glogo2384
offlineMember
Not important! I would know however in general that a 1065 is for partnerships... 1040, 1120S, 1040X, Schedule A, B, C etc. They rarely ask questions about what this form is, they tend to expect you know already...
smrivera1
offlineMember
My REG exam is on 1/31/10...I finished the Yaeger Home Study lectures a few days ago and am almost through the "recommended" multiple choice questions for the business law section. I hope to complete all of the recommended multiple choice questions at least 3 times over the next 12 days and leave myself a few days for final review (re-reading/writing my notes, practicing simulations, etc.). For those of you who have taken the Yaeger course for REG and passed the exam, have the "recommended" multiple choice questions been sufficient or have you practiced additional multiple choice questions above and beyond those recommended by Phil Yaeger? I was told by the Yaeger instructor hotline that the recommended questions are all I need...let me know your thoughts. Thanks!
Walt_Land
offlineMember
Hello all,
Thank you for all your insight on exam prep... I am sitting for my first exam (REG) one week from today! The plan is to be finshed with the whole thing when I get scores in June (we'll see what happnens). I've had a long journey to even get to the point of taking the exam. I first took the in class Becker Review in 2007. I found out that I needed to take another class because I moved states after I graduated and my 150 wasn't good enough so I had to take another financial accounting course. Then I had some other hurdlss that I had to jump through to even be able to sit, so I'm looking at this as a blessing to even be at this point. I'm really more excited then nervous at this point, but I've read all the horror stories and am cautiously optimistic about next Tuesday (I've put in the time since December) but if anyone has any advice to a first time candidate, I'm all ears (eyes).
-Walt
77mgb
offlineMember
Question from cpareviewforfree.com:
On October 3, Morton filed for relief under the rehabilitation provisions of Chapter 13. Mortons primary goal was to use the provisions available in Chapter 13 to catch up a four month arrearage on his home mortgage. Six months after filing, Morton was unable to make the payments proposed in his plan and Mortons case was converted to chapter 7. Which is correct?
A - Morton will be denied a discharge if he has received a chapter 7 discharge within the past 6 years.
B - If Morton has not previously filed for bankruptcy protection, his mortgage debt will be completely discharged.
C - Morton will be denied a chapter 7 discharge due to his failure to comply with his own chapter 13 plan.
D - If Morton was married at the time he filed his chapter 13 petition, his petition would be dismissed unless his wife joined the filing.
It says the correct answer is B. But does anyone know why A is not correct? They both look correct to me...
glogo2384
offlineMember
Hey everyone,
I am helping a buddy of mine with some CPA review (REG) and we came across a couple of topics/items we weren't really sure on... could anyone help:
1. Is Section 1231 gain part of 'Net Profit'. I guess what I am asking here is... when looking at a Schedule C for a Business is Section 1231 ordinary income assumed to be part of the 'Net Profit'? OR do you take 'Net Profit' + 1231 Ordinary Income?
2. Are country club dues considered 'entertainment' for a business and thus deductible 50%? OR do they not qualify as 'entertainment' expenses for a business?
Thanks for your help!
glogo2384
offlineMember
Was able to answer one of our own questions: I guess country club dues are generally not-deductible... didn't know that... now I do.
glogo2384
offlineMember
I took the exam, without disclosing information, I would say know 2008 at minimum... know any major changes in case you see anything (exemption amount perhaps? gift exlusion amount?) my experiences so far suggest that knowing rates isn't as important as knowing how to apply rules.
zena
offlineMember
glogo2384, regarding #1, I believe it skips Schedule C and is reported in form 1040 (ordinary income/loss) and Schedule D (capital gain) from form 4797 (where you figure if the gain is ordinary or capital)
CPAinPA
offlineMember
Wondering if I have a false sense of confidence.
This is my last section and I have worked through the entire Becker program. Nothing was shocking or too difficult with some of it coming rather easy. I'm now in my final study mode. This section seems by far the least difficult of all the sections I have studied. I guess I'm wondering is it just what happens to be a section I actually understand going into or does this section come off easier to most people than it actually is on the exam? What are your thoughts in comparison to other parts of the exam?
Puerto Rico Romo
offlineMember
This Saturday would be my third time taking Reg, when I took it the first time I was overconfident and didn't study hard enough, I also split my time with FARE which I did pass. The second time I took it completely botched the simulations and the written communications because I freaked out on them.
My best advice is practice your MCQ's don't panic, finish the reasearch and the memo's well and do your best on the sims and you'll do fine!
Puerto Rico Romo
offlineMember
Phew glad that's done. Mc's were ok, Sims were bas but I think I did better than last time. I did better on one memo more than I did in the other one. As for the sims I ran outta time again! They weren't as hard as when I took it in october but i had to fill in some blanks fast.... I sure hope I did enough for a 75!
glogo2384
offlineMember
Puerto Rico Romo,
You remind me of my recent experience. And I had a 74 from when I took it in November... hope our luck/studies brought us one more point.
hopeful_cpa
offlineMember
Hey everybody, I'm new to this site and just found it maybe 15 minutes ago... but here's my issue; I am taking REG for the first time this coming Thursday. I am studying the Becker materials as well as the questions the AICPA just released from 2009 (there are 40 of them). I did the questions and got about 78% on the questions from the AICPA, and on my Becker material I am getting 88-90%'s. My story is a long one, but to keep it short, I'm 29, was pre-dental in undergrad, blah blah blah, and now am wanting to be a CPA.
For anybody that has taken the Becker review course, is knowing the and pretty much memorizing the topics in the MCQ's enough to pass this thing on the first time through? I have been studying pretty consistent (20-30 hours a week) since the middle of December and am now doing final reviews of all my weaknesses until the exam.
Any help would be great and very much appreciated. I admire all of you that have passed the exam(s) knowing that everybody has different circumstances in their lives and you, as well as myself, all want to better our lives for our families by becoming professionals.
I also have a pretty good outline of notes for REG for any of you that would like them.
Thank you again for reading my blabber.
hopeful_CPA - Welcome and you come to the right website for insight and any advice you can possible want on the CPA exam. It sounds like you have put in plenty of preparation for REG. I am also using Becker and studying for REG. I do not know how much you know about the CPA exam so forgive me if I regurgitate something you already know. When studying you need to learn the concepts the questions are trying to teach and the different ways questions can be asked from each multiple choice questions. Have you taken the Becker Practice Final Exams in the software and have you become familiar with how the simulation, written communications and research tabs operate. For many individuals time is an issue when taking REG so I would be sure that you have a plan to try to complete each testlet of the multiple choice questions by a certain time. Everyone says if you do not know the answer within 2-3 minutes guess and move on. However in REG remember the 72 multiple choice (there are 3-5 test questions per testlet that do not count) questions represents 70% of your exam. I personally feel that the multiple choice questions will make or break your exam so I plan to reread every question a second time through unless time becomes an issue. I have done this with the three exams I have passed. I have heard many stories including from Jeff the owner of this site who have not finished the last simulation and still passed with decent scores. Those individuals more than likely did very well on the multiple choice questions. Another tip, if time becomes an issue on the second simulation make sure you take the time to do the written communication first even though only one is graded and try not to leave any tab blank. You are not penalized for a wrong guess. Well if you have any other questions, feel free to ask someone always responds. Good Luck on REG, I take mine a week from tomorrow.
hopeful_cpa
offlineMember
Lee_IN - Thank you for the advice and feedback... as of right now I am studying the Becker MCQ's and will be doing the final exams and simulations tonight and tomorrow as well as Wednesday for the first part of the day. Although I am working 45 hours a week, I make time for a good 3-4 hours a night to study as well as I am taking Wednesday and Thursday off from work to relax and have a clear mind for exam day.
While studying the Becker problems and topics, I feel I have learned the material pretty well. What is freaking me out now is that I am looking at questions from cpafreereview.com and they are questioning material that I have never seen before. Has anyone else experienced this as well?
rahulcpa
offlineMember
hopeful Cpa
don't even waste time to look at the cpareviewforfree.com. I have no idea where they get all those questions, they make no sense. Sometime, when you doin their questions, it seem like you have not even studied for the exam yet. When I took there practice test, I was getting in my low 40s and I scored an 87 with becker. Therefore, don't waste your time on it.
hopeful_cpa
offlineMember
rahulcpa -
thank you for the reassurance... i was getting like 60%'s and i was completely freaking out.
i hope the becker is enough come thursday =/
rahulcpa
offlineMember
hopeful cpa
absolutely, just make sure to go over becker simulations couple of times because u may get stuck on them. However, if you know the material in and out, you will be just fine. Also, the time limit is very very tight on the exam. Make sure you have appropriately divided the time between the 5 testlets. In additions, as soon as you get to the simulation , do the written communication first because that part carries at least 10 points on both sims. So try to save more time for the sims and you will be just fine. good luck.
smrivera1
offlineMember
Hi all...I have T-minus 5 days until I retake my REG exam. My first time through, I used Becker and scored a 69. When I got my failing score, I purchased Yaeger Home Study. I have since listened (and actively took notes) to all 36 hours of lecture material and have worked through all of the recommended multiple choice questions (and, again, actively took notes). My plan for the next few days is to re-write all of my multiple choice notes and work 30 question multiple choice testlets with the Wiley exam software until I am comfortable with the material for the exam. Has anyone used a similar study method? Or perhaps can recommend something else to a candidate in my situation? Thanks!
rahulcpa
offlineMember
seems like a very intensive study plan. However, just wanted to remind that make sure you do work on simulations because they carry 30 points in the exam and they are very tricky and get even more tricky with the time constraints. From your planning and organization, you will do good on mcq's but do focus on simulations as well.
You must log in to post.
