It starts out so quiet, so innocent. It’s Monday January 6th and you settle into your chair. Tax season eh? Maybe this year won’t be so bad after all. But you’re wrong. It’s worse. January … then February … then March … 6 days a week … and then 7 days a week … … and then finally 8 days a week as it crescendos into a three-hole-punched-sign-here-sticker-zombie-utopia where you’re willing to slam day-old Folgers just to stay awake. Every Day is the Same. Every Day Sucks. At least you’re getting overtime. But wait – there’s more. You wanted to start the year off with a bang, so you back in December, you scheduled Financial Accounting and Reporting for April 21. No Rest for the Weary. How to Study for the CPA Exam 20 Hours a Week During Busy Season. To fit it in work, family/friends, sanity, and studying 20 […]
Disclaimer: This is not a best practice, but if you’re under the gun, it can save your butt – and your 18 month credit that is expiring. I personally used this strategy to pass Auditing in less than three weeks. You wake up one sleepy Monday in August. June is a distant memory. July was a blur. In your groggy state, something begins to nag at you. August…? August…? What happens in August? Mental inventory: Car tag renewal … kids go back to school … … and then it hits you. “AHHHHHHHH – I have FAR in 20 days!!!” Your significant other pauses while brushing their teeth; tossing a weird look at you. You’re slightly embarrassed, but not as embarrassed as the time you thought you could sprint to the end of the driveway in your underwear to grab the newspaper, only to find your retired neighbors from three doors […]
It happened: You failed the CPA Exam. On the bright side … You’re normal. It happens to one out of every two people who walk into a Prometric Testing Center. The statistics, however, don’t change the fact that it’s one of the loneliest feelings in the world, because let’s be real: Your friends and family, while sympathetic and supportive, simply don’t get it. Right now is a miserable time and it is easy to start believing thoughts that simply are not true. Thoughts like you’re not smart enough to pass, accounting isn’t for you, the AICPA hates you and does not want you in the profession, etc. I personally felt all those emotions and had those thoughts going through my head as well. A few years removed from the exam process, I can tell you that being on the other side truly is worth it. My problem was always commitment […]
Do you ever feel like no one close to you “gets” how hard it is to study for the CPA Exam? Have you ever dreaded telling a boss/spouse/father/nosy co-worker that you failed yet again? Are you sick and tired of the CPA Exam and ready to either pass this thing or quit? If you answered “YES” to any of these, then My Story may resonate with you. Family & Background My name is Jeff Elliott and I am married with nine children. (Yes – we get weird looks in restaurants – and Wal-Mart). I passed the CPA Exam when I was 30 and had three kids at home at the time: Two kids under the age of 5 and a newborn baby. I know what it’s like to study for the CPA Exam while trying to balance… …a full-time job… …a marriage… …a family… …church commitments… …a mortgage… …little league… […]
Working mothers are in a category all their own when it comes to passing the CPA exam. We not only strive to balance work and family, but when you throw the CPA Exam in the mix, you’re going down a road only few can fathom. We are the rock of the family. We provide financial support, comfort, nutrition, stability, refereeing, homework checks, matching socks, boo-boo kisses, clean toilets, chauffeur service, etc. We give everything our absolute all and no one notices when we skip a beat because we are that good. That’s why it was so difficult for me to accept I could not reach my unattainable level of perfection while I tried to pass the CPA exam. Something had to give. For instance, I had a semi-decorated house at Christmas and at another time, I was 3 points shy of passing this exam. Being successful at it all is […]
Dear CPA Candidate, As you’re reading this today, you likely find yourself in one of two camps: Camp #1: You’re ditching your CPA Review course (maybe it expired, or maybe you’re just simply “over” it) and going a different route. Camp #2: You have a full CPA Review course and want to supplement it with different materials. The average CPA Candidate fails at least two sections (per NASBA), so it’s a safe assumption that the majority of CPA Exam takers are somewhat frustrated with: 1. Their expensive CPA Review course 2. Their study habits …or a mix of both. This post, while somewhat long, (stick with it) will solve both of these problems for you – even if you never spend a penny on NINJA Materials. This methodology works with ANY CPA Review Course (and it has a 10 year track record to prove it). I get these questions all […]
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Matt writes in, “I’m using NINJA as a supplement with Becker CPA Review. I’m feeling overwhelmed with the amount of material. I’m feeling like I don’t have enough time to do all of the MCQ for each and it is stressing me out. I have read another Send Me One Of Your Tips but I don’t if you would give me any useful advice or what may work the best.” Okay, you’re using NINJA as a supplement with Becker CPA Review, so I would watch all of your Becker lecture videos and take notes, work all of the questions in their software, and then I would switch over to NINJA for the J, just rewrite it. I would rewrite the NINJA notes. And for your review, I would watch the NINJA PLUS videos over your week topics. And I would, in your NINJA MCQ, I would start working the software […]
When are the CPA Exam Scores released? Good question. The AICPA and NASBA have made some changes to the score release cycle over the past few years, but now that the AICPA Blueprints and the New CPA Exam is in place, it should be fairly predictable from here on out. (and we accountants like predictability…) Here are the 2019 CPA Exam Score Release dates so that you can plan your CPA Exam schedule. (2018 Score Release dates listed below – along with some free downloads) 2019 CPA Exam Score Release Dates January 1 – March 10, 2019 Exams Score Release Dates: February 5 February 26 March 8 March 19 April 1 – June 10, 2019 Exams Score Release Dates: May 7 May 23 June 11 June 19 July 1 – September 10, 2019 Exams Score Release Dates: August 6 August 22 September 10 September 19 October 1 – December 10, […]
Jeff Elliott is a licensed CPA (KS) who had a saint for a wife while he was studying for the CPA Exam. They live in fly-over country with 8 children. The CPA Exam is rough on a marriage. One of the most difficult aspects of taking the CPA Exam is the toll it takes on personal relationships. Your family misses you and your friends don’t understand why you’re always “studying.” You work, come home, and then escape to the spare bedroom or coffee shop to knock out three hours of studying after grabbing a quick bite to eat. When I was studying, my wife and I had three kids. A spouse can only take so much loneliness, so you need to make sure that you do your part. Here are some strategies to help keep it all together. If you’re married and studying, you absolutely cannot put your marriage (or […]
Auditing and Attestation (AUD) AUD-1. Which of the following statements is correct concerning both an engagement to compile and an engagement to review a nonissuer’s financial statements? A. The accountant expresses no assurance on the financial statements. B. The accountant should obtain a written management representation letter. C. The accountant need not obtain an understanding of internal control. D. The accountant must be independent in fact and appearance. AUD-2. A compilation of financial statements in accordance with Statements on Standards for Accounting and Review Services is limited to presenting A. Accounting data that conforms with a special purpose framework other than GAAP. B. Unaudited financial statements that omit substantially all required GAAP disclosures. C. Information in the form of financial statements that is the representation of management. D. Supplementary financial information that has been subjected to inquiry and analytical procedures. AUD-3. According to rules issued under the Sarbanes-Oxley Act, which […]
Shopping for CPA Review materials? In search of the Best CPA Review Course? Here’s a Secret: There is no “Best CPA Review Course”. That’s Fake News. Anyone proclaiming a “Best CPA Review Course” has an agenda. Including this one. Another71.com owns NINJA CPA Review and we are inherently biased. That’s why we offer a 30 Day, No Questions Asked, 100% Refund Guarantee. We’ve made your purchase 100% Risk-Free. No one else will do that – but then again, no one else is a NINJA. 🙂 Truth: Every Course has their advantages … and their drawbacks. While we aren’t independent, we do seek to be objective. Some courses are affordable … but might not be as polished or have as many bells and whistles. And flashing lights. NINJA probably falls into this category. It gets the job done (tens of thousands of CPA Candidates have used NINJA materials, including several Elijah […]
Want CPA Exam Study Tips, Advice, Need a CPA Exam Study Plan, or just simply ready to throw in the towel and need some help? Ask Jeff. In the Another71 CPA Exam podcast, he’s seen it all – and answered it all when it comes to the CPA Exam.
Want to Study Less & Get Higher Scores? Can I send you $162.12 of Free CPA Review that will help you… Study Less Avoid Common CPA Candidate Mistakes Get Higher Scores Spend More Time with Friends and Family Finally Pass and Get On With Your Life?
There are many people reading this who have already sat for at least one section of the CPA Exam. However, there are many people who are getting ready to sit for the CPA Exam the first time and don’t know what to expect. These CPA Exam Study Tips are what I have learned both from personal experience as well as through talking to thousands (actually tens of thousands) of other candidates. 1. You will find that the exam questions are not as “wordy” as the questions you have practiced in your study software and will likely leave the testing center feeling like the actual exam was easier than the practice questions you worked. 2. It will be the fastest 3 to 4 hours of your life. You’ll be exhausted. 3. You cannot be a perfectionist on your exam. If you get stumped and sit there stubbornly for 10 minutes trying […]
Friends and Family sometimes don’t know the right thing to say when trying to support CPA Candidates, so instead, they say the wrong thing. Another71 Forum members share some of the best worst things people have said to them about the CPA Exam: MomofFive-NY: We were invited to a neighbor’s pool party in August. I was studying intensely for FAR, so I sent an email that said my family would be able to come, but I needed to study for my upcoming exam. My neighbor had apparently overheard me saying that I had been studying for months, so she replied with “If you don’t know this **** by now, you are never going to know it”. kmcauliffe: After explaining to my mother in law that the pass rate is like 40%, she says, “Why don’t they just let everyone pass?” jaks: One of my best friends (who was a journalism […]
Welcome back to the corporate governance section of our online learning for the CPA Exam. We’re going to talk next about audit committees. Now back when I was in public accounting I work for a large public accounting firm and we used to have to meet with the audit committees frequently about the financial statement audits and I also was in the financial operational internal audit director for a very large not for profit in Washington DC and I also had the responsibility as the internal audit person to meet with the audit committee. So the audit committee has a very important role and function and their job is to actively oversee the entity’s accounting and financial reporting policies and practices. So the larger board. The board of directors would be responsible for many different objectives, including compliance with laws and regulations, effective and efficient operations and reliable financial reporting […]
In our last auditing class, we went over the standard unmodified opinion word for word. And as I said, it’s essential that you memorize the unmodified opinion, word for word that is really how you begin your study of reporting issues, because you’ll find you come back to a time and again, because when you study what modifications Have you add to the unmodified opinion, it is so helpful if you know it called, and you could just zero in on the modifications, you’ll find it helps you, time and again. Now, what we want to get into in this class is something that we might add to the unmodified opinion. For example, we might add to the unmodified opinion, an emphasis-of-matter paragraph, an emphasis-of-matter paragraph would come in after the opinion paragraph, it’s not modifying the opinion. Let me say that again: when there’s an emphasis-of-matter paragraph. It comes […]
If a company is bad debt expenses that are a material item on the income statement. They are required to use the allowance method of accounting for bad deaths in the allowance method. We’re going to estimate the accounts that we think will go bad, and set up a provision on our balance sheet on an allowance, on our balance sheet for the accounts that we think will go bad. So it’s a very different approach the allowance method because now we estimate the accounts we think we’ll go back and set up an allowance on our balance sheet for the accounts we think we’ll go back. Now, before we look at some problems I will tell you that there’s one thing that a lot of students forget in the CPA Exam on allowance for bad debts. A lot of students forget that there are two approaches to the allowance […]
This is Elements of a Contract for the CPA Exam, and I’m Jack Norman, I’ve told you that there are seven key elements that are required to have a valid and enforceable contract. And here I’ve got a mnemonic for you that is going to become impressed upon your brain. For contract law on the CPA Exam. A cold sip of cola. A cold sip of cola. Now, this stands for A. The agreement, two parties must come to an agreement. See, consideration is required to have a valid and binding contract. As the statute of frauds, certain contracts must be in writing in order to be valid. Not all contracts must be writing but some must comply with a statute of frauds. C stands for the capacity. This is the ability of each of the parties to actually enter into a binding and enforceable contract. The O stands for […]