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Manny's Blog (18)

Dealing with SIMS and WC

So you arrive to the SIMS and WC and freak the you know what out.  Well go ahead and have your freak out moment.  However, do gather yourself and go through the SIMS and WC thoroughly and one by one.  Focus all of your attention on the SIM/WC you’re working on.  Personally, I like to do the ones I find easiest first and move on to the hardest ones. 

Also, make sure to have practiced good time management in order to give yourself enough time to answer them.  The research tab ((not…

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Added by Manny on March 20, 2013 at 1:47pm — No Comments

Feelings About Exam and Actual Score not Aligned

So you come out of the testing center feeling supremely confident but then fail.  What went wrong? Well maybe you felt good about answer choices that were in fact wrong.  Perhaps many of your correct choices were thrown out due to pre-test questions.  Another possibility is that questions you got wrong were worth more than those that you got correct even if you answered more questions correctly.  It could be a combination of the above reasons and maybe others. 

Should you have…

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Added by Manny on March 20, 2013 at 1:46pm — No Comments

My BEC Strategy

Create my own notes for the major topics of each section

Review an entire module for no more than a week and do questions on it a week later. In the proceeding weeks, review the most difficult part of the prior’s week material and review a new module.  Include in the review the reasons why I got wrong answers.

In the final week, briefly review the areas I’m strong in and concentrate on reviewing and doing questions on the most difficult areas.

So basically my strategy is…

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Added by Manny on March 20, 2013 at 1:44pm — No Comments

So You Failed A Section

One thing you don’t want to do is get discouraged.  In addition, don’t let yourself get carried away by how you feel you did in an exam, especially if you feel really confident.  Feeling extremely confident and finding out you failed can surely take its toll.   

Also, asking yourself the below twelve questions and answering with brutal honesty will tremendously guide you on what to do next. Depending on your answers, adjust accordingly and don’t make the same mistakes twice.  If you…

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Added by Manny on March 19, 2013 at 2:00pm — No Comments

“You’re an Accounting major & have trouble passing?”

So have you had something irritating told to you like the blog title? I’m pretty sure you have your own irritations so I won’t create a list of them but rather have advice on how to deal with them. The self-restraint it takes to not slam people in the face with the very heavy Wiley FAR book can definitely drain some energy. The CPA journey is already difficult without these irritations so this only adds fuel to the fire. How then to deal with these types of comments?

Well one way is…

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Added by Manny on March 19, 2013 at 7:00am — No Comments

Third TIme A Charm?

I have given myself 8 weeks to study for BEC, which will be my third attempt.  The first time I didn’t have enough time to review. In my second attempt, I let little things trip me up in the exam and didn’t execute time management well, which led to leaving a WC completely bank.  I scored in the mid 60s in both attempts so I’m somewhat close. 

Having committed egregious errors in my first two attempts, I know not to repeat them.  With this in mind, I will nail down the details to…

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Added by Manny on March 19, 2013 at 6:30am — 1 Comment

Six Pack of Tips

1. NTS Scheduling - Suppose that you will test at the end of May 31st and have 90 days from April 1st to take the exam.  You receive the bad news that you failed the section on June 10th.  After recovering from defeat you gather yourself and reschedule the exam.  Well there might be a problem.  Since your NTS doesn’t expire until the end of June, you cant reschedule until then.  Depending on…

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Added by Manny on March 19, 2013 at 6:30am — No Comments

Jack of All Trades and Master of None

The title succinctly describes BEC for me. After all, the topics are all over the place and unrelated. As an example, we have IT, corporate governance, economics, and cost accounting. All of these items are unrelated. In addition, the lack of SIMS in BEC almost reassures us that no one subject will be delved into deeply. However, we still need to put the time and effort into the exam.

So how then do we study for BEC? The best answer I can come up with is to study for it like the rest…

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Added by Manny on March 19, 2013 at 6:30am — No Comments

Understanding NonMonetary Exchanges

I was trying to understand Nonmonetary Exchanges that is part of the Module 10: Fixed Assets from the Wiley 2011 Textbook. 

 

I came up with the below rules that, as far as I can tell, should cover most cases.  Items 1 and 11 below are special cases that may not necessarily comply with the below rules.  In addition to the special cases, items 9&10 are not directly covered by the below rules with respect to how the Asset Received is recorded.

 

Rule 1: FV…

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Added by Manny on January 4, 2012 at 3:30pm — 1 Comment

Why So Serious?

Remember that question from the Joker from the movie The Dark Knight? The Joker always asked Why so serious? While the seriousness that he caused was rather gruesome, the CPA can cause the same sentiment but for vastly different reasons. Why, indeed, are you so serious?

 

Dont get me wrong, getting the license is of great iimportance but as CPA candidates and working professionals, we must have a sense of humor and laugh alil and not be so serious. At least…

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Added by Manny on January 4, 2012 at 11:00am — No Comments

When Your Employer Doesn’t Fully Support You

What exactly does one do? That’s the situation a friend of mine finds herself in. Actually, it’s somewhat more unique. her boss supports her goal of attaining her license but upper management isn’t willing to pay for any of the associated costs.  So no reimbursement for expenses incurred to take the CPA exam. In addition, encouragement by the employer in getting one’s license is silent. This is of importance because her employer is rather vocal when they seek support in employer functions.…

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Added by Manny on January 3, 2012 at 7:00pm — No Comments

Want to Change CPA Requirements But No Magic Wand?

I think most of us would want to make administering the CPA and CPE somewhat easier. Here are some changes I think we would make….

 

Changes to the Actual Exam

  1. Construct the exam in the manner that made it feasible to provide a raw score right after completing the exam.
  2. Provide the official scores at least two weeks sooner.
  3. Allow candidates to only view the answers we get wrong and an explanation of…
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Added by Manny on January 2, 2012 at 3:00pm — No Comments

Missing Info from Ethics Survey

I'm a CPA candidate in Texas so I keep up with what the Texas State Board of Accountancy puts on their website. Recently, they featured a survey to get feedback about the effectiveness of ethical requirements (i.e. Ethics course & ethics as part of CPE). While the results in the survey seem to indicate an overall sense of accomplishing the purpose of the ethical requirements, the…

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Added by Manny on December 29, 2011 at 9:00am — No Comments

Unraveling Bad Debt Confusion

In a previous blog, I spoke about tips we can implement to create a smoother path in our CPA journeys. 

 

In this blog, I will provide a real life example illustrating how I implemented tip #2: Know What You Dont Know and Why You Dont Know It. 

 

We will discuss bad debt. While one of the easier concepts to grasp relatively speaking, for…

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Added by Manny on December 27, 2011 at 12:30pm — No Comments

Tips For Mission Impossible Part II

Tip#6: As a last resort, reschedule the exam if possible.
It may be that after following through with a study plan and implementing…
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Added by Manny on December 25, 2011 at 10:00am — No Comments

Tips for Mission Impossible Part I

You may think this is about a Tom Cruise film…well it isn’t but as many us have experienced, it can be just as dramatic. The mission of attaining the CPA license seems impossible.  This impossibility is what I would like to make possible by July of 2012. 

 

The easy part is setting a goal and the specifics to accomplish the goal but the difficulty lies in actually following through.  So how exactly will this goal be met?  I have a few tips to share that I…

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Added by Manny on December 23, 2011 at 7:30am — No Comments

You Got Your License, Now What?

Imagine that you passed all sections of the exam.  No more studying. No more scheduling of exams. No more exam fees and no longer waiting on test scores.  So what is next? After all the blood and tears, what exactly are you planning to do with your license? It’s important to understand why we put ourselves through the trials and tribulations of this CPA journey.  Answering this question of why are you seeking your license inevitably answers this question:  what are you…

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Added by Manny on December 21, 2011 at 6:00pm — No Comments

CPA License Must Be Difficult to Attain

Hello Fellow CPA Candidates:

 

I've read these forums about the many issues we encounter in our journeys in becoming CPAs.

 

While i do agree there is area for improvement with adminstering the exam, there's something that I have come to believe: the CPA license must be difficult to attain. This doesnt mean it has be impossible to attain but difficult to a certain extent. 

 

The tests taken to acquire the CPA license cannot be too easy because the…

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Added by Manny on December 19, 2011 at 7:00pm — 1 Comment

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