T-Accountants Unite

Off Topic
121

One more thing guys.

I would recommend after taking the exam, jot down everything you remember being on it. Most candidates end up rewriting a couple of parts so it’s really in your best interest to make notes upon exiting.

I don’t have my other notes but I found in my desk what I wrote down after my REG exam.

Here goes.

Heavily tested in MC:

-SEC acts 1933 & 1934

  • S Corps
    -Partnerships
    -Dividend received deductions - rules for domestic vs non-domestic corp dividends

Simulations:

-MACRS depreciation

  • Deduction to arrive at AGI vs Itemized deducations
  • Partnership Form 1065
122

[quote]therajraj wrote:
One more thing guys.

I would recommend after taking the exam, jot down everything you remember being on it. Most candidates end up rewriting a couple of parts so it’s really in your best interest to make notes upon exiting.

I don’t have my other notes but I found in my desk what I wrote down after my REG exam.

Here goes.

Heavily tested in MC:

-SEC acts 1933 & 1934

  • S Corps
    -Partnerships
    -Dividend received deductions - rules for domestic vs non-domestic corp dividends

Simulations:

-MACRS depreciation

  • Deduction to arrive at AGI vs Itemized deducations
  • Partnership Form 1065
    [/quote]

That’s great advice. I hadn’t even thought about, I’ll take my voice recorder and just talk my way through the exam on the way home.

Do you remember if the OMB circulars were tested much? Oh and do you remember if statistical analysis procedures were tested a lot on the exam? I am having a real tough time with that, I just hate it.

123

[quote]therajraj wrote:

[quote]usmccds423 wrote:

[quote]therajraj wrote:

[quote]Kayrob wrote:
Checking back in, took BEC yesterday, no surprises on the multiple choice, GLEIMs practice exams did a pretty good job of preparing me. There were maybe 2 questions that were from left field, but that was it. The written part was pretty easy as far as I could tell, but then again, I don’t have my results back so I can’t say for sure.

My understanding is that the technical content on the written part is not as important as being able to write. The questions are in the form of memos. Just have to have three points, thesis statement, and conclusion. I do get the feeling the other parts of the exam will be harder than BEC. I got overwhelmed and did not study as much as I should have, but I think I got away with it, not sure I can do that with the rest of the sections. Pretty happy with the GLIEM prep though.[/quote]
.

BEC is child’s play.

FAR and REG are challenging. AUD is in the middle, though some people find it easy (I didn’t).

A couple tips:

For FAR make sure you know the IFRS rules inside out, they get tested heavily.

for REG make sure you know the 1933 and 1934 SEC acts well. They weren’t covered much in my prep (Becker) but they went into detail on the exam.

It wasn’t just basic stuff, they were asking about Regulation D Rule 505, Circular 230 and a bunch of very specific stuff.[/quote]

@Therajray - Do you have any AUD tips? I’m taking it on the 22nd of April.

@Kayrob - It’s good to hear you did well. Good luck on the rest of the exam.

-Chris[/quote]

Nothing specific like the other two.

AUD I found was worded very trickily, you really have to read extra carefully for this one. [/quote]

Good to know, I’m taking AUD at the end of this month, so I only have a few weeks to get ready.

124

UGHH, im trying to get a Internship this summer and its been a crap shoot. IDK how Imma get a job when I graduate next year :frowning:

125

[quote]optheta wrote:
UGHH, im trying to get a Internship this summer and its been a crap shoot. IDK how Imma get a job when I graduate next year :([/quote]

Ya I understand that. It took 80 application to get all of 4 interviews and luckily a job. Not a dream job, but until hiring really amps up I’m not complaining.

126

[quote]usmccds423 wrote:

[quote]therajraj wrote:
One more thing guys.

I would recommend after taking the exam, jot down everything you remember being on it. Most candidates end up rewriting a couple of parts so it’s really in your best interest to make notes upon exiting.

I don’t have my other notes but I found in my desk what I wrote down after my REG exam.

Here goes.

Heavily tested in MC:

-SEC acts 1933 & 1934

  • S Corps
    -Partnerships
    -Dividend received deductions - rules for domestic vs non-domestic corp dividends

Simulations:

-MACRS depreciation

  • Deduction to arrive at AGI vs Itemized deducations
  • Partnership Form 1065
    [/quote]

That’s great advice. I hadn’t even thought about, I’ll take my voice recorder and just talk my way through the exam on the way home.

Do you remember if the OMB circulars were tested much? Oh and do you remember if statistical analysis procedures were tested a lot on the exam? I am having a real tough time with that, I just hate it. [/quote]

I dont recall either of those topice being heavily tested. However what’s covered changes. I wrote FAR twice and topics covered were noticeably different

127

[quote]usmccds423 wrote:

[quote]optheta wrote:
UGHH, im trying to get a Internship this summer and its been a crap shoot. IDK how Imma get a job when I graduate next year :([/quote]

Ya I understand that. It took 80 application to get all of 4 interviews and luckily a job. Not a dream job, but until hiring really amps up I’m not complaining. [/quote]

Question, What is your guy’s thoughts on putting your GPA on the resume? I heard its not even worth it if you don’t have a 3.6 or higher.

I have a 3.18 right now not the best.

128

[quote]optheta wrote:

[quote]usmccds423 wrote:

[quote]optheta wrote:
UGHH, im trying to get a Internship this summer and its been a crap shoot. IDK how Imma get a job when I graduate next year :([/quote]

Ya I understand that. It took 80 application to get all of 4 interviews and luckily a job. Not a dream job, but until hiring really amps up I’m not complaining. [/quote]

Question, What is your guy’s thoughts on putting your GPA on the resume? I heard its not even worth it if you don’t have a 3.6 or higher.

I have a 3.18 right now not the best.[/quote]

I mean I personally didn’t while I was in college since is constantly changing. I graduated Cum Laude so I added that, but never the actual number. I don’t think it gives an accurate representation of your knowledge, but I feel some companies will look you over if your GPA is to low or even to high.

129

[quote]therajraj wrote:

[quote]usmccds423 wrote:

[quote]therajraj wrote:
One more thing guys.

I would recommend after taking the exam, jot down everything you remember being on it. Most candidates end up rewriting a couple of parts so it’s really in your best interest to make notes upon exiting.

I don’t have my other notes but I found in my desk what I wrote down after my REG exam.

Here goes.

Heavily tested in MC:

-SEC acts 1933 & 1934

  • S Corps
    -Partnerships
    -Dividend received deductions - rules for domestic vs non-domestic corp dividends

Simulations:

-MACRS depreciation

  • Deduction to arrive at AGI vs Itemized deducations
  • Partnership Form 1065
    [/quote]

That’s great advice. I hadn’t even thought about, I’ll take my voice recorder and just talk my way through the exam on the way home.

Do you remember if the OMB circulars were tested much? Oh and do you remember if statistical analysis procedures were tested a lot on the exam? I am having a real tough time with that, I just hate it. [/quote]

I dont recall either of those topice being heavily tested. However what’s covered changes. I wrote FAR twice and topics covered were noticeably different
[/quote]

Cool thanks.

130

Well took Audit yesterday…and now the waiting game begins.

It was very hard for sure. I’m not exactly confident I passed, but I think I did pretty well.

131

[quote]usmccds423 wrote:
Well took Audit yesterday…and now the waiting game begins.

It was very hard for sure. I’m not exactly confident I passed, but I think I did pretty well.
[/quote]

All the best with it.

132

Damn, got a 71 in AUD…I hope the others taking it faired better!

-Chris

133

Forensic Accountant + CPA, checking in.

134

[quote]Samir wrote:
Forensic Accountant + CPA, checking in. [/quote]

Aren’t you also from Canada?

If so, how useful is your american designation in Canada?

135

holy crap a thread for t-accountants?? Just passed BEC with score of 86. Three more to go.

I work in Accounts Receivable trying to make ends meet living in San Francisco where rent is 1.5k for a 400 sq ft studio with psycho neighbors. I come to work everyday holding a cooler in one hand containing about 4000 calories in food, and my CPA books in the other hand. I work out when I can. I have no life.

136

3 cheers for CFPs!..?

unlike accountants, we get paid more for looking “studly”. Something about muscles makes you look more trustworthy…

137

[quote]Samir wrote:
Forensic Accountant + CPA, checking in. [/quote]

Always wondered about this branch of accounting … what differentiates it from say, audit? Also are you internal or external?

I’ve considered down the track getting my masters in this field particularly with our emphasis on decentralising our international finance function.

138

Should give an update on my situation … survived a ‘restructure’ of our department a couple months back … and then was thrown to the freakin’ wolves yet again early this month. Basically I am now responsible for 5 of our trading entities financials for the entire month.

All the way from bank recs to WIP to finalising our financial reporting to the board of directors. It’s a bit over whleming at times, esp. considering I finished up my graduate program (working on site in various menial positions - admin, sales, project coordination, etc.) in mid February.

Getting some wicked experience out of it though and I am probably light years ahead for it. Planning on starting CPA early next year. Unfortunately it isn’t recognised in the company.

139

[quote]RRibber wrote:
holy crap a thread for t-accountants?? Just passed BEC with score of 86. Three more to go.

I work in Accounts Receivable trying to make ends meet living in San Francisco where rent is 1.5k for a 400 sq ft studio with psycho neighbors. I come to work everyday holding a cooler in one hand containing about 4000 calories in food, and my CPA books in the other hand. I work out when I can. I have no life.[/quote]

AR/AP is a decent start as you work closely with the accountants. Dunno how you guys do that job … customers who don’t by terms just piss me off. Especially when my cash flows are looking filthy lol!

140

[quote]Samir wrote:
Forensic Accountant + CPA, checking in. [/quote]

Like others have said please elaborate on you experience in forensic accounting. It sounds like a field I’d really like from what I’ve read. There’s actually a M.S. program in forensic accounting close to where I live that I’m thinking about doing.

-Chris