[leslie4real]

A few questions to those who sat REG recently.

1. Becker suggests 1 hour to 1:10 minutes for the SIM. I really struggled with the SIM in FAR, took me forever to figure out what they were asking for. I kind of want to plan at least 1.5 hour (if i have time of course). Is that too much for the SIM?

2. For the law section, is it more efficient to reread the notes or do the M.C.?

3. For the Tax section: is it more efficient to reread the notes or do the M.C.?

4. I know questions 2 and 3 is repeating myself, but i have about 600 marked m.c. and i am wondering if it’s worth the average of 10 hour (1 min.per question) to spend on them. Wished Becker had an extra type of marking for ultimate review.

5. And finally anything other suggestions would be greatly appreciated. I know everyone is different, but being on this forum has been helpful.

Thanks

FAR: 80
AUD: 81
REG: 78
BEC: 76

[Ineedsomesun]

I'll answer a few of the questions. I don't think 1:10 is enough for sims. I spent 40 minutes on my first test-let and started speeding up to get to the sims. I had 1 hour 30 minutes for sims and I finished the exam with 45 seconds left. The sims are difficult and I think you will need some time on them. With MC, if you don't know how to solve it, don't spend more than 1 and half minutes. If you can solve it, then spend no more than 3 minutes on that problem. If you're not sure and it looks like its a 4 minute problem, make a guess and move on. That's my suggestion, obviously you can't guess the whole test and pass but hopefully, it will only be a handful like that.

With law, I think going over the MC is more effective as the concepts are easy to understand but more difficult to apply. Remember business law is around 20% and I don't think its ever a sim.

With Tax, I think understanding the concepts well is better than just doing MC. I usually only do every 4th one unless I get it wrong and then I'll do more in that section. I do the latter questions in a section to get a feel as to if I know it or not.

One last thing. Even if you feel like the exam is brutal, just continue to do your best. I felt the worse coming out of REG. I think I missed 2 sims completely or got maybe 25% right on them. As you can see from my scores on all the exams, I had to “fight” for every point to pass.

FAR - 78, FEB2014,
REG - 82, MAY2014
BEC - 79, JULY2014
AUD - 68, 86, MAY2015 (ALL DONE!!!)

[Ineedsomesun]

Correction, I think I left myself 1 hour 20 minutes for sims but I wish I had more time.

FAR - 78, FEB2014,
REG - 82, MAY2014
BEC - 79, JULY2014
AUD - 68, 86, MAY2015 (ALL DONE!!!)

[Kimboroni]

Agreed. 1:10 seems short.

I spent about 30 min. on each MCQ testlet, which was my budgeted time for those. And I did not feel good about my MCQs, so it's not like I breezed through them no problem. I felt almost like I studied for the wrong test. But I tried to go through like a Ninja and slice and dice them so I'd have enough time for the sims. I like Ineedsomesun's 3 minute/4 minute thinking. While I don't have a formal plan like that, it probably ends up with about the same result. You can't get stuck on a question and eat up your time because of it.

I got to the SIMs with exactly 1:30 left. I actually really liked my sims. I had plenty of time to put in reasonable answers for everything and then go check everything in the AL. I modified things a bit based on what I found, but mostly the AL verified my thinking. I think I used all my time up (maybe I had 5 to 10 minutes left and closed out just to make sure I submitted it properly– I don't think that matters, but it made me feel better).

AUD 84 (1/9/14-Wiley books/TB + free materials)
FAR 83 (5/21/14-the above + NINJA 10 Pt Combo Lite)
REG 84 (7/9/14-Wiley books/TB + NINJA Audio/FC/Notes)
BEC 76 (10/5/14-Wiley books/TB + NINJA Audio/FC)

Disclaimer: My ninja avatar is not meant to imply that I have any affiliation with this site other than being a forum member. That's a pic of a T-shirt that my daughter gave me for my birthday. 🙂

[Ineedsomesun]

@Kimboroni – looks like we're going to finish the exams up around the same time. Well, I'm taking a crazy shot at Audit at the end of August (I'm doing a great job surfing the forum instead of studying) with 9 days of study but figure I can take the exam in October if I fail.

Any pointers for Audit? Did you study differently for Audit vs FAR and REG? My studying for each part was a bit different so that's why I'm asking. Results were surprisingly the same though.

FAR - 78, FEB2014,
REG - 82, MAY2014
BEC - 79, JULY2014
AUD - 68, 86, MAY2015 (ALL DONE!!!)

[TigerWoods]

Leave over 1.5 hrs for the sims. Best advice.

[Kimboroni]

I studied for AUD a lot differently. I was my first test, and it was kind of a last minute decision to start taking the tests now. I studied for AUD pretty haphazardly, and I didn't have any real review materials (just my college textbook– I had just finished advanced audit) until 2 weeks before the test. That's when I got my Wiley books and started using WTB. I'm not sure what I did– I did read all of the chapters, and I worked some of the problems and sims in the book. Then I got tired of doing it that way and started only using WTB. I jumped around from chapter to chapter depending on what I felt like doing. Somehow it worked. It was basically 2 weeks of cramming on my weak areas. I did make sure to review JEs and ratios since I read here to do that.

I've been very systematic about both FAR and REG– scheduling out what chapters to do each week so that I'd have enough time to cover everything and then have a solid review period. I do the chapters in order and have a plan. Totally different. And yet the result is about the same.

It still comes down to the basics– cover the material, practice MCQs, practice sims. repeat.

AUD 84 (1/9/14-Wiley books/TB + free materials)
FAR 83 (5/21/14-the above + NINJA 10 Pt Combo Lite)
REG 84 (7/9/14-Wiley books/TB + NINJA Audio/FC/Notes)
BEC 76 (10/5/14-Wiley books/TB + NINJA Audio/FC)

Disclaimer: My ninja avatar is not meant to imply that I have any affiliation with this site other than being a forum member. That's a pic of a T-shirt that my daughter gave me for my birthday. 🙂

[leslie4real]

Ineedsomesun (funny name, as my doctor just told me i have vitamin D deficiency – too much studying i guess) and Kimboroni: Thanks for the advice, really helpful. I will aim to leave 1.5 for the SIM. And fight for every points i can.

I reviewed some of the marked question this evening and find them harder to do since they are all the hard ones left and no easy one line questions. I did 30 in an hour as i needed to add little notes on the textbook for reminders etc. I will see tomorrow how many Multiple choice i average and set up a plan to be effective on reviewing the M.C.s. Especially knowing that the 570 marked left are not all going to be tested obviously. Is there a trick to this madness?

FAR: 80
AUD: 81
REG: 78
BEC: 76

[leslie4real]

Ineedsomesun (funny name, as my doctor just told me i have vitamin D deficiency – too much studying i guess) and Kimboroni: Thanks for the advice, really helpful. I will aim to leave 1.5 for the SIM. And fight for every points i can.

I reviewed some of the marked question this evening and find them harder to do since they are all the hard ones left and no easy one line questions. I did 30 in an hour as i needed to add little notes on the textbook for reminders etc. I will see tomorrow how many Multiple choice i average and set up a plan to be effective on reviewing the M.C.s. Especially knowing that the 570 marked left are not all going to be tested obviously. Is there a trick to this madness?

FAR: 80
AUD: 81
REG: 78
BEC: 76

[leslie4real]

Another question. Some on this site says law is 40% some say 20%. What is the definitive authority on that, is there a document the examiner published on that? I have the AICPA pdf exam content, and nowhere it gives that information.

I know for FAR Becker said 25% was on Government, well i got at most 3 M.C.s on governmental accounting and for audit Becker said Review and Compilation was about 10% and my audit exam was “a review and compilation exam”. So frustrating to figure out what to focus on.

FAR: 80
AUD: 81
REG: 78
BEC: 76

[How many letters do you need]

According to the content outline Business Law is 17-21%. Since you can be pretty sure there won't be any Business Law sims one could assume that it could cover a significant amount more than that if just looking at % of MCQs. Between ethics and business law it's a combined 32-40% of the exam and I'm pretty much going in with the thought that they are going to combine for half of the MCQs….maybe a little more…and tax will be all of the sims plus remainder of MCQs. My strategy is to know tax and ethics inside and out…hopefully nail the sims and tax/ethics MCQs….memorize business law enough to get half of those and be home free. Now if that's actually going to work or not remains to be seen…

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.

3. 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.

[leslie4real]

@How many letters do you need: Thanks. Was vaguely thinking the same thing, but now that you articulated it, it makes more sense. I believe it's a good strategy. So you're sitting on the 30th as well, Wish you the very BEST!

FAR: 80
AUD: 81
REG: 78
BEC: 76

[vickyshakshar]

Please help me with the mcqs metioned above. I am confused……

[How many letters do you need]

Thanks Leslie! Same to you. I'll look for you on score release day….let's kill REG and wrap this party up in Q4:)

MBA,CMA,CPA, CFF?, ABV?

[Author]

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