Tuesday, May 14, 2013

Wiley FAR

Just completed some multiple choice questions from Wiley's CPATESTBANK.COM. I scored 90 percent on this section. The questions came from the financial accounting and reporting section. The topic was on accounting changes. Some test question referred to IFRS and other referred to GAAP treatment of errors in estimation and change from a not accepted principle to a generally accepted principle.

I believe doing the multiple test questions is the best way to prepare for the test since most of the test is going to be multiple choice questions. I still have to practice doing the simulation exercises. I haven't done any of them yet. I will keep you guy posted on future events. Later!

Sunday, May 12, 2013

This video will help you make the most out of your study. According to this video, people retain about 90% of what they teach others and 50% of discussions. Listening to lectures and reading has a very low retention rate. Watch this video for more tips.

Free CPA Test Bank @ FastForwardAcademy.com

Anyone out there need a study bank full of CPA questions? FastForwardAcademy is providing a free test bank for anyone to use. This is part of their marketing effort. I'm going to give it a try to see how their study platform work. I might decide to buy the review material from them as well if their products are worth it.
FastForwardAcademy also have an online community where you can create a personal page. Give it a try.

Saturday, May 11, 2013

CPA licensuring requirements

The four E's to becoming a licensed CPA.

Education: Starting January 01, 2014, California state accountancy  board will have new education requirements 150 credit hours = bachelor degree + 24 business related credits + 24 accounting related credits.

Experience: 2 years of accounting experience under the supervision of a CPA

Examination: Pass all four sections of the Uniform CPA examination.

Ethics: Take an approved ethics class

I have met the education and work experience requirement. I just have to take and pass the CPA examination, plus take the ethics class.

About Wiley CPA Test Bank

In a few minutes I will go to the Wiley CPA test bank. I will do 50 questions from the Financial Accounting and Reporting section. All the items will come from multiple choice questions. The Wiley test bank is free from the University of Phoenix's Portal even after graduating from that school. It has been over a year now since I received my masters of science in accountancy, but I still can log in and use their resources.

The Wiley test bank is comprehensive and not as expensive as other alternatives out there. By the way, most CPA review course supplement their study materials with Wiley test bank (for example: Ninja notes from Another71.com, Rogers CPA Review, Yaeger CPA review).

I'm off to doing some multiple questions from Wiley test bank.

Study Plan

Passing all four sections of the CPA exam the first time is not an easy thing to do. A lot of reviewing and studying have to be done. Applications to sit for the exam sections would have to be submitted six months before taking the test. All the planning and studying pays off big time once the license is attained.

I plan on taking Financial Accounting and Reporting as the first section in the final week of February 2014. I will use Becker review course materials to prepare for each section.

Becker is the leading provider of CPA review course material. The drawback of using Becker is that it is extremely expensive. What makes Becker stand out among the CPA review course providers is its reputation for preparing the CPA candidate well for the sections. Most of the Elijah Watt Sells award recipients prepared using the Becker. I'm sure other review providers have great materials but I hardly hear mention of the statistics of their students winning the Sells award.

I plan on using study groups in the San Diego area. I retain more when I study in groups.