[mdrobbin]

I’m starting to get frustrated as I’m going through these MCQ’s in Wiley. They are insanely technical and I’m not even coming close. Finally I get an easy one, I thought. What can you deduct for business income when you operate a business of selling ILLEGAL NARCOTICS. Well, surely the government won’t allow you to deduct the cost of your merchandise considering it is illegal.

Wrong… Wiley says I can deduct this. Must have forgotten this but I sure don’t remember seeing that in the videos or text.

These questions are kicking the crap out of me, so far I’m tanking. Hopefully this will get better… 20 days until the exam.

FAR - 2012 - PASSED (YAEGER)
AUD - 2012 - PASSED (YAEGER + NINJA NOTES)
BEC - 2012 - PASSED (YAEGER + NINJA NOTES)
REG - 2013 - PASSED (YAEGER + NINJA NOTES + NINJA AUDIO)

ETHICS - 2013 - PASSED

DONE!!! Thank you A71 for all the support! Hiya!!!

[make_yourself]

I had exactly the same experience in my Becker MCQ! I was so annoyed after getting that question wrong; I couldn't believe it.

REG has been difficult for me as well, I'm planning to review the 18th – 27th, so hopefully that will pull everything together for me.

REG has been especially frustrating after scoring in the high 80s – 90s on almost every question set in AUD. Business Law seems okay, lots of memorization but not extremely difficult in itself, and it's pretty interesting. Can't say the same for tax. Tax is a huge pain in the @$$.

I'll be taking my exam a few days after you. Good luck!

FAR - 81 (07/24/2012)
BEC - 92 (10/06/2012)
AUD - 92 (11/29/2012)
REG - 88 (02/28/2013)

Ethics - 90

California Licensed CPA - 12/2013

[mdrobbin]

Good luck to you as well! Fingers crossed that we both are done with the CPA exam come March 1st but we'll see how this exam goes… tax is making me nervous.

FAR - 2012 - PASSED (YAEGER)
AUD - 2012 - PASSED (YAEGER + NINJA NOTES)
BEC - 2012 - PASSED (YAEGER + NINJA NOTES)
REG - 2013 - PASSED (YAEGER + NINJA NOTES + NINJA AUDIO)

ETHICS - 2013 - PASSED

DONE!!! Thank you A71 for all the support! Hiya!!!

[Gerg, CPA]

i vaguely remember one of the becker videos saying that the cost of the merchandise was the only thing that a drug dealer could deduct from his income …… ??

it's a stupid question and i'd think there's a slim chance of you seeing it on the exam

FAR - 1/26/2012 - PASSED (78, but Lost credit), re-do 11/27/2013 - PASSED (87)!
AUD - EPIC FAIL, 71, 69; 68; 5/25/2013 - PASSED (85)!
REG - 10/1/2012 - 72; 7/1/2013 - 73 UGH, 10/1/2013 - PASSED (85)!
BEC - 2/28/2013 - PASSED (82)!
Licensed CPA!

Used Becker self-study materials (just this for FAR original & REG #1), WileyTestBank, NINJA notes/audio, and Roger cram course for AUD #5, REG #3 & FAR reboot. CPA!

[TripleNetAcct]

Note to self: As long as I only sell drugs for one year, I can tell the IRS, reduce my amount of taxable income and get away with it!! Jeezzzzzz

Like you all, I have been struggling in the mcq's. I have not been looking forward to this section at all and its been extremely frustrating. I just keep telling myself that it will get better during review (2/13-2/23).

What are your plans for final review? I would really like to know so I do not have to read endless threads of things I still haven't spent enough time on lol

PLEASE HELPPP!!

AUD 73 (Aug 12) 77
BEC 66 71 (Nov 12) 80
REG 54 81 (May 13) 81
FAR 63 (Dec 13) 75 TEXAS

[TripleNetAcct]

@gsnyder00 – If you haven't tried using CPAforfree.com's simulation package for AUD, I would give it a shot. It helps bring together the big picture of the material in 10 sims for $10.

AUD 73 (Aug 12) 77
BEC 66 71 (Nov 12) 80
REG 54 81 (May 13) 81
FAR 63 (Dec 13) 75 TEXAS

[TripleNetAcct]

I did not mean for that to sound rude. Someone told me a couple days prior and I am glad I did it. Just a suggestion. Good luck on BEC!!

AUD 73 (Aug 12) 77
BEC 66 71 (Nov 12) 80
REG 54 81 (May 13) 81
FAR 63 (Dec 13) 75 TEXAS

[FlipACoin]

Yes you can deduct the cost of merchandise but not other typical business expenses such as travel, meals & entertainment, etc. Go figure, right?

[FinnishWeirdo]

I LOL'd when I saw this in my review materials…it was too funny/weird to forget XD

@TripleNet, I take REG on Monday. Here is what I've done for the past few days and what I will continue to do until test day:

1. Phase I – I take diagnostic, 30-question MCQ tests for each of the small sections. I use the exact ones as Wiley Test Bank, rather then lumping any two together…if that makes sense.

2. Phase II – After the MCQs, I read my notes for that one section over again. I then work through all the sims for each section from Wiley book, Wiley Test Bank, and my Roger book all over again. This is a pain but I find the sims help with the MCQs even if they're not entirely indicative of the actual sims themselves.

3. Phase III – I rate my performance in each section as such:

80%+ = Proficient

70-80% = Fairly Proficient

60-70% = Generally Familiar

Below 60% = Not familiar

(Yes, this is copied from the Wiley book. I track these in a spreadsheet)

4. Phase IV – I will basically work different sets of MCQs (20-30 at a time) until I achieve “Proficiency” in each section.

*In between sections I will probably make mini “cheat-sheets” with especially difficult things to remember…such as freaking basis for 1031 exchanges.

Hopefully I can manage all this, lol. I'll need all the help I can get. Good luck to all!

Why was there bacon in the soap?!

BEC 4/19/2013: 79 - the "easiest" one doesn't mess around lol
AUD 11/13/12: 90...NOT SURE IF SRS
REG 2/11/13: 87!!!!! LOLWUT!!>???!?
FAR 8/18/12: 81 MOFOS!!!!!!!!!!!!!!!!! (srsly thought I failed lolol)

Passed all 4 on the first try using Roger, NINJA Notes for FAR, and NINJA Audio for REG & BEC.

[Gerg, CPA]

thanks for the tip , triplenetacct – i will check it out. i need to be done with that P.O.S.

and it's actually cpareviewforfree.com

FAR - 1/26/2012 - PASSED (78, but Lost credit), re-do 11/27/2013 - PASSED (87)!
AUD - EPIC FAIL, 71, 69; 68; 5/25/2013 - PASSED (85)!
REG - 10/1/2012 - 72; 7/1/2013 - 73 UGH, 10/1/2013 - PASSED (85)!
BEC - 2/28/2013 - PASSED (82)!
Licensed CPA!

Used Becker self-study materials (just this for FAR original & REG #1), WileyTestBank, NINJA notes/audio, and Roger cram course for AUD #5, REG #3 & FAR reboot. CPA!

[Author]

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