CPA Review | CPA Exam Review – Another71.com

Now that Q3 2013 Testing is upon us, CPA Exam candidates look to the changes to Auditing & Attestation, which now incorporate the Clarified SAS.

Q: Are the NINJA Notes updated for the Q3 Changes?
A: Yes

Q: Do I need to know both versions of the Auditing Materials?
A: Yes – and the NINJA Notes cover both

Q: Which Standards with the Research portion test?
A: Clarified SAS only

The extant standards, which remain in effect for audits of financial statements ending before Dec. 15, 2012, also are eligible for testing on the CPA Exam while they remain in effect. During the period that both sets of standards are eligible for testing, only the clarified standards will be used for research questions. - Uniform CPA Examination Alert, Spring 2013

If you’re ready to become a NINJA, go here.

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Have a question for the Podcast?

Option1: Call the NINJA Hotline – (323) 834-9132

Option 2: Ask Jeff

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Today’s CPA Reviewed Questions:

1. Tressa – I’ve decided to get back to studying for the CPA exam after a 3 year hiatus. Given the exam changes and the upcoming exam changes, where do I start? I plan to use your study materials and am anxious to get started. What advice do you have for people coming back to testing after a long break and what section is the best to start with?
2. Ru – I did a simulated practice exam and got 48%. I reworked all the problems and got 100%. Do I keep doing this until exam day?
3. Snehal – I am studying Audit. I failed twice with scores of 66 and 70. I know most of the questions and answers from Wiley. What is the best way to study for Audit?
4. Johnny – Do you think it’s necessary to refrain from social media while studying for the CPA exam? I check Twitter a lot throughout day and follow several blogs. I know you’ve said it takes sacrifice to be able to get through studying. Would you say that sacrifice also applies to Twitter and the news and blogs?
5. Roberto – I am taking BEC in a month for the third time. The first time, I studied half of my book and scored a 65. The second time, I watched all the videos got a 50. Do you have any suggestions for me? Will the NINJA system work for me?
6. Rob – What is the most efficient and effective strategy for studying for the governmental and nonprofit accounting section for FAR? I’m going through this stuff and I’m hitting a brick wall because my mind is numb. Do you have an accelerated way of moving through this stuff?
7. Jack – Is there anything I can do if my prior employer won’t sign off on my experience? Aren’t they obligated to do so? I keep sending them the form to fill out and 5 months later, still nothing.
8. Caitlin – I have a complete video lecture course from 2010 that I never got around to using, but I’m going to get started with studying for the exam soon. Do you think I should buy an updated package, or can I get by with the 2010 materials if I add in NINJA and Wiley?
9. Sylvia – I have recently taken the Auditing exam. I felt like the first testlet was straightforward, the second progressively harder, and the third much harder than the second. Is that a good sign? Do you know how MCQs are graded?

Next Week’s Giveaway x2: Ten Point Combo Lite

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Have a question for the Podcast?

Option1: Call the NINJA Hotline – (323) 834-9132

Option 2: Ask Jeff

Podcast: Play in new window | Download

Today’s CPA Reviewed Questions:

1. Jared – I took Audit, used my video course, NINJA notes and Wiley TB and I got my worst score ever. I left the exam feeling super confident and now I do not know where to go. I am taking BEC at the end of May and I am thinking of putting Audit away for a while and starting fresh with either REG or FAR. Which do you suggest I go after first? Do you think I need a new course?
2. Nabeel – I failed my first attempt at FAR. I’m having a hard time retaining the information. Do you have any tips for easy ways to get points so I can pass?
3. Ken – I started studying for REG in February, and I’m scheduled to take the exam in May. Do you have any words of encouragement?
4. Gayle – What % of candidates pass all four parts of the CPA Exam on their first try?
5. Rose – I am currently studying for REG, and I’m struggling with Contract Law, particularly common law. I have read the Wiley chapter twice, read the NINJA Notes a few times, and spent one entire day watching videos by a law professor on YouTube. I felt like I had a good grasp on the material until I practiced MCQs. Do you have any words of wisdom?
6. Chad – I have passed BEB but failed FAR and AUD by 4 and 5 points. Do you know of any tutoring available to help me raise my score?
7. Mykel – I have failed FAR and AUD, and I’m lost on what to do next. Before each exam, I was averaging at least 75 on the Wiley MCQs, but I come up short on the actual exam. What should I do?
8. Kevin – I graduated in 2009, and now I’m ready to study for the CPA Exam, but I don’t know where to start. I don’t want to spend a lot of money on a review course unless I have a solid plan. My current job is unrelated to accounting, so I may need a refresher on some of the concepts. What do you recommend I do?
9. Rebecca – I am a student in an MS Accounting program, and I’m only 12 hours away from the 150 hour threshold required to sit for the CPA Exam. But I lack the work experience requirement for licensure. I am thinking about quitting the MS program after I complete the twelve hours I need and studying for the exam instead. Is this a good idea? Or should I complete the masters program first?
10. Eric – Can you please explain how the 18 month rule works? How do I know when my credit will expire?
11. Brandon – In your opinion, how important are the performance measures included on each score report?
12. Spencer – For the simulation portion of the REG exam, will I be graded against others who had my SIMs or against the aggregate population of CPA candidates in general?
13. Navneet – I passed CPA Exam in 2011, but now I am having difficulty getting a job with a CPA firm. I have 2 years of private company experience in the accounting department. Do you have any suggestions for finding a job?

Today’s Facebook Questions:
1. Brock – Is the 10 point combo enough study material to pass AUD? Or do you recommend purchasing an AUD review course and using the 10 point combo along with the purchased videos and book?
2. JJ – Hey Jeff, my question relates to your ninja framework. I was looking over the framework and for the “note taking” section, I saw that it suggests taking good notes from whatever video course one may have. However, all I have are the Wiley books and testbank along with the ninja audio. Is it necessary to purchase a video course? So far I’ve been reading and taking notes from the Wiley texts; however I feel the organization in the books isn’t the best. Do you suggest using the wiley texts and taking notes while reading through them? also, I tried your suggestion of taking a ton of mcqs before reg, but came out of the exam feeling more demoralized than ever – I’m guessing that’s normal? Take care and thank you for all that you do!
3. Lina – Advise to pass Reg? First time taking it.
4. Jason – I was 7 points away from passing FAR. Having been stronger in the Sims comparatively, I feel like its just a matter of misreading the MCQ that got me. That said my class for REG is starting up and the next class for FAR isnt until September. Should I study on my own and attempt both within the July-Aug window?
5. Tessa – How long do you suggest to review before the exam? I’ll have time to allow six weeks to study, but I didn’t know how fast I needed to get through the material to leave enough time for review. Should I plan on two weeks like my review course suggests?
6. Labrita – Failed BEC with a 71:(. How do I study for a retake?

Next Week’s Giveaway x2: Ten Point Combo Lite

Today’s Giveaway: Ten Point Combo Lite

Audio Only:

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iTunes Version Intro/Outro Music: Mitch Langley “Free”

Have a question for the Podcast?

Option1: Call the NINJA Hotline – (323) 834-9132

Option 2: Ask Jeff

Today’s NINJA Hotline Question: FAR Study Tactics

Today’s Mailbox Questions:

1. Keith – Before tackling FAR and AUD, what is the least demanding section that I can take in May and only use MCQs and NINJA
2. Nathan – I’m trying to figure out a schedule for AUD and BEC. Can I prepare for AUD in four weeks, or is it better to plan for eight? Do you think BEC can be done in three to four weeks, or should I plan for longer?
3. Alex – I will be taking Audit for the third time on April 27th after scoring a 70 and 69. I could swear I passed the test after I took it the second time as I thought I really knew the material well. What can I do differently this time to make sure I pass? I have a video course as well as the Wiley test bank.
4. Jacade – I’m now approaching the Non-Stop MCQs step for the NINJA method and was wondering what is the most ideal way to tackle this. Is it best to methodically do 20-30 MCQs for each main study topic until results are constant and then move to the next topic? Or would a better method be doing 20-30 random MCQs from all of FAR until I see I have completed a large number of questions (~1,000)?
5. Elaine – My question relates to work experience. Do firms usually sign off the experience requirement after only one year as required by the state? Or do they require you to be there two years or even longer?
6. Sarah – If you graduated with a BBA in econ, but went back to school for an accounting certificate and hypothetically passed all 4 parts of your CPA Exam, would it be easy for you to land a job in order for you to acquire the one year experience?
7. Cedric – After taking a section, do you recommend spending 3 weeks or so waiting for your score to see whether or not you will need re-take that section or taking a short break and begin studying for your next section?

Today’s Forum Questions:
1. NASBA Turnaround Time for Exam Issues?
2. How to Stay Stay Motivated?
3. Using Old BEC Materials?
4. BEC Retake Advice?
5. How do you Prepare for IFRS?