CPA Reviewed Podcast

CPA Reviewed #81 - CPA Exam Task-Based Simulation Time Management

Oren - I took Audit in May, and I don't think I did well. My score with REG is expiring on July 21st. I just found out that I will not receive the AUD score until August 16th! If I do not pass, I won't be able to take Audit again before REG expires. Will they extend my REG score? Thanks for your insight.

Nelly - Is the NINJA Audio the same as NINJA Notes? I'm am taking audit in 6 days, I have the notes but I am deciding whether or not to purchase the audio. Is it the same as the notes but spoken out loud?

Amanda - Do you have any insight on the new format of the FAR sims -- three different sections rather than just one? I am worried about not knowing the entire picture of the sims and spending too much time on the first one or two sets only to get to the last set and run out of time. Have you heard any details on the type of questions that will be in each section? For example, a research based question would only be in the final section?

Evonne - I have been out of school for 20 plus years but have taken the exam before. I am juggling kids and a 50 hour work week. I'm 51 years old and passing the CPA Exam is on my bucket list. Which exam should I start with?

Sean - I am currently working in the tax service of a Big 4 accounting firm. I started working in public accounting in January with two exam sections already passed. Now that I'm working, it just seems impossible to study effectively. Because I am learning new things on the job, I forget what I studied way too easily. But at the same time, what I learned on the job doesn't get retained well because I am studying for the exams. It's a vicious cycle, and I am going absolutely insane. What can I do to survive this intense time in my life?

Von - Why is there an impairment test for the intangible assets with "finite" lives? Don't we just amortize them?

Jennifer - I am trying to follow the NINJA framework using only NINJA materials, and I noticed that I am having a problem retaining the information. I am so focused on taking notes of what I feel is important in the "Notes" portion of the NINJA framework, that I am not retaining anything I am reading. I'm essentially rewriting the entire BEC book, because I feel like I can't pick out what the most important parts are. How do I take notes and make it through the entire book? I'm also a visual learner, so any advice would be appreciated.

gunyoung - Hey Jeff, I was very impressed with Ninja material. As an introduction, I'm a foreigner who came to the states about 5 years ago for college and now I'm working for one of the big four accounting firm. I bought my CPA materials (sponsored by the firm) when I was in college but didn't happen to study (only for BEC but received 74) before the new CPA came out. Then, since I'm in tax, I wanted to start studying for REG and while I was studying, I found out there was an expiration date for using my software.... Now I'm trying to find another way to pass it and my bet will probably be on you. I apologize for a long introduction. So I just wanted to ask if Ninja course if friendly for a foreigner as well. I like the way you make it Audio but would I understand it after reading the whole chapter? Also, I work and study.... and just want to ask you opinion how long it would take to study with your material until I take the exam? (or pass the exam - REG).

Tony - I have read forum comments, articles and reviews. Just wanted to know if Ninja would be able to prepare me for the new 2017 exams before purchasing. I plan on studying 4 hours a day. Reading and listening to audio. Would you say to use ninja as a supplement or could it be full review course ? Thank you

Sarah - I was wondering if you had and advice on how to be successfu...

Live CPA Exam Courses + Earning CPE Credits - CPA Reviewed #80

Brandon - I've been out of school for some time and would like to test my skills to see where I am with the knowledge needed to pass the CPA Exam. I think I need an assessment exam to let me know what to focus on. Do you have something or know something I can use?

Seth - I'm trying to select a CPA Exam Review Course. There seems to be only one course offering live CPA Review classes now, which i think will help me with structure, etc. But I've seen a lot of blogs complaining about the live classes and the price. What do you think of live classes, and are there other prep courses that you especially like?

Alfonso - I just graduated with a B.S in Accountancy and I have all of the requirements needed to take the CPA Exam in Arizona. I was wondering what steps I need to take in order to take the CPA Exam? From my knowledge I need to send in transcripts and an application. Can you please provide me with a better checklist?

Mika - I find it hard to review everything if all I have is a giant text book. I am looking for a good key points summary notes for my review times. I was wondering if I could get a sneak peak of your AUD review notes? Do you offer a preview?

Numbersqueen - My exam is in a few days. I'm really struggling with the hedges, derivatives, and future contracts. Mostly, knowing which rates to use to determine if there is a foreign gain or loss. Sometimes you use the spot rates, sometimes the 30 or 90 day rates. It's a bit confusing. Can you make this clearer? Thanks in advance.

Mohammad - I want to know when a CPE credit hour is earned? At the beginning of the course or at the end? Logic suggests it should be at the end of the course, but I to make sure.

Patrick - My AUD exam is coming soon, and I have a few questions pertaining to the revenue and purchases cycle. Can you explain remittance advice and what that is? I see remittance advice and get that confused with the purchases side.

***

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CPA Exam Study Motivation with August 2017 CPA Exam Score Release - CPA Reviewed #79

Holi - I am a recent college graduate going to work for a Big Four Accounting Firm in the fall. Because I have some time before then, I budgeted four months to take all four sections of the CPA. I started with the beast, and I studied for FAR. I really put in the time and took the exam last week. But I cannot shake the feeling that I failed and it's weighing heavily on me.

Because of the new exam format and changes, however, my score is being held for 10 weeks -- until mid-August. By then, I would have hopefully taken all four sections without knowing any of my scores. This is a terrible feeling because I am starting to become unmotivated without knowing if I am tracking score wise. And worse case I fail, I would have to restudy old material instead of it being fresh in my mind.

How do I stay motivated not knowing any scores? Should I take FAR again before I get my CPA Exam score back in Aug just because I think I failed -- and while it's still fresh in my mind? (What about the financial burden?)

Ed - I graduated college in 2006, took the summer off and then started studying. I took all 4 parts and failed.

Then I took auditing and FAR and passed. I could not pass BEC and Reg before losing credit. Two years had gone by and I gave up. Now I am looking to get back into the studying and passing the exam. For the four sections of the test, what order should I take them?

Priscilla - I am currently studying for REG using Roger CPA Review and I am a divorced/single mother with a 5yr old Princess. However, I am currently NOT working so I can completely focus on my CPA Exam. I am sitting for REG on May 30th, 2017 and I am currently on Section 5 Estates, Trusts & Gift Taxes out of 21 Sections.

How should I tackle the rest of my studying? I am nervous and believe it's way too much material to cover by May 30th, should I reschedule REG for July 2017?

(I graduated with my Accounting degree in 2008 and will be doing my MAcc once I am done studying for my CPA Exam).

Hany - I have a question for AUD. When an external auditor use the work of internal auditor. To whom does an internal auditor should report ?

Frank - Probably I'm not your typical CPA exam candidate. I'm in my late 30s I have a senior corporate finance position and have been a finance director in several countries. I have decided to take the CPA and in the past 4 months, I was able to pass AUD and BEC.

Currently, my time is flexible and sometimes I can study during the day.

I have been offered a senior position as a regional FD for an international market.

Likely this opportunity will disrupt my studies.

What would be your advice, take the new role or pass the 2 exams and then see what happens job wise? My AUD credit will expire in August 2018.

Daniel - I have 14 days to study for audit, unfortunately, kept delaying the exam due to work (internship), I am now free from work. Is it double to finish audit in 14, I have bought the ninja notes and was wondering if I should even watch the Becker videos or just do ninja notes and Becker MCQ.

Tracy - I am scheduled to take Reg on July 3rd, all CPA reviews say that first have of year tax is from 2016 info and second half is for 2017 year. So here I am thinking I am going to have to restudy in 3 days these c...

Working Moms and the CPA Exam - CPA Reviewed #78

Andrew: I’m about to begin studying for the CPA and just received my NTS for FAR. I’m planning to use the Ten Point Combo and have a few questions.

1.) Will there be any updates to the Ninja Book and/or NINJA Notes this year for any of the sections?

2.) I’m one of those people that are terrible at taking notes. Do you know if people have had good results with copying the Ninja Notes word for word?

3.) I’m trying figure out a rough 8-week study schedule for how to use the Ninja study framework for FAR. Could you let me know what you think of the plan below and if there’s anything you would tweak/change?

• Week 1 - 4

i. Read the Entire Ninja Book

ii. Copy Ninja Notes

iii. Listen to Ninja Audio

• Week 5

i. Review Notes

ii. Ninja MCQ and Sims

iii. Listen to Ninja Audio

• Week 6

i. Review Notes

ii. Ninja MCQ and Sims

iii. Listen to Ninja Audio

iv. Look at Ninja Blitz and Ninja Plus

• Week 7

i. Rewrite Ninja Notes

ii. Ninja MCQ and Sims

iii. Listen to Ninja Audio

iv. Look at Ninja Blitz and Ninja Plus

• Week 8

i. Review Notes

ii. Ninja MCQ and Sims

iii. Listen to Ninja Audio

Andria: I am currently looking to take a Business Ethics summer class online from any college to meet the Illinois requirements. Any recommendations on what college I can take this exam from ? Cheap ideas ?

Nida: Looking for help/guidance in the following:

 

1-      Is it possible to pass the CPA during the following times

a.       Start studying August-November 2017? If so, how many hours for each section is needed (please indicate hours as though the person may not have any financial background)

2-      Should one register for all 4 parts at once? If no, why not?

 

Malik: I bought the Ten Point Combo for AUD, but I do not know how to start. Could you please tell me what is the best way to study the materials? Do I start with the books and audio or what? Also, do I need to do the MCQ on daily basis? I am planning to take the exam 8 weeks from now. 

jmanderson21: Hey Jeff, I need some good study tips for the FAR section (Exam on May 31st, 2017) using Becker. I find it hard to pay attention and take notes during lectures. Should I even take any or just read the red ones the instructors insert. Also, Is there any tips on how to best go about remembering everything? Please help.

cpamatt: Hello Jeff, thank you for doing what you do. I am a little past two weeks doing multiple choice for REG and things are in the early stages of coming together. Still I want to give myself the best chance. My main concern is balancing my time come exam day. Would you be able to give us a breakdown of how long we should take on each section before we end up needing to play catch up.

LAWashington: I purchased the 10-point combo last year prior to the exam changing. I had to discontinue my studying temporarily and I'm ready to proceed. Do we pay for updates and how are the updates received?

luvlee_linda: I would like to take 2 parts this window – which 2 parts would...

Does the New CPA Exam Change How You Study? - CPA Reviewed #77

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Marriage, Dating, and the CPA Exam - CPA Reviewed #76

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1. Emily -  Hi Jeff, I have a question about NASBA Experience Verification Service. I could not get a job at a public accounting firm. Currently, I'm working at non-profit organization as an accountant. But there is no CPA in this accounting team. I'd like to know if families or friends can verify my work experience if they are CPA. If it's not allowed, I should pay for the verification service. Do you know anything about interview of this service?

2. Jodie - I need study advice and to know more about your products. I was wondering if you could help me. I used another course and BOMBED bad. I was always a "look out the window person" in college then go home, read the book and learn it that way. If I was still lost, I would read the book and pay intense attention to the instructor. That strategy didn't help. I’m short on cash and have no idea where to go from here. Do you have courses with books and videos!? I'm looking more for a program that teaches you not really dives right in like you are fresh out of college. I graduated 15 years ago. I'm at the level of "how do the financial statements flow" . I feel like a complete moron!! Can you help? Please tell me you've seen people fall flat on their face like this and come back stronger!

3. Swati - I took regulation twice (73,72) and both times my score analysis said weaker in simulations. The first time I took I was literally sweating while attempting simulations cos I knew nothing and I scored 73. The second time I thought I did better on simulations than the first attempt and was confident will pass with a 80 but landed up with a 72, which was a shock to me !Any advice ? I used (super-expensive CPA Review Course) for all this while. I think I need more questions to practice. Will NINJa get me there ? I am disciplined with my study habits. Just to give you a background I have cleared rest of the three papers in one go 85 in fare and BEC and 93 in audit. Also this one will be my last attempt to save my credit for FARE. So it is a very crucial attempt so I want to make sure I give my 100 percent and I m using the right material. Also I m very much worried about the new updates and the new structure for reg ! Is it like a lot changes? Can you please provide some insights. Thanks so much . Swati

4. Samantha - I have the REG NINJA Notes for 2016 tax law, but will be retesting after June 2017. Will I be able to receive an updated version of the notes based on 2017 tax law?

5. Ashley - I just received my score for BEC and I failed miserably. I put in the time, if I wasn't working I was studying. Toward the end, I would take a random evening off and have dinner with the boyfriend and not worry about studying and start fresh the next day...maybe this was wrong!!

Right now I am starting to study for FAR and I do not want the same thing to happen! What do I need to do?? Anytime I look up different forums or CPA review info, this has come up. I am not too sure how this site works. Please help!

6. Kimberly - Hi Jeff - I got a 63 on AUD in Q1 2017. I basically schemed through the material a week and half before the test date and really thought I pass.

I am currently trying to give myself ample time ...

CPA Reviewed #75: Friday February 10, 2017

1. Rich – Jeff - I have purchased the NINJA notes for FAR and I have Wiley CPAexcel. Should I watch the videos? Should I read the book and then do the questions? Should I just rewrite your notes and not use CPAexcel?

2. Terry – Hi Jeff - Unfortunately, I just got my score back yesterday on BEC and I failed with a 68. It doesn't make much sense to me because I failed BEC back in November with a 73.I could probably recite the formulas and mnemonics to you. In school I was always a good test taker, I just can't seem to pass these exams. What are your suggestions?

3. Dshankar – Hello Jeff - I am writing to you for my wife. She just got her REG score and she got a 74, again! Its like her 10th 74 in a CPA exam. She has been studying since 2012. Both of us are mentally exhausted as we started studying together and I was done in 2013. She still so far from it and she always does her best. She’s always prepared well with high scores in all the mock tests before the exam. However, she always ends up with a score in ranging from 71-74. What are we doing wrong? She’s reached a breaking point and it’s also very expensive for us as we are international students from India. What are we doing wrong?

4. Steve - Hey Jeff, I have 3 weeks before the exam. I am finishing up the lectures. I am going to hit all the questions again from my review course again. I am on a limited budget which on of your products do you recommend that can help me knock FAR out the park

5. Katrina - Hi Jeff, Would you recommend trying to pass BEC starting now before the April 1st changes? I just ordered my FAR book but concerned of all the "hype" of trying to pass BEC before the changes are effective.

6. Eleanora – My REG test is scheduled for 3/10. The week prior to my test I've taken off of work so I can completely focus. I was wondering how many hours you generally recommend studying for REG? Also, are those hours strictly MCQ's or does that involve the notes, audio, flashcards etc.?

7. Donovan - I want to start studying for the CPA while getting my masters of accounting. Which section, do you think, will be the best to take concurrently? Hoping to pass all 4 within 6-8 months

8. Jeff - I'm taking BEC March 7th to avoid the April 2017 changes. I usually get home around 7-8pm ish and finish eating around 8-9pm. I understand I literally only have 1 month of studying time. How can I do this.

9. Steve - I'm 4 sections into AUD using Roger (out of 9) and I feel like I have WAY too many notes but I don't want to miss too much information. Is this normal for AUD? I feel like I have more notes than FAR already.

10. Michael - I have a learning Disability and strong Visual and Kinesthetic learner. What would be the best combination of review material so, I may start studying before the season begins?

11. Kevin - How much focus should I really allocate to the written communication section if my MCQ grades are in the range of 65-70%?

12. Yisreol – I’m taking FAR at the end of May. I have 200 hours available until then (have a family of 5 kids). How would you recommend making the best out of my time.

13. John - Do you think a 74 is a pointless exam score? I received a 74 on FAR and it hurt.

14. John - Hi Jeff - If I find out in August I didn't pass FAR in, I've only got 2 weeks before AUD credit expires. Thoughts on approach if that happens? Is AICPA giving any grace period for situations like this?

15. Jill – I started studying for BEC in January, but found out I can take it until June because I graduate in May. Should I start studying for another section and then review my notes before my BEC exam in...

CPA Reviewed #74: Wednesday January 25, 2017

1. Alejandra - Is it doable to study REG in 5 weeks and AUD in 4 weeks? I work full time but I could use 2 week vacation to study for these exams.

2. Robby - The first time I took AUD, I made a 73. I took a little break from studying and then returned when I felt mentally ready. I got frustrated using my expensive CPA Review Course (for a number of reasons). I decided to use Ninja notes only for my retake and I passed with a 78. How reasonable in your opinion is it for me to simply pass the rest of my exams with only NINJA Notes.

3. Kimberly - I passed these tests in 2009, but never filed for the license. Can I still do that, or do the test results expire?

4. Jon - Quick questions regarding my NTS and testing window. I am scheduled to take REG exam in NJ the day my NTS expires. I would like to take the exam in mid to late February. Are there any restrictions on reapplying for a new NTS and sitting for the exam during the same testing window, as long as I don't sit for the REG exam on January 13th? My three exams expire in March so I will have to take the exam in February. I also spoke with a rep from NASBA who said this should be fine, but I would like a second opinion.

5. Derek - I have never posted before but I have to see what I did wrong…I have been studying for BEC from December 9th to January 6th for an exam day of January 7th. I felt pretty comfortable for the exam. I have done nothing but study during my break.

I reviewed all the lectures, have done all the homework problems, re-did the homework problems for all the sections during my review stage, and completed both of the final exams Becker had to offer. When it came to the test day, I don’t know where these questions came from. There were very few questions that I know I got right and had to use my judgement on many of the questions. They were nothing compared to the questions I seen on Becker and it seemed like so much of the information I learned wasn’t even applicable to the exam. I don’t know what to think. Maybe it was a overall concept issue I was lacking. I know I put the time into studying but maybe took it the wrong way. Please respond if you have any helpful guidance.

5. Marlene - Hello, I am really concerned because I am enrolled in the Becker BEC fast pass. I began studying before the course and was able to cover until chapter 3. I have done my own notes and attempted to memorize them and did the homework once and I don't feel pleased with the results. I have been in chapter 4 doing the notes for 3 days already and my exam is in 12 days. What should I do? This the first time taking any CPA exam section.

6. Shawon - I'm planning to sit for FAR in May (will graduate in May). I only have one class left to graduate. So, I'm studying FAR now. I know that exam is changing and I haven't seen any update from you yet on that. I've watched few videos from your YouTube channel, there you've emphasized on MCQ heavily, since MCQs worth 60% of the grade. But what about now? They're making it 50/50 now. Please give me your advice how to tackle it now.

7. John - What is the best way to review the DRS Simulations for audit? They are unrealistic to the real world since you don't have 15 minutes to complete something in practice and I had trouble with it on my last failed exam.

8. Colby - I recently took Audit and ended up scoring a 51.  I used Becker and your Audio book.  I knew I wasn't ready but did not think I was that far away from the mark.  I thought I'd e-mail you for advice.  It's really tempting to just walk away - I feel so far from the mark.  The night before I didn't sleep a wink and then finished the test an hour early.  This was the first exam I'd ever taken.  I think the take away would be that I need to revamp my studying,...

CPA Reviewed #73: Monday January 23, 2017

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1. Tracy - Congrats on the new baby!! Your wife is a trooper!

I am taking REG again for the 5th time in February...got a 69 in July and 70 in December.

On the Ninja Notes, in the partnership section it says the below:

    Items not deductible on Schedule K

        Instead these flow through the Partners' K-1:

            Investment interest

            Foreign taxes paid

            Charitable contributions

            179 expense

But on an actual Schedule K those items are deducted. What am I missing?

Gross Sales

(Except for partners)

(Accrual basis only)

(payments to partners are OK)

(except 179)

= Ordinary Business Income

ITEMS NOT DEDUCTIBLE ON SCHEDULE K

Instead, these flow to Partners' K-1

o Investment Interest Expense

o Foreign Tax Paid

o Charitable Contributions

o 179 Expense

Mnemonic: IFC179

Instructions for Form 1065

Do not include any section 179 expense deduction on this line. This amount isn't deducted by the partnership. Instead, it is passed through to the partners in box 12 of Schedule K-1.

Items the partnership must state separately that require separate computations by the partners. Examples include expenses incurred for the production of income instead of in a trade or business, charitable contributions, foreign taxes paid or accrued, intangible drilling and development costs, soil and water conservation expenditures, amortizable basis of reforestation expenditures, and exploration expenditures. The distributive shares of these expenses are reported separately to each partner on Schedule K-1.

2.Jared - I purchased Ninja MCQ for BEC and I have been doing the adaptive learning session. After 400+ questions, I have been seeing repeated questions, even repeated questions that I have answered right before.

Should I just go to Custom MCQ and just select Questions that I have not yet seen?

I don't want to stray away from what is recommended.

3. Rachel - Hi Jeff, I purchased the NINJA FAR book in Oct/Nov of 2016. ( i missed it by 4 points). Can I use this for the new CPA style or will you be updating you materials? Thanks

4. Shalini - I have only recently decided to pass the CPA exams. A friend lent me books from 2013. How redundant or useful are they? Some subjects more than others?

5. Juan - I will be taking the Regulation exam in 2 weeks and I am considering purchasing the ninja MCQ. However, I was wondering if I can still access the 2016 REG questions since my exam will consist of that material, or are only the 2017 questions provided?

See Also: How to Pass a Section of the CPA Exam in 20 Days

6.

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1. Joe - My question is should I challenge my BEC score of a 73 when I am stronger in all categories except for Written Communications?

2. Alex - 74 on REG - should I ask for a re-score?

3. Arjun - I scored a 28 ... 41 on FAR. What is going on?

4. Mir - Any advice for CPA candidates struggling with Auditing SIMS?

5. Carrie - Failed FAR 4x. Re-study in 23 days?

6. Daniel - Trending at 97% on NINJA MCQ, but failed - what???

7. Kajal - Passed FAR and REG, but can't seem to pass BEC and AUD.

8. Carley - What to do if I'm weaker on EVERYTHING in FAR??

9. Keisha - Failed FAR and getting very discouraged!

10. Brian - How to stay motivated when you're working full time, a parent, and ... exhausted.

Links mentioned in the show:

[NINJA Study Planner & Survival Guide]

[CPA Exam Forum]

[NINJA MCQ & SIMS]

[Ten Point Combo]