basis in stock

in excess of basis stock = taxed as long term cap gain.

why do we even care about the AAA? Is AAA like the equivalent to a E&P for a corporation?

[oblio]

@wjunn

I think AAA account is kind of like a tax basis retained earnings account for s corps. I did every Wiley mcq and sim and do not believe I saw the AAA account come up once. Of course, exam day who knows

[oblio]

@wjunn

from my notes – AAA account represents cumulative total of undistributed net income items for s corp.'s taxable years beginning after 1982; can have a negative balance if expenses and losses exceed income; tax exempt income and related expenses do not go into AAA account

[Tootsie]

Just did the AICPA sample exam and did pretty well. Taking a Becker practice exam this afternoon. Good luck to those testing within the next few days! And happy Friday!!

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[Anonymous]

@oblio In the spirit of keeping confidentiality after taking my exam, I may or may not have had a simulation regarding AAA. I'm afraid I can't remember, as ALL the material is fair game on the exam.

[mrgriff21]

MCQ were pretty fair but dam those SIMS were next to impossible. I can honestly say no amount of studying would have prepared me for at least two of them.

A - 84
R - 81
B - 77
F - 81

[How many letters do you need]

ARRRRGHGGHGHGHGHGGHHHHHHHHHHHHH.

REG.

MBA,CMA,CPA, CFF?, ABV?

[kat1985]

Ugh so so frustrated! I got an 82 on the first Becker Final Exam and a 69 on the 2nd one right now.

I'm so discouraged 🙁 This is the lowest score i've ever gotten on a practice exam…I take it tomorrow 🙁 This is my last test and I'm terrified I'm going to fail now.

AUD 2/2014 95
BEC 4/2014 92
FAR 7/2014 92
REG 8/2014 TBD

[Jsmith87]

Be confident and try to think positively. You've probably put in the time and all that is left is to take the exam.

[How many letters do you need]

Kat you are probably ok, especially given your past scores. Mine is tomorrow as well, just finishing up some MCQs and trending nowhere near where I would like. Ill probably need a little luck tomorrow but worst comes to worst a retake it is!

MBA,CMA,CPA, CFF?, ABV?

[oblio]

@CMax

I know not what thou talkest about…Good luck!

[JamesBJames]

SIMs were fuuuuuuuuun. Thought I did great on MCQ but outside of the research SIM, I think I got somewhere between 50-75% on all the rest.

FAR: May 1st, 2014 - 91
AUD: May 29th, 2014 - 97!
BEC: July 16th, 2014 - 91
REG: August 29th, 2014 - 88

Licensed December 2015

Feel free to add me on LinkedIn by clicking my username!

[Jsmith87]

James- sounds like you did enough to pass. I hope my exam goes that well tomorrow.

[JamesBJames]

Oh yeah, I'm thinking I'm in the high 80s / low 90s if the “I skipped two SIMs and still got a 93!” posts I've seen are any indication. It just feels weird walking out of Prometric knowing that you did mediocre to slightly above mediocre on all the non-research SIMs.

Good luck tomorrow, by the way. I'm sure you'll do fine.

FAR: May 1st, 2014 - 91
AUD: May 29th, 2014 - 97!
BEC: July 16th, 2014 - 91
REG: August 29th, 2014 - 88

Licensed December 2015

Feel free to add me on LinkedIn by clicking my username!

[kappa1032]

Just got out of the testing center…I feel like I did alright on the MCQ but the SIMS just hit me like a ton of bricks…blah I guess I don't have to worry about it for 10 days or so…on to study for Audit. Good luck to everybody else taking the tests this weekend!

FAR - 81
REG - 74, 87
AUD - 88
BEC - 88

Finally.

“The only guarantee for failure is to stop trying”
― John C. Maxwell

[Author]

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