Pass the CPA exam

I have exactly 7 days to take AUD and I am not sure what I should be doing at this point to help solidify the info in my head :(. Any tips on what I should be doing in the next week in final preparation for the big day (BTW, this is my first section of the exam)?

Hi All,

I’ve started studying BEC using Becker. I went through the lecture CD for the first part (business structures) and then worked on the multiple choice questions the next day. I got 89% of the MC correct. I guess my concern is what I should be doing regarding the whole study process so that I can be ready for BEC in 5-6 weeks? Should I read the chapter again, and go through all the MC and explanations? Should I go over the flash cards? How much, and what, should I be doing with respect to business structures before it is “enough” for me to move on to economics?

I would appreciate any advice you all can give me!!

Hi all – I’m taking the Audit portion of the CPA exam at the end of july. Please any advice would be really appreciated. I have passed already all the other sections. This is the second time that I will take Audit and I feel that this topic is very extensive.

FAR:79
REG:81
BEC:75

FAR is like trying to memorize the phone book. UGH.
Consolidations could be an exam all upon itself.
Enough whining, back to studying.
Rob

Company A has a brother-sister relationship with Company B, Company A & B are in the same consolidated tax group. Company B holds a security originally purchased for $100 but was written down previously to $75; the $25 write down was recorded as an OTTI item and a DTA was established as a result of this write down for the $25 on Company B’s books. The Securities held by Company B were that of an entity (“Company C”) owned by the controlling shareholder of the common parent Company A & B (“Parent”). Company C is not in the consolidated tax group of Company A & B.

In the current year the Parent entered into negotiations to sell Company B to a third party. Prior to the Sale of Company B, Company A bought the Securities of Company C from Company B. Company A paid Company B the fair market of the Company C securities which was $75. Additionally, Parent A, in accordance with the tax sharing agreement, paid Company B for the previously impaired securities of Company C; this amount was $25.

The Purchase Price was adjusted to reflect the cash which was paid as a result of the tax sharing agreement.

Question
A) What basis does Company A have in the Company C securities purchased from Company B?
B) Would the DTA relating to the previously impaired securities of Company C be transferred to Company A or would the losses that were paid for according to the tax sharing agreement be captured in the loss/gain calculation upon the sale of Company B to the unrelated third party.

I would like advice on studying…I graduated in 2006 and I haven’t worked or been around accounting since 2006. I have been a stay at home mom, but I would like to pass the exam and start my career. Since I haven’t been around it in 3 years do I need to study before I take a course? Or should I just “jump right in” so to speak?? Please help! Totally confused and overwhelmed….

If I do CPA from US, is this the same course apply to there or I have to do something else?? Any idea about Canada – CPA?

Thanks

If I do CPA from US, is this the same course apply to there or I have to do something else?? Any idea about Canada – CPA?

Thanks

Am I crazy, or is this ethics exam more difficult the CPA exam itself….anyone have suggestions on the California ethics exam?

Happy Studying!

I am giving BEC in Mid-August. I remember reading on this site a while back that Becker is not sufficient for BEC. Can anyone who has passed this exam share your strategy? Is it necessary to supplement it with Wiley etc or Becker is enough? I completed MCQs for first chapter and I don’t think that MCQs covered all the topics in the book very well.

Happy studying everyone for this window.