I'm not sure how you miss that much income without there being a lack of communication between the taxpayer and the CPA. Was the taxpayer sitting on documents that should have been submitted to the CPA? If the client made the money, he needs to pay the taxes.
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rfc63 on "F'ed Up"
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mi2015 on "Need suggestion for first time CPA Student"
Hi All,
I have recently received confirmation from the accountancy board that I am eligible to sit for CPA exam.
I would like to know based on you guys experience following:
- Best choice for review course selection
- What order is best to complete exams
- Is it possible to pass all 4 parts within 1 years with a full time job
I would appreciate any comments to help me plan my CPA exam preparation.
Thank you.
MI
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mommyof3texans on "Complete Fail...no, not the exam"
Well, hopefully not the exam! I have Becker self-study materials and wondered why my BEC (and now FAR) didn't have all the stuff I was seeing in the lecture. Umm...yeah...somehow I only got the Final Review books and on the site, it was waiting for me to select the text books to ship.
So...yeah... I sat for BEC a week ago after only having studied from the Final Review book. Sigh...that explains a LOT...like why there was so much I did NOT recognize. Goodness...I feel like a complete dumba$$.
Who knows...maybe I could still pull off a miracle and pass BEC..until then.. on to FAR lectures until I get my actual text book.
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Jeff - another71.com on "AUD - Exam Experience"
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hasy on "CPA requirement units - Do I have to get a master's?"
I was in the UC system where we went by quarters. I had OFFICIALLY 213 quarters units when I graduated, which translate to roughly 142 semester units. I'm currently taking 18 semester units at community college (I know how to do math, I'm taking some required accounting ones to take the test too).
I don't need a master's, right?
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berrygoose on "Trying to get the wileybooks"
Im trying to get the 2015 wiley review book for REG but i cant find it anywhere!! I want just the book and test bank. All i see on their site is a bunch of study guide books. I tried looking for the review book elsewhere.. Still couldnt find it. Or are the study guide books the same as their review books? I dont think so...
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thechapman on "Transferring offices before a year"
Hey everyone. I started at a big 4 firm in the fall in a large city, and I'd like to move to a smaller office to be where all of my family lives. After busy season I will have been with the firm for 8 months. As I have no ties to this city, my HR manager has actually mentioned before that I should let her know if I ever want to go back. My main concern is that I wouldn't be able to do this since I haven't been with the firm for very long, but I thought I might have a better chance given that the HR manager said that to me. Do you all thing that this is possible, and if so, when would be the right time to ask? If possible, I'd like to do it after busy season as my lease will be up in this city. Any opinions would be appreciated.
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Jamessemma on "Who grades the WC in BEC exam?"
Who grades the WC portion? Is it a human or computer grading it? And do you think they are strict on the writing skills? I got the struct correct on a memo but making things sound the best, I'm terrible with that part. I tend to use certain words that doesn't sound as good as it can be.
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CPA33 on "For those of you curious to what a Big4 busy season looks like..."
For those of you who are interested in a Big4 firm, I figured I'd share a realistic example of what you might expect as a first or second year associate during busy season. Here's been mine thus far.
For December I got pulled onto an engagement that was having some issues and worked 9-8 M-Thursday, 9-5 Friday, and most Saturdays from 10 to 4 or 5. We each was granted one flex day per week that we were able to leave by 5 or 6 so I chose Thursdays. Around 55 hours per week.
Had a reduced firm shut-down over Christmas. I had December 24-28 off and was assigned physical inventory observations 12/29, 12/30, 1/3, and 1/5. The rest of January to Mid-Feb I did the same December schedule, (including two weekends of PIOs), until about two weeks ago. Two weeks ago I did 9-9 M-Th, 9-5 Friday, 10-5 Saturday, and off Sunday. This last week I did 9-11:30 Monday, 9-9 Tuesday -Thursday, 9-5 Friday, and another PIO today.
Next week I'm doing at least 9-9 M-TH, 9-5 Friday, and told we should have Saturday off. Starting a week from Monday, I begin at a new client where I'm blocked in our schedule for 8 weeks of 55 hour weeks, (including one Saturday PIO). First week in May I'm booked for three 40 hour weeks at an out of town client.
I hope this information helps those of you wondering what a typical busy season might look like for a first and second year. Third years, seniors, managers, and above will typically work more because they have a lot more they're responsible for.
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Mashukzzz on "Scheduling exam after NTS deadline"
I have a question about NTS.
I already picked 2 sections on my first NTS. I passed one just now but I realized I need more time to prepare for the next one which means I'll have to schedule after the NTS last permitted date.
What do I do? Can I reapply to this section even tho it's already on NTS? Or should I let it lapse and apply again real quick?
My NTS for this section is valid till June 12th (which is not a testable month anyway, so lates I can take is May 30). So if I want to sit for my section in early July, what should I do?
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Jlobel on "CFE (certified fraud examiner) - which study program"
I used becker and ninja to pass the cpa exams. I wanted to take the CFE exam and was wondering what software people have used and if they recommend it. Thanks :)
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ajurew1 on "Part time job with small CPA firm"
Does anyone have suggestions for how to find part time jobs with very small CPA firms? I've e-mailed a few local CPA firms near where I live and have not received a response.
I do not have any CPA related experience, which is making it more difficult. My experience is in Commercial Real Estate as a Lease Analyst. I am very interested in working with small businesses and individuals and want some CPA related experience on my resume. I am only looking for a few hours a week, and am willing to even work for free just to learn.
What is the best way to go about my search?
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needhelpnow on "WACC BEC"
Rogers talks about Financial Management in his book, but in it, WACC seems simpler than all the other formulas. I am just wondering if there is anything else to WACC. The only example used in the book is:
Ex: If 40% of capital was obtained through long-term debt at an effective cost of 6%, 10% of capital was obtained by issuing preferred stock with an effective cost of 8%, and 50% of capital was obtained by issuing common stock expected to return 11% to S/Hs, the weighted average cost of capital is:
=40% x 6%+10% x 8%+50% x 11%
= 8.7%
I mean, literally the only example in the book. Is that all there is to WACC? I understand the Cost of Debt financing needs to be taken in to account if YTM and Effective tax rate is provided, but other than that, is that all usually? Thanks everyone..
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matt85 on "Q1 2015 Score Release (NASBA States)"
Has anyone seen the Q1 2015 score release dates? I've search high and low but can't seem to find them. Need to schedule my next exam!
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Jeff - another71.com on "FAR Study Group Q1 2015"
Free Study Planner, Notes, Audio, Flashcards: http://www.another71.com/cpa-exam-study-plan/
Free CPA Exam Survival Guide: http://www.another71.com/cpa-exam-survival-guide/
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KennyBe on "Prometric Problems on Last Day of Window"
So like a lot of people, I was trying to sneak an exam in on the last day of this testing window, at the last available time (6:30pm). Turns out the Prometric fingerprint scanner was broken so they could not let us test. They gave us a Prometric phone number to call to reschedule, but of course that number doesn't have office hours until Monday.
Curious whether they will extend the window for those of us who had our exams cancelled because of this, or if they will just push my exam back to April. I hate having to wait until Monday to find out, wish I knew whether to stay in "crazy review mode" or take it easy for a few days.
Any similar experience or speculation on what they will do?
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Skynet on "Things you don't want to hear at Prometric......"
CPA Candidate : "Was the colonosopy really necessary to prevent testers from sneaking in answers?"
Prometric Guy : "At this Prometric, Yes."
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Gina on "Am I being Overly Sensitive - Gleim"
I had a question about a MCQ, so I asked a Gleim professor and their response left me with a bad feeling, like they were tapping me on the hand for asking. Take a look, am I being overly sensitive about their comment...
Fact Pattern:
The estimated unit costs for Cole Co. using absorption (full) costing and planning to produce and sell at a level of 12,000 units per month are as follows:
Estimated
Cost Item
Unit Cost
Direct materials
$32
Direct labor
20
Variable manufacturing overhead
15
Fixed manufacturing overhead
6
Variable selling
3
Fixed selling
4
Product Question:
Cole’s estimated conversion costs per unit are
a: $35
b: $41
c: $48
d: $67
Your Answer: b
Correct Answer: b
Your Question: If the company was using absorption costing, why wasn't direct materials taken into account?
Response:
Please note that the answer explanation says that conversion costs are costs spent converting the direct materials. Conversion costs include direct labor and manufacturing overhead. Direct labor and manufacturing costs are costs that *convert* raw materials or direct materials into finished goods.
***
The goal at Gleim is to position all of our candidates for success. One of the many ways we do this is by giving our customers access to Gleim accounting experts via this Question and Answer service.
The Gleim self-study method is designed to prepare you to pass your exam under actual exam conditions. Part of this preparation includes independently working through our materials and the questions that they generate for you so that you develop an ability to problem solve on your own, just as you will have to do during the exam. Therefore, although we want to answer your questions, we also want to refrain from providing you with a level of support now that will inhibit your ability to function independently on exam day.
As a result, this service is designed to provide you with the ability to submit a reasonable number of inquiries about Gleim materials. It is not an unlimited service. However, most candidates find that our materials and study method provide them with all of the information they need to be successful and therefore submit very few questions.
In keeping with all of the above, the types of inquiries that we will not answer are:
1. General accounting questions or requests for in-depth explanations of general concepts
2. Questions already answered in the FAQ.
3. Questions on information outside of the scope of the exam
4. Hypothetical questions
5. Questions on material not produced by Gleim
6. Questions that disclose any information covered in a nondisclosure agreement
If you have any questions about this policy, please contact your Personal Counselor at personalcounselor@gleim.com
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davenyc on "Share your (in)/effective study method!"
Hi all, I've been enjoying the forums in anonymity the past month. Great positive community. Happy to finally join.
I understand everyone's situations (study preferences, time restraints, etc) are different but I wanted to get a quick conversation going about what you found (in)effective when studying for the CPA. I'm sure newbies to the CPA can benefit. I know I was experimenting quite a bit for AUD.
Watch the chapter video first? Do the MCQ first? Watch the entire chapter first? Watch a section, then read the section, then do the MCQ? Watch a section, do MCQ, then read? Do you take notes? When do you take notes? While the lecture is going? While you're reading? (You get the idea)
I use Becker. I wasn't too fond of the videos. It's a lot of Tim telling me to highlight and underline stuff but I watched them all anyway. Did not take any notes for AUD or REG but I think I may need to start.
The reason for my post: I had lousy study habit for AUD. I had just finished Audit in college and had a great professor so that helped me with passing. My lousy study habit continued with REG. Just took the exam on 2/27 and boy, was that a humbling experience. I'll be lucky if I get a 50.
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LamBam on "When waiting for CPA score feels like forever.."
What's the longest you've ever waited for a CPA score to go out?
What did you do during that time? other than the drive-you-crazy-nonstop "what if" thoughts..
For me Its been 13 days and i have 10 more days to go! I dont know if i shall re-study FAR (where i really think i didnt pass..simulations were out of this world..) Or do i start with AUD?.. or simply wait
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