REG Realization: It’s a Trick Question!
Meg is a NINJA CPA Blogger.
I am a huge fan of My Cousin Vinny starring Marissa Tomei, the Karate Kid, Herman Munster and Joe Pesci. Since I was 7, I would randomly recite lines from the movie in inappropriate places.
I told my third grade teacher to “Imagine she was a deer prancing along…” Whenever I end up lost in a small town (happens more frequently than it should) I explain “I bet their Chinese food here is terrible.” I told my mother-in-law who lives in Ireland that I like my grits al dente. She replied “What are grits?
You get the point, I love the movie. Today I was drilling some MCQs for Reg.
One of the questions was: During the year, Precious moved from somewhere fun to somewhere not fun for her job, incurring costs of $1,200 to move household goods and $2,500 in temporary living expenses. Precious was not reimbursed for any of these expenses. What amount should Precious deduct as an itemized deduction for moving expense?
I immediately thought of Marissa Tomei’s response to the district attorney when she was asked a trick question about a 1955 Bel Air Chevrolet. She replied “It’s a bulls**t question…It’s a trick question!” As you know, this is a trick question because moving expenses are an adjustment to arrive at AGI, not an itemized deduction after AGI.
As I drill into more MCQs I am both recognizing and REALIZING that most of the questions are just there to trip you up. So, gotta remember the best advice I came across on the Another71 Forum, RTMFQ. If you don’t know what that means, search the site. So many questions I am getting wrong because I am not RTMFQ. After reading the question, I then need to ask myself What are these ridiculous testing jerks actually asking?
Good luck to you on your studies and please feel free to list any tips or enlightening study moments you encountered!
NINJA + Confidence to Pass the CPA Exam
Alex is a NINJA CPA Blogger.
Good Afternoon NINJAs!
I am writing you as I have just started studying for my second CPA exam, REG. I hope to tackle this in January/early February depending on how comfortable I feel in two months.
I have noticed that a big advantage going into test day is confidence. You have to be confident with the knowledge you’ve obtained and the method you used to study.
However, the real sense of confidence comes from all of the time you spent studying and turning down your friends and family to go to the library and put in many, many hour of exam preparation.
The countless multiple-choice questions, notes, and reviews help settle your nerves on test day.
My study plan for REG is to do things the NINJA way! Nail the videos, intense notes on the videos and books, a crazy amount of multiple choice, take great notes on the multiple choice, rewrite my notes in an organized fashion, and review my notes and do more multiple choice and practice tests leading up to test day.
Good luck to everyone testing the end of November!
It’s the Truth: I Rescheduled FAR … Again
Monique is a NINJA CPA Blogger.
Have you ever lied about passing a section? Have you ever told someone that you sat for an exam when in reality you didn’t?
Maybe you needed another week to study but didn’t want to let your friends know. Or maybe your boss asked you how the exam went and you didn’t have the nerve to tell him you rescheduled – again.
I am a habitual re-scheduler. I undercompensate for life when I set my rigorous study plan. I don’t build in time to get off track.
If you’ve read Jeff’s CPA Exam Survival Guide you’ve read how he stresses the importance of keeping your spouse happy. I never “plan” to keep my marriage or home life on track so when obstacles come up I am unprepared to keep up with my study plan.
My kids get sick, my husband has a series of doctor’s appointments, I have to work overtime, yada, yada, yada. I lose 3 days of studying and it’s impossible to catch up. What happens? I reschedule. And people lose faith in you…and you lose faith in yourself.
I was planning to take FAR at the end of November. Then when I found out that the window was extended into December I planned to take advantage of that. When I mentioned to my manager that I might move the exam to January she had that look of “here she goes again…”
I’ve passed FAR already … and lost it. This is a retake and my manager knows that. She’s afraid that I’ll fall in the same trap I did before and lose another section. I have until June 2014 – really May since we can’t test in June – to pass FAR (again) and BEC.
I have it all planned out of how I can do it and have plenty of time left for retakes if necessary. But I had it all planned out of how I could be done with this exam by November 2012 … then March 2013…then May 2013 … then November 2013. See where I’m going here?
So now what do I do? Well I’m not going to lie … I just don’t have it in me. But I wonder what other people do. A coworker once told me to just not talk about the exam. That way people won’t know what you’re studying for or when you plan to sit. Easier said than done especially when you try to get in a few questions throughout the day.
Plus, I’m horrible at hiding things. So now I will just suck it up, keep quiet as much as possible and if someone asks I’ll tell the truth … I rescheduled again. I least I won’t have the stress of trying to keep up with lies weighing on me!
Regulation: May as well be Latin
Meg is a NINJA CPA Blogger.
Exemptions, deductions, phase out limits, below (above the line), credits, different types of bankruptcy … all of this stuff is so confusing!
I understood Latin class better than this. The more I study, the more confused I become. For instance, bankruptcy. There is a multitude of chapters of bankruptcy, and get this: you don’t have to be bankrupt to file bankruptcy.
One of the reasons I find Reg so confusing is I have never seen it before. Sure my transcripts show I took Income Tax and Advanced Tax Accounting. Do not remember, at all. Don’t remember the name of my instructor, don’t remember the study material, don’t even remember (pretending to) study for the exams.
At least the other exam material I cover in my day-to-day job (Auditing … Financial) or remember from the multitude of business courses I took in college (BEC). But this stuff? Ahh!
I can spend my time complaining about how hard it is or telling my friends how I’m at a disadvantage because I do not work in tax. But I need to get over it. Haven’t studied the material before and topics aren’t in your current job description? So what? Who cares? Certainly not NASBA!
So, I am trying to remain positive. I have listened to all of the lectures – (N)ail the Videos -and I have done (I)ntense notes. Now I am focusing on the (N)on-stop MCQs and will hopefully have enough time to (J)ust rewrite it. Praying that it will (A)LL COME TOGETHER!!
Well I’m off to refresh my brain on the material by rereading Jeff’s NINJA Notes. Till next we meet, lots of luck, and semper ubi sub ubi (“always wear underwear” in Latin).