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Wednesday, 29 April 2009

  • Weeks fourteen - nineteen of twenty-eight: FAR 4-9 & AUD 1

    It's really quite difficult for a non-accounting major to ever feel qualified to sit for this exam. Granted, the California Board of Accountancy tells me that I'm only 1/2 semester unit away from giving it my first shot. Somehow, my mind still tells me otherwise.

    As I worked my way through nine weeks of FAR material, I found my Intermediate Accounting books incredibly useful. I've devised a "non-accounting major" notebook to help me scribble (to myself) the ins-and-outs of the most tricky concepts that I still have a hard time grasping, such as Capital/Operating/Sales-Type/Direct Financing Leases, Ceiling- and Floor- determinations of Lower-of-Cost-or-Market, and so on... I see that there is a danger in spending too much time on this part of the exam, though. So I think I'll give myself a maximum of two more weeks with FAR material. And then I'm going to have to ditch the Intermediate Accounting books and re-friend my Federal Income Taxation book and begin entries in my "non-accounting major" notebook for those topics. Meanwhile, I am taking the AUD review sections along with my last accounting class, which happens to be Audit as well! Simultaneously, these two classes will hopefully give me the proficiency that I need to get this portion of the exam over with, asap.

    My goal, was to attempt all four parts of the exam before the end of Summer. At the present moment, given the sheer quantity of information that needs to be versed and rehearsed (in my head), I wonder if it might be more suitable to aim conservatively (perhaps shoot to knock two of the hardest parts out of the park)... After all, if not anything else, accountants forecast conservatively =P We shall see... as soon as my transcript posts at the end of May (showing that I've fulfilled more than the last 1/2 unit that I need for the exam), it'll all be up to how quickly the CBA sends me my Notice to Schedule. I figure that I am willing to spend the first two of ten summer weeks drilling for the AUD portion (hopefully my easiest part of the exam), and then spend the next eight summer weeks tackling FIN and REG (in that order).

Thursday, 19 March 2009

  • Weeks eight thru thirteen of twenty-eight: BEC 4-5 & FAR 1-3

     The three-month count-down has begun... I just received my notice from CBA that I only need 1/2 semester unit in order to sit for the exams. This is far less than I anticipated, as I registered for 2 classes to fulfill what I thought would be 6 units that I still need toward the exams. Now, I'm wondering if I should drop one of these two classes. If I do, it will be the graduate class, as I am far from finished with my graduate program anyway.

    FAR is turning out to be my most challenging section, thus far (even moreso than REG). If AUD turns out to be just as difficult, then I will begin to seriously question whether I belong in Audit, as opposed to Tax, at the accounting firm =/ 

    I have noticed discouraging weight-gain in my cheeks and arms, and thighs... Part of me wants to do something about it, while another part of me just shrugs and thinks that there are worse things to potentially distract me from focusing each day on the exams. Besides, if I pass all four sections sooner, then I can resume my 15-20 pound weigh loss plan sooner... The only bummer is that this summer will be two weddings and my 10-yr high school reunion... so I can't entirely throw fitness out the window.

    Studying with flash cards at the gym has proven beneficial. But I need to spend the next 2-3 days completing the homework for BEC so that I can fax in the paperwork and get another one year of free tuition credit. Of course, I don't hope to still be doing this stuff one year from now, but free tuition is worth the labor.

Monday, 16 February 2009

  • Weeks six and seven of twenty-eight: BEC 1-3

    Wow... I've reached the quarter mark!!! Thus far, I've found that studying at the McDonald's will no longer work b/c I don't have a place to plug in my laptop. I've also decided that (even though most successful CPA exam test-takers swear by studying at the library), I must have the distraction of passersby and coffee bean grinders to hone my concentration. Finally, I am certain that keeping up with my exercise is just as important for my brain as it is for my body.

    My fiance is super understanding and I love it that he never makes me feel guilty for the amount of time that I need (apart from him) to study. However, I am finding that my greatest distraction from quality study time is still related to him. Rather, it is the thought that I "should" be spending more time with him. So my personal challenge to myself is this: By the time I reach week 14 of 28, I'd like to report that I have silenced (or at least caged) this inner voice that sends me on guilt trips because I MUST stay put and achieve the goal at hand: 4 exams in 4 weeks before my next birthday!!!

Monday, 02 February 2009

  • Weeks four and five of twenty-eight: Finishing Regulation

    I am giving myself one week to send in my "good student" evidence: 100% attendance plus 90% homework documentation. Now that I've completed the REG sessions, this Saturday will be the start of BEC.

    As I review the chapters in REG, I'm finding that repetition really is key. The chapters that I've reviewed now take less time for me to reread. As in all things, I tend to gravitate toward things that I find easy and familiar. So I have to make sure that I leave my comfort zone in the "already reviewed" chapters and move on to cover ground in the "too scared to review" chapters.

    As I get ready to file this year's taxes early, I'm finding the material in REG extremely useful. It was so good to be able to definitely answer "$5,000" in response to my dad's question about maximum IRA deductions (although I later realized that a more accurate way to have answered would have been "the lesser of $5,000 or earned income"). Along the course of reviewing my REG chapters, I have even come across some points that seem to indicate an error in my family's tax calculations. But I hesitate to say anything because my mom has done our taxes for years. How could she be wrong? Let's see if there's a non-offensive, non-presumptuous way of raising my questions...this could be good practice for work.

Monday, 19 January 2009

  • Week three of twenty-eight: Regulation 4 & 5

    There's only one more week remaining in this 4-week series on Regulation and I'm a bit flustered...

    During my 8-hr class, when I start to feel like I might nod off, I play a few seconds of Tetris on my laptop (this sure beats hitting the munchies to stay awake b/c it doesn't make me pack on pounds!)

    Yesterday, my instructor did us a huge favor by ending one hour early (leaving a full two hours for lunch!) A student decided to stick around and ask questions about real estate (completely irrelevant to our class). I felt bad for the instructor. I wanted to say to the classmate, "Yo Dude! Cut the lady a break. Let her enjoy her two-hour lunch, man!" But of course, I neither knew the classmate nor the instructor. *Shrugs*

    With this 7-month goal in mind, I'm finding it kind of hard to maintain a steady attitude of focus. Maybe it's because I'm a multi-tasker and I rarely focus all of my attention on single projects at a time. But then, I find myself scaring myself back into focus whenever I imagine the possibility of looking back upon these 7 months with regret for a half-arse effort.

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next_cpa

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    • Name: next_cpa
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  • I started this xanga to document my CPA exam-preparations. My dream is to be like Julie Powell and emulate her one year "dangerous cooking" quest, only my medium shall be flash cards and sample test questions.

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    "I'll do no frivolous thing until I pass the CPA exam." Define 'frivolous'