He who seeketh, findeth

July 24, 2009

CPA exam prep – REG – day overview#03

Filed under: CPA,REG — Steve (Chessiq) @ 8:54 am

Overview#2 update:

10:20pm-11pm: 20 MCQs Ethics; Gleim Testprep CD; 70%; I also read the original draft of Interpretation 501-1 from the AICPA website. It was nice to see all the edits.

Thoughts that I took to bed: “Soliciting of clients is okay, as long as it is not false, misleading, or deceptive.” “If client owes you fees for attest services performed last year, you are not independent ~~ like a loan.” “Acts discreditable”. “Knowledge of an error.” “There is something wrong with names like “Pay Less Tax Inc”, or “XYZ & Co.” for a sole owner”.

33 days to go - www.math.niu.eduOverview#03 update:

5:08am – woke up. I couldn’t sleep for the past hour or so.

5:15am – 5:35am: Test Mode, Gleim Testprep, Ethics, 20 MCQ, 85%

5:36 – 6:00am: Study Mode, Gleim Testprep, Ethics, same 20 MCQ as above, 85% – didn’t change my choice of answers, I just wanted to see the explanations to the solutions.

6:00am – 6:14am: Test Mode, 24 MCQ, Ethics, 91% – I decided to be doing 24 MCQ in test mode so that I can prepare myself for the 24 questions in the MCQ testlets on the actual exam. Gleim recommends doing 20 in 30 minutes. I like 30 in 30 minutes, so 24 is okay. I think I am doing 24 in 24.

6:20am – 6:38am: Study Mode, Questions 1 – 15. I decided to go through all the 111 or 113 questions. This is what I did for the other 3 sections. So, there is no need for me to change my routine. It worked for FAR and BEC, I hope it worked for AUD, and I think it will work for REG.

6:40am – 7:45am: Worked out, got ready for work, ate breakfast, drove off to work.

8:10am – 10:40pm: at work. So much about not spending more than 9 hours at work! I had to help out with some account reconciliations towards the end of the day. I studied here and there as follows:

1:15pm – 2:15pm: studied cpacfa REG notes 2 as planned. Individual Taxation – deductions. Very nice formulas! I could not stop thinking, as I used to when I took a Federal Taxation class for my M.S.A., “who, and why, did they think up these formulas and conditions and exceptions?” – that is one reason why I like going to the original drafts to see the background to things. Anyway, Taxation is so voluminous and complex that I just don’t have time to research it all. Oh, and I think I spent about an hour or so, checking out my favorite blogs before I started studying, you know, destressing from and getting ready to do some school.

8:53pm – 10:32pm: Study Mode MCQs, Q16 – Q70, ethics; a little over 40 more questions to go.

I had dinner (soup) during that time. Spoke to some consultants who were preparing for a proposal to be submitted Friday, 7/24/09. I was very tired most of the day. Partly because I did not sleep well last night, and I had been up since 3:30am or there about. I finally had decided that trying to sleep wasn’t working that’s why I started studying at around 5:15am. Pretty long day.

Even though I was tired while studying, I took some decent notes. About two pages worth of notes. I have a few things I need to check out later: ISB3; Conduct Rule 102; SSTS No.1; Interpretation 101-12; Conduct Rule 503; FTC Order dated August 3, 1990; and a few definitions.

Made it home safely. Threw myself on the bed, took off the shoes, and slept in full gear! I work up at 5:50am this morning, and worked out a little. I guess that’s for the 4th update which I will complete tonight. I have a dentist appointment this morning, so I will go to work in the afternoon. Half day. I guess I better head out.

It is a wonderful life!


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