[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/

Post by Another71.

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

[rachel525]

I am worried for this exam and I have Becker/Wiley test banks and Yaegar flashcards!! Is it enough?

[Anonymous]

I completely posted this in the wrong thread, so here is my experience from yesterday:

The test was very fair and the Ninja MCQ was a great help. The first testlet was pretty hard for me but I thought I did well until my questions on the second testlet didn't seem to get more difficult. In fact, they were probably a little easier but the third testlet was much more difficult than the first two.

The simulations weren't long which was good to see, but they were on topics I was very shaky on. Like two of them were all wild guesses, while two other ones either I got full credit or barebarely any credit depending on if I used the right calculations. Overall, even if I don't pass, I was glad to see Ninja being as big of a help as it was.

[terryharm]

I see several posts about the MCQ difficulty, how do you tell if the questions are medium or hard, Do the hard questions have more complexity, or calculations. Thoughts

BEC: 81
FAR: 75
AUD: 81
REG: 85

PA license Pending..

[Anonymous]

I really couldn't tell yesterday to be honest, but I judge off how many I bookmark.

[terryharm]

AM I reading this question wrong? It asks if Bond Sues Spear and Spear defends on the basis of statute of frauds Bond will : why will Bond win? the contract is under $500 why wouldn't Bond Lose and Spear Win?

Bond and Spear orally agreed that Bond would buy a car from Spear for $475. Bond paid Spear a $100 deposit. The next day, Spear received an offer of $575, the car's fair market value. Spear immediately notified Bond that Spear would not sell the car to Bond and returned Bond's $100. If Bond sues Spear and Spear defends on the basis of statute of frauds, Bond will probably:

a.

Lose, because the agreement was for less than the fair market value of the car.

b.

Win, because the agreement was for less than $500.

c.

Lose, because the agreement was not in writing and signed by Spear.

d.

Win, because Bond paid a deposit.

Explanation

Choice “b” is correct. Under the Statute of Frauds, contracts for the sale of goods of $500 or more must be evidenced by a writing. A car is goods, but the contract price here was $475, so no writing was required.

BEC: 81
FAR: 75
AUD: 81
REG: 85

PA license Pending..

[teamryan15]

Those of you who are using Becker, how are you handling the 2014 numbers in your software vs your book showing the 2013? I know this wont apply to all.

[terryharm]

i wrote in the 2014 numbers..

BEC: 81
FAR: 75
AUD: 81
REG: 85

PA license Pending..

[Anonymous]

@terryharm, oral contracts are valid under 500 bucks.

[terryharm]

Is this Correct? Trying to come up with some matrix's to help

Property Distributions – Basis

corporate distribution = FMV is used for the Basis

Partnership distribution = Partnership basis is used not FMV

Gift = Basis will equal the Donor's basis (unless FMV is lower than donor basis, then it depends on what the person receiving the gift sells the property for.

Inheritance = Basis will equal the FMV

Missing anything?

BEC: 81
FAR: 75
AUD: 81
REG: 85

PA license Pending..

[Anonymous]

does reg get any easier? went through the first 2 chapters of becker and really confused with AMTs, all these phaseouts, percentage limits, and rules. MC makes it a little easier to understand but anyone have any advice

[terryharm]

I was thinking the same thing, I am thinking about creating a cheat sheet for the phase outs, exclusions, and Basis rules. However its all over the place. Maybe I will go line by line through the 1040, partnership form, and corp forms to create the cheat sheet. (guess I should call it a study sheet) If anyone has something like this can you share it? or suggestions how to organize it.

BEC: 81
FAR: 75
AUD: 81
REG: 85

PA license Pending..

[The_AmYam]

cpasucks 23 – I have sat for REG twice before and passed once; lost credit so retaking.

I didn't find Becker very helpful with respect to AMT. I supplement my Becker questions with the Wiley online test bank which helped a lot. The questions are different and to me, provided a little more insight than some of the Becker questions did.

It was the key to passing the exam the 2nd time I took it. Plan on hitting the Wiley questions hard during my 2 week review coming up (sitting on Jan 2nd.) Yes, it was more expensive, but it was still less expensive than paying to take REG a 2nd time.

I would say it is in your best interest to learn the credits backwards and forwards. You'll notice a lot of the phase-outs are the same for different things, or MFS is 1/2 of MFJ so you can use that little trick to memorize less.

One other thing that helped was taking notes as I did questions (not the first pass) when I got them wrong. I would write down a statement for the correct treatment of whatever I got wrong and review that to really drill the concept during my note reviews. For property transactions, I created a flash card with the formula (basis + boot – boot etc etc etc) that I regularly reviewed.

It's super super tedious but it works. I also color coded my notes, which seemed to help. Adjustments = headers in blue, Credits = headers in green. Kind of silly/lame but I remember the color when I think about the word while testing, and it helps.

REG - 81
FAR - 79
AUD - 94
BEC - OCT 15

[funtiks]

so how likely that we will see obama care questions in Q1 of 2015?

@cpasucks23, I got the 2013 willey book from amazon for $20 and I tend to look up stuff that becker doesn't explain in detail.

You also get like 1000 additional mcqs

FAR - 76*, 73, 85
BEC - 69, 72, 78*, 80
AUD - 72, 71, 90
REG - 71, 74, 85

AFTER 3 YEARS I'M DONE!!!

[The_AmYam]

funtiks – I would say not likely on obamacare. I think the exam updates generally follow the tax year, if I'm not mistaken. Becker lists course updates by section (lower left corner when you sign in) and I don't think REG is scheduled to be updated until the spring sometime.

REG - 81
FAR - 79
AUD - 94
BEC - OCT 15

[funtiks]

Becker 2014 1.1 already has some obama care stuff.

FAR - 76*, 73, 85
BEC - 69, 72, 78*, 80
AUD - 72, 71, 90
REG - 71, 74, 85

AFTER 3 YEARS I'M DONE!!!

[Author]

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