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timmyjParticipantIn my opinion SIMS are nothing more than a focused MCQ. You will be asked a question (the question stem) and the fact pattern will be in the documents. I practiced SIMS for my first test (FAR) because I was unsure about them and it was my first test. After my first I only did the AICPA practice SIMS just to get an idea of what they are asking. The only real benefit of practicing SIMS I find is just knowing their format and your strategy to sort through the documents (which as you complete each test needs less and less practice as you have already practiced it even if the material test by test changes. If you know the material you can answer SIMs the same way you can MCQ's. Each blank is essentially an MCQ answer that you need to fill in yourself or use a drop down.
timmyjParticipant“Based on these requirements, I was under the impression that an individual is only required to live with the taxpayer if that individual is a non-relative (ie. no residency requirements for relatives)”
Cannot claim a non relative. Period.
This prevents you from claiming your non working girlfriend who lives with you (easy way to remember).
timmyjParticipantIt's a compensation expense so I would say it's operating.
timmyjParticipantFor Wiley AUD, they tend to put questions from later lesson into earlier lessons. I believe this is a product of AUD and how the topics are more conceptual and intertwined with each other. This makes it harder for them to sometimes find questions that are just testing that specific lesson. As you move further along this happens less as you covered more. Just answer them and move on, once you get to the correct lesson they will make sense.
timmyjParticipantThey probably don't know how to code it out of the system lol. They definitely know about it.
timmyjParticipantNASBA usually sends their “in preparation for score release” email around 10 EST the day before target release. That is usually the sign that scores are coming later that night (day before target date). Needless to say once 10:10 comes i will refreshing NASBA twitter on loop.
timmyjParticipantKnow the 10 or so main differences (LIFO, inventory write ups, goodwill, etc.) and you will be good. I think I had zero questions on it, but I really don’t remember.
timmyjParticipanttimmyjParticipantThis whole process of waiting in no fun. As I understand it Prometric sends the scores at least by last testing window by the next day. AICPA receives scores, AICPA releases scores to NASBA, NASBA release scores to us. I do not see how this process should take more thank 3-5, unless Prometric is literally printing out a score sheet sending it by snail mail to the AICPA, who then sends it NASBA, who then post it.
timmyjParticipantAny chance of an early release?
timmyjParticipantYou should definitively know all the reports and what wording is included and not included, when disclaimers are needed, when the report is restricted, wording of opinion, negative or positive assurance (or no assurance). This in my opinion the only thing that you must know every detail as there is a 100% correct answer (no subjectively, closes thing you will get to calculations…i.e there is a right or wrong answer) and it is very detailed oriented.
For the actual audit procedures etc, there aren't as many details so its do you know the processes and procedures and when they are used and when to apply.
timmyjParticipantYes, one SIM is a pretest (doesn't count towards score) unfortunately my mistakes were on two separate SIMs. So at best one doesn't count at worse both count and one I did well on gets thrown out. I didn't go back over the material, I never do either. I just realized I forgot to add something into a calculation on one and used the number for another while literally checking out to leave.
timmyjParticipantWow two in one day, I couldn't imagine sitting in Prometric that long even if I only had to read a book, let alone take two of these (fun) test.
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