CPA Reviewed – Podcast #11

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1. 1. Daniel: I was recently accepted at a firm as an advisory associate that will be starting in Fall 2012. I'm currently working full time at a non-profit as a staff accountant while completing my MS in Accounting part time in the evenings. Since I plan to get my CPA license before I start working, what should be my plan of attack in terms of studying for the exam? I think after I graduate in May 2012 I should just quit my job and study full time from May to Sep/Oct. Do you think that will be enough hours? My professor advised me to study for two sections at a time and then take two sections one month after another. I don't know if that's too much or not. What is your take on how I should handle my study schedule to ensure that I can pass by Sep/Oct 2012?

1. 1. Joyce: On the simulation portion of the Regulation exam, do I need to type my work into the cells? Would the work get reviewed for grading at all or is the final answer all that matters? I was wondering if partial credit would be given.

1. 1. Travis: I noticed that the 2012 Wiley CPA exam review does not come out until December. I already have the 2011 material. I saw someone post on your site that the First Quarter 2012 exam will be based on 2011 material. Can you confirm this? I'm not sure how someone would study for FAR in early JAN 2012 if they don't have the updated material until December.

1. 1. Sara: I just got my FAR score back this morning at failed with a 66. The review course I am using has been helpful in passing AUD and BEC and seems to be going well for REG, which I take November 30. I didn't feel as if I was retaining anything for FAR. I watched all the lectures but kept getting distracted and couldn't remember much after completing them. FAR has never been my best subject and maybe I just didn't give myself enough time to pass, roughly 6 weeks. I really need to pass both REG and FAR before tax season this spring.I was wondering what you would recommend as far as re-watching FAR lectures and reworking problems with my review course or switching to different materials. I have a photographic memory and tend to remember the correct answer choice if I've seen it before. Therefore, I probably need different multiple choice questions to work. Do you think NINJA notes and Wiley test banks for both REG and FAR would be a good idea? I don't want to fail REG too and everyone on the forum says that I definitely need to supplement my review course. Any advice would be greatly appreciated.

1. 1. Marta: I’m really down on myself right now. One of my friends emailed me an article you wrote on “How to Pass a Section of the CPA Exam in 20 Days” and I have a question for you. Is it truly possible to take the CPA exam as a single mom with kids starving for mom time, a full-time job and in a relationship? I feel like I’m being pulled in so many directions. I really want to pass the exam but I’m so frustrated with the material, with the timing and effort I need to invest which I don’t have in the first place.I find myself hearing the review lectures and understanding what is being explained but not remembering a thing the next day! To make matters worse I passed REG last year and I’ve gotten several reminders from the Texas State Board letting me know that my credit will expire in February 2012. I’ve taken BEC 3 times and failed! I just took Audit and got my results Monday and also failed!

      I have FAR scheduled for the 29th of November, which I’ve never taken before. I don’t have much time off left at work and feel like I know nothing regarding financial!

1. 1. Allie: First off, I want to thank you so much for all that you've unknowingly done for me going through this process. I have FAR left on November 23rd and will hopefully be done after that. My question is about the statement of cash flows. Is there a certain order the activities in each section need to be presented in or is it as long as the bottom line is correct that matters? For instance, for operating activities, does it matter if I have the increase in accounts receivable before the increase in inventory or vice versa? Also for journal entries, do the debit accounts have to be in any specific order and the credits? Thanks!

1. 1. Maria: I have taken and failed three parts of the exam (FAR/AUD/REG) since May 2011. I have BEC at the end of this month, and I was hoping to salvage what has been, to date, a dismal performance. I have been using Wiley to supplement my review course. I have done every homework problem, supplemental question, simulation, final exam and progress test. Now I have decided to stop doing MCQs and simulations. I decided to focus on the material and basic formulas. Do you think that is a better strategy?

1. 1. Myungae: You mentioned the Certified Management Accountant (CMA) exam. Compared to the CPA exam, the CMA seems to have fewer options such as study material, exam practice tests, the provider's reputation, and so on. Since I really trust your honest recommendation or input, could you share your experience or reference which material is good for me to study the CMA? One more thing. Could you also recommend the CIA study material? Thank you so much for your help in advance.

1. 1. W: I passed my New Jersey CPA exams and got my certification in 1995. Subsequently I was unemployed for a number of years and neglected to renew my certification. Since then my certification lapsed. What would I need to do to renew my certification?

1. 1. Megan: I have taken AUD three times and got around 65 each time. I already passed the other three sections, but because I failed AUD, now I have to take BEC again. Do you have any advice for studying AUD? I'm thinking maybe I need some face-to-face AUD classes or a CPA tutor. What do you think?Also, do you think I should take both AUD and BEC at the same time or take one by one? Thank you so much for your help! I like your NINJA notes. They are really helpful!