Zoey,
Any opinion on the Wiley SIMS?
-
melloyello
offlineMemberConnie and CVA,
I used Yaeger's HomeStudy for my REG program. It uses the Wiley materials as a supplement.
I found that the MCQ's on the practice exam CD were tougher and more thorough than the ones found at the end of each module in the book. Phil stresses the book questions, but I have found on both REG and BEC that knowing the MCQ's on the CD, in addition to the book questions, helped me a lot!
Glogo: Any time! :)
10/5/09 - BEC - 85
1/11/10 - REG - 96Posted 2 years ago # -
cmb2009
offlineMemberFor Jeff or anyone who has a good feel for REG,
How important do you think it is to learn all of the different classifications for different assets for depreciation. For example, race horses fall under the 3- property class, automobiles fall under the 5- property class.
AUD-73,79; BEC-69,82; FAR-77; REG-83 DONE!Posted 2 years ago # -
melloyello
offlineMemberCMB,
Just know that Furniture & Fixtures are 7 year. Autos and computers are 5 year. Residential is 27.5. Commercial is 39. They won't trick you with race horses or something crazy without giving you the classification.
10/5/09 - BEC - 85
1/11/10 - REG - 96Posted 2 years ago # -
melloyello
offlineMemberI think partnerships and corps are about equal in terms of weight, so I'd plan on being prepared for both.
I agree with you on the distributions. They're tricky. Just remember on non-liquidating, partners do NOT recognize a gain unless they receive cash (and cash only) above and beyond their basis. Everything else is no gain.
For liquidating, i used this formula:
$ Partner received
+ Liabilities relieved
- Partner Basis
= GainIf the gain is partially inventory or receivables, it's ordinary equal to that dollar amount. Anything else is cap gain.
I REALLY WISH I could disclose what I saw on Monday and what types of questions they asked, but that whole disclosure rule is really cramping my style! :)
10/5/09 - BEC - 85
1/11/10 - REG - 96Posted 2 years ago # -
AARON
offlineMemberLess than 36 Hours until my exam. Anyone have any thoughts on a list of priorities (topics) I should focus on?
Here's my prelim thoughts:
1. Corp Tax.
2. Partnership Tax
3. Indiv. Tax
4. Estate/Trust Tax
5. ?!?!... Suggestions?!?!Thanks!
√ AUD - 87 (8/12/09)
√ REG - 77 (1/15/10
√ BEC - 77 (1/6/09 - Expired) / 79 (11/18/10)
√ FAR - 75 (2/11/11)Posted 2 years ago # -
melloyello
offlineMemberYour right to focus on tax. I wouldn't hit estate/gift too hard. It's not a big section. After the tax topics, I'd focus on the contract/UCC stuff (contracts, sales, property, commercial paper). Have a good handle on professional responsibility too. I got some trip-up type questions from that section when I sat. Focus on independence: what impairs it, what positions a CPA is allowed to hold, or relationships he/she can have that still maintain independence.
10/5/09 - BEC - 85
1/11/10 - REG - 96Posted 2 years ago # -
AARON
offlineMemberThanks Mello! I reviewed Law yesterday. Today is a Tax day for the most part. Having taken the exam once before... it's safe to say Tax is the main focus... the other topics you mention are def their favorites as well... Hopefully this go around I don't get shafted with a 74. Thanks again.
√ AUD - 87 (8/12/09)
√ REG - 77 (1/15/10
√ BEC - 77 (1/6/09 - Expired) / 79 (11/18/10)
√ FAR - 75 (2/11/11)Posted 2 years ago # -
Mpofu
offlineMemberAna all the best in your REG exam, is it tomorrow or you have pushed it back.
Aud(69,75),BEC(73,80),FAR(67,72,84),REG (65,71,79)04/01/2010 Ethics (95) (Colorado)
Licensed Certified Public Accountant (CPA)-September,2010
Licensed Certified Financial Services Auditor (CFSA)-September,2010Posted 2 years ago # -
smrivera1
offlineMemberMy exam is on 1/31/10...I will be finishing up with the Yaeger Home Study lectures this evening, which means, if I start multiple choice questions tomorrow, I will have about 13 or 14 days to complete my studying before my final review (about 2 days before my exam). Do you all think this will be enough time? I'll be studying about 20 hours/week at a minimum...
Steve
FAR: 84, AUD: 82, BEC: 76, REG: 78Posted 2 years ago # -
AARON
offlineMemberSo.... I took the exam (REG) today... for a second time after a nice 74... my reaction:
1st Testlet --> Average difficulty.
2nd Testlet --> Hardest of the three testlets.
3rd Testlet --> Easier than the second, probably the same as the first.Most MC were pretty fair and what I expected. Some were more straight forward than other, either way, some guessing was involved... not sure how to feel about it overall and compared to last time. I guess I would say probably comprable to my first performance overall...
4th Testlet --> Hard but manageable... was able to find the right IRS code in the research tab and the communication was very reasonable. The case studies however --> Hard and there was some guessing/BS for sure... overall I would say, a little bit more managable than the first time...
5th Testlet --> Refer to the 4th Testlet response.
I am not sure if the above translates into 1 more point, but I am praying to god that it does. Time to start preparing for FAR...
If anyone has had a similar experience to the one I describe above... please share, and please share the score associated with it. If not, any peace of mind as to if you guys think I may have passed or not would also be VERY MUCH APPRECIATED!
Thanks and good luck to everyone taking REG this window.
√ AUD - 87 (8/12/09)
√ REG - 77 (1/15/10
√ BEC - 77 (1/6/09 - Expired) / 79 (11/18/10)
√ FAR - 75 (2/11/11)Posted 2 years ago # -
Puerto Rico Romo
offlineMemberWhen I scored 74 i completely bombed the simulations, so much so in fact that I did not even think of checking the database provided in the exam for some light on the subjects tested. In my experience being able to pull out of MC's and doing good written comms and research usually make up for bsing your way trough the other testlets.
Posted 2 years ago # -
Anna
offlineMemberGlogo2384, I had identical description for Auditing. Second testlet was the most difficult, and third was easier. It's normal, my friend had same for REG. The way you describe simulations also shows that you knew a lot... People often complain they left all of them blank.
The fact that you thought exam was not easy but fair is also a good sign. I think you just studied very well for this one and passed. Hope you'll let us know:) Good luck!BEC (82), AUD (86), FARE (75) => Becker 2009
REG (74),(74),(83) => Yaeger HS & AudioPosted 2 years ago # -
AARON
offlineMemberThanks so much for the peace of mind everyone. The worst part about this whole process is having to wait to see your score. I just need to realize and convince myself that there isn't anything else I can do about REG at this point. I took it. After digesting the exam, there were definetly some problems I knew I got wrong... that I should have gotten right... I classify those as 'DOH!' problems. In any case, I felt maybe 1% better about this exam than the last time I sat for it (scored a 74) simply because I was able to somewhat BS/Educated guess on the SIM case studies... I bombed the case studies when I received a 74, I also don't think I was able to get full points on the research tab the first time... maybe this time I did just enough to cover that 1 extra point. To anyone taking the exam, without disclosing any exam information, I would say really know your tax and know your b-law/ethics too... but tax is really where the tripping up starts and ends...
In any case, I am going to start studying for FAR this Tuesday. Giving myself this weekend off... FAR will def be the hardest section for me. My debits and credits, well, they suck.
I'll keep you all posted, I am praying I don't have to relive anymore dreaded 74s... come February/March.
Good luck to everyone!
√ AUD - 87 (8/12/09)
√ REG - 77 (1/15/10
√ BEC - 77 (1/6/09 - Expired) / 79 (11/18/10)
√ FAR - 75 (2/11/11)Posted 2 years ago # -
glogo2384
I just got home from taking Reg. I 100% agree with everything you described. The test was just difficult enough to keep you unsure, but easy enough to where I wasn't totally blown away by anything. I finished w/ 20 min remaining. If I didnt pass......it is definitley because of the law section. SIMS were managable, like you said earlier.
Now its on to BEC. Is 4 weeks enough time to prep for that exam?Posted 2 years ago # -
AARON
offlineMemberGood luck! Let us know how it goes... random question... related to CPA tax responsibilities... If you're preparing someones taxes and they give you a list of lets say charitable deductions or medical expenses or just any itemized deductions... do you take their word for the list if it appears to be reasonable or do you ask for receipts etc.
√ AUD - 87 (8/12/09)
√ REG - 77 (1/15/10
√ BEC - 77 (1/6/09 - Expired) / 79 (11/18/10)
√ FAR - 75 (2/11/11)Posted 2 years ago # -
glogo2384,
I would say that you do not take their "word" for it. The client would have to provide reasonable proof of the charitable deductions, medical deductions or any itemized deductions that any client would be expected to provide which would include receipts, credit card statements for any items charged, or mortgage information for interest for example.
Becker - FAR 80, AUD 73, 81, BEC 76, REG 81 (2010) DONE!!!! IN LICENSED CPAPosted 2 years ago # -
apruneda
offlineMemberOkay guys, I took my REG exam on Saturday.
First testlet a little tricky, knew alot of answers, but some I was unsure on and did some reasonablly logical guessing.
Second testlet was a little harder and really required me to think and some more guessing.
Third testlet was way easier and didnt have to gues that much!! :)
I went into the simulations with a little under two hours left.
My first simulation was (sorry if I scare anyone) HORRIBLE. I felt the questions were vague and I really struggled. I spent a little over an hour reading and re-reading trying to figure out what it was talking about before I answered everything, but I am sure they were no where near the right answers.
I started the last simulation with about 45 minutes left, and I felt the CPA Gods were with me because I was able to answer all the questions and I left the exam with 21 minutes to spare.So my over all feeling is that I did well, I just hope it was well enough to pass. And if I were to offer any advice it would be to work on the first half of the book more than the last half and maybe make a vocab list for the law and contracts. Good luck to everyone!!
Posted 2 years ago # -
AARON
offlineMemberThanks guys, just wasnted to clear up some of my understanding if I am going to be a CPA some day... another random question... is a 'custumer list' considered goodwill?! and is section 1231 gain considered as part of net profit or added to net profit?
√ AUD - 87 (8/12/09)
√ REG - 77 (1/15/10
√ BEC - 77 (1/6/09 - Expired) / 79 (11/18/10)
√ FAR - 75 (2/11/11)Posted 2 years ago #
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