[jeff]

Welcome to the Q1 2017 CPA Exam Study Group for REG. 🙂

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

[CPYay]

Hi all,

Just finished. First question threw me off and my confidence went out the window. Questions never seemed like they increased in difficulty, yet I still felt like I didn't fully know them. The research question took me like 20 minutes to find. The TBS questions were ridiculous and one was so poorly worded that I didn't know which number they were asking for.

This is the first exam I walked out feeling like I definitely failed. Feeling pretty crummy knowing my family may have to endure another 6 weeks at minimum of me studying and stressed out. Sucks.

[cpaMD86]

@CPYay
Hope you pulled of a 75+. I've been hitting MCQs and some SIMs today…don't know how else to prepare.
Roaming these boards and answering questions to test my knowledge as well.

FAR: 9/3

[CPYay]

Thank you. I'm definitely hoping so too and will take the next two weeks off from studying since a retake will be based on the new exam anyway.

I did a ton of Roger and Ninja MCQs, so I thought I was prepared. I'm hoping the lack of increase in difficulty was a reflection of me being prepared enough to not notice a difference in difficulty. Then again, I wouldn't be surprised if I got nowhere close to a 75 haha…

Rooting for you to finish this beast!

[CPASF1]

Gary Berg, a farmer, exchanges a tractor with a basis of $40,000 and a value of $50,000 for a tractor with a value of $44,000 plus $6,000 cash. The basis of the tractor acquired by Gary is:

I understand up to this part (step 2):
Step 1: FMV 50,000
AB: 40000
= 10,000 realized gain

step 2: lower of 10,000 or 6000
pick 6000

step 3: basis of old tractor 40,000
additional property given up: 0
gain on transfer: 6000
????

why is the answer 40,000 and not 46,000?
thanks!

[cpaMD86]

@CPFSF1

You have to subtract the Boot Received as well.

So –>

40,000 [Old Basis]
6,000 [Gain] +
(6,000) [Boot Recvd] –

40,000

Appreciate the review! lol
Man I hope the CPA Gods don't get crazy on me when I sit for my exam…

FAR: 9/3

[danko1983]

@CPAsf1 40000+6000-6000= 40,000. any gain or loss can only be recognized to the extent of boot received, so the gain gets washed out by having to subtract the boot.

BEC - exp 2/28/13 (crap)
AUD - exp 11/30/13

[CPASF1]

thanks @CPAMD86 and @danko1983! Best wishes for your exams 🙂

[tmjcpa]

Hey team!

I'm slightly insane and taking the exam on Friday having only had the chance to study the last two weekends due to 70+ hour busy season weeks. Since it's impossible to make it through all of the material before Friday, do you have any suggestions for areas of focus?

So far I've made it through R1, R2, and part of R3 (hoping to finish tonight) and am listening to the Becker lectures for R5 on my commute to and from work. ANY advice or guidance is helpful! Even if you have handy mnemonics, I'm all ears.

Thanks!

[Accountingbeans]

How do you guys feel about practicing SIMs to study? Effective? Or not worth the time and effort? Taking my exam Thursday morning. Planning to just look over my notes and do some progress tests. Already took the 2 practice tests. Should I study SIMs too? I just feel like they're very detailed and take a while, where on the actual exam anything could be on them regardless of what you study for them. Any thoughts?

Newbie
BEC- August 31

[tmjcpa]

@Accountingbeans

I think you're right and that your time is better spent going through the progress tests multiple times. Based on the sims I've worked through, if you know the material in the MCQs, you can apply it to the sims with no trouble. If anything, familiarize yourself with the research functionality; from what I've seen, most people underestimate the research sim and spend more time than they'd like to on it!

Good luck!

[Teal]

Hey! Does anyone know about signing up for the new REG test on March 11th? Is this March 11th at exactly midnight? OR like sometime during the day this Saturday? Thanks for any help!!

FAR (66,68) Aug 26
REG (66) July 25
AUD (66) December 1st
BEC - October 3rd

[Ne’O]

Congrats to Bravesfan, Re2pect, and Dtatham10

I see you all passed overnight.
I've been quietly trying to keep up, and hope to be in the 77-82 range behind you REG Lords.

Ne'O

Newbie CPA Candidate

[rinahm]

Questions for SIM…Reg will be my first one with SIM and I was wondering if I need to type in $ for questions like I need to enter amount. I am using Wiley and I got all wrong because of not typing in $ for all the number.

Also anyone know Wiley AL is same as actual test one? Do you use AL to answer non research SIMs? Do you know if Blaw can be in SIM?

[tygolfer]

@rinahm you do not need to type in $ for anything. I didn't use Wiley, but if you save enough time the AL can be extremely helpful for the SIMS. I would recommend only using it if you have the time, but I figured out two of the SIMS I wasn't sure on by using the AL.

[Accountingbeans]

Can anyone explain to me capital vs noncapital assets (and 1231 within that)? And where does inventory fall in this classification?

Newbie
BEC- August 31

[Author]

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