Pass the CPA Exam - Business Section - Test Prep

With under a week left of preparation for taking the Business section of the CPA exam, I am starting to put my last push in. Studying the day before the exam, and especially the day of the exam, don't work very well so if I don't learn it in the next few days I probably won't know it. So how am I studying?

First off, I have an exam test prep course I am taking which provides exam questions and reading material. I have gone through and read these once so far, and some of the more difficult sections twice. I generally approach these using the SQ3R method, which is a commonly used reading technique today to improve reading comprehension.

The practice questions included in the package were my next step in test prep. I went through a trial run on them and answered them to the best of my ability. Now, I am going back through and answering the questions I got wrong or skipped the first time through. Some of these questions I answered in haste, due to impatience or missing the key of the question. The best way to learn from these questions is to sit back, think, and understand the question. Consider each option and take your time - only the final exam is timed, right now it is most important that you get your form right and next you can work on speed. There is no prize for getting done early with every question wrong!

Related Articles:
Best Reasons to Take the CPA Exam Now!
Pass the CPA Exam - Business Section - Economics
Pass the CPA Exam - Overview of the Business Section

Student Obesity in the USA

As Americans, we face one of the most frightening problems among the entire world: Obesity. Everywhere we turn is fast food deep fried in grease, extra large Coca-Colas with free refills, and the option to get the value-meal super sized. In the USA, it is even worse because our schools are inviting fast food companies into our cafeterias from grade school to the university level.

Is it any wonder that obesity in the USA is such a problem? What can we, as concerned students do in order to prevent gaining weight? Often times it can be tempting to snack on something tasty while reading that book, fight off stress by indulging in a box of cookies, or simply save time by running by the drive-through on the way home from class. However, time and time again we have seen that this can cause our bodies to fight back. Here are a few easy rules and obesity solutions fin check for American students when dining out:

1. When at restaurants, only drink water. This can not only save you from calories, sodium, and brain function stealing sugar, but also help out your pocket book. The cost of cola is on the rise, and what used to be fairly inexpensive is now an arm-and-a-leg due to the addiction many Americans have developed.
2. Never order the value meal. If you want to watch your calories, don't spring for the value meal. Who needs deep fried french fries filled with fat, calories, and covered in salt? As if the burger you were ordering wasn't bad enough, this just adds on to the mess.
3. Order fresh cuts over processed meat. Often times if you can get a grilled chicken sandwich, this will have less fat than ordering a "crispy" chicken sandwich, because there is less room for them to hide inexpensive fillers and fat.
4. Always ask for nutritional information. Most restaurants are required to have this information available, and nearly all chain restaurants have it on hand. Of course, you will need to ask since they may not want to advertise that their best seller is also their best killer.
5. Don't eat on the go. I know that picking something up from the drive-through can be tempting to eat on the way home, but avoid the temptation. One cause of obesity is that people don't really sit down and enjoy their food when they eat it, so they don't feel as if they have really eaten. When it is time to eat, make sure to sit down at the table with the television off and do nothing else but eat.

Waiting on CPA Exam Results

Waiting can seem like the most difficult process sometimes, especially when there is nothing you can do to speed things up. All throughout my collegiate career, the longest I have had to wait for an exam seems in my memory to be about a week. Nonetheless, this is not so with the CPA exam. Tediously I wait, day in and day out for my scores to be posted. So far I have taken the regulation and audit sections of the CPA exam and as many are, not too confident as to what will come back.

I took my two sections of the exam the week before the blackout period, which leads me to believe that I should receive them fairly soon. Since there are no exams being taken during this month, all they should be doing is grading and posting exam results, right? I suppose that may be a bit presumptuous, however I do know some people who received their exam results back in as little as two weeks after taking the exam. One thing I certainly am is motivated, having completed a list of reason to pass the CPA exam.

Well, I'm in the middle of week 3 after taking the CPA exam and no results back yet. It is really starting to get to me, because I am not sure if I should plan to retake one or both of them yet. Will I need to pay another several hundred dollars, and spend another one-hundred or so hours studying for this thing? I am unsure of how individuals can take this while working full-time and pass on the first try; I already feel brain drain and a lack of energy while doing it in parallel to my graduate course work which covers similar material as to the CPA exam topics.

One thing I take comfort in is that once I have passed, I will not have to take it again. The CPA exam is not one test, if you can call it one, I ever wish to take again. This, if anything, is excellent motivation to do as well as possible the first time around.

Best Reason to take the CPA Exam Now!

Reasons to take and pass the CPA Exam Now!

• The sooner you take it, the easier it is. After finishing an undergraduate degree in accounting, all of the knowledge is still fresh in your head. The exam is mostly academic and real world experience is not as useful as book knowledge.
• Get it over with now. Studying for the CPA exam sucks, no question about it. You might as well get it over with now, do it right the first time, and get it out of the way. It is like peeling off a band-aid.
• You will make more money. Over the course of your career, you will make more money and be eligible to be promoted higher. Think of it as a time value of money proposition, the sooner you do it, the sooner you will be making more money and you will be able to make that higher salary for a longer percentage of your lifetime.
• The further you get in your accounting career, the more distractions and responsibility you will have. There has never been a better time than now, because it will only become more difficult later.
• You will get more respect in your profession - the more credentials and qualifications you can get in this highly competitive business world, the better you look.
• The requirements might change. When the 150-credit hour requirement went into effect, some of those without CPAs had to go back to school for another year in order to get this achievement. What if accounting rules change, especially likely as tax regimes change, and the exam becomes even more difficult? Once you pass it, you won't have to worry about this.
• If you are still in college, or just out, many firms give large cash bonuses for those who enter, or pass within the first year or so. If a large cash payout isn't enough to motivate you, then you can give it to me!
  

Pass the CPA Exam - Business Section - Economics

Introduction to Economics

The economics section, while one of the smaller parts of the exam, can be fairly difficult for accounting students. The concepts within can be foreign and many students have not taken economics classes since freshman or sophomore year. Keynesian economics appears to be the topic which is most useful.

Notes from my CPA Exam Study Session

Vocabulary

Gross Domestic Product (GDP) - The market value of goods and services produced inside a nations borders.
Nominal GDP - This is GDP unadjusted for inflation, and shown in the actual dollars.
Real GDP - This is GDP adjusted for inflation over time, so that it more accurately reflects true measurements between time periods.

Formulas

Real GDP Price Index (GDP Deflator) - This is the formula used to get real (inflation adjusted) GDP.

Real GDP = (Nominal GDP/GDP Deflator) * 100

Pass the CPA Exam - An Overview of the Business Section

Introduction

Just to give everyone a little background, I am currently a full-time graduate student pursuing a masters degree in Accounting as well as taking a classroom CPA exam courses. I currently attend a University which is ranked in the top 25 for student scores on the CPA exam (undergraduate and graduate combined) and will be working for a public accounting firm after graduation. I decided to write this thread on the CPA exam because I noticed a lack of community resources available on the web currently. I welcome everyone to post their questions, concerns, and general comments in response to my posts by clicking on the "comment" button at the bottom of all posts. I will do my best to respond to each legitimate one to the best of my ability.

Business Section Overview

I have currently started the course for the Business section of the CPA exam, and this section looks different than every other one. As you may have heard, this section is entirely multiple choice - that's right, no simulations! I'm looking forward to that aspect because the simulations seem intimidating based on the potential open-ended questions they could spring on candidates.

Topics Covered

Some of the general topics covered in this section of the CPA exam are:

• Structure of businesses, such as the Corporation, LLC, sole proprietorship, partnerships, etc. This is mostly the legal advantages and disadvantages.
• Economics - mostly Keynesian economics it appears
• Business strategy - mission statements, value chains, etc.
• Finance - calculating cost of capital, net present value, debt versus equity, etc.
• IT in Business - databases, segregation of duties, IT maintenance and management
• Business planning, measurement and follow up

Come Back for More

I will be posting more articles relating to my studying of this section, as well as some of the more complicated topics I encounter which may give you problems. Hopefully after going through this myself I can make it easier on someone else. Good luck in your studies!

Check out tips on the Business section of the exam!

Spanish Dialogues

Are you a student studying Spanish? Here are some dialogues to review:

Hello! So you are a Native Spanish speaker. If you do not mind my asking, where are you from? How did you learn English? I am always fascinated by people who are able to speak both Spanish and English and that is my goal. I was born in Jamaica, West Indies and presently live in Orlando, Florida where it is smart to know both of those languages. I did Spanish in High School but really did not pay attention as I should have. Don't get me wrong I did pass it but should have continued my studies. But it is never too late to learn it.

¡Hola! Entonces usted es un altavoz español Natal. ¿Si usted no hace caso de mi petición, de dónde están usted? ¿Cómo aprendió usted el inglés? Siempre soy fascinado por la gente que es capaz de hablar tanto español como inglés y es mi objetivo. Nací en Jamaica, Antillas y actualmente vivir en Orlando, Florida donde es elegante saber ambos de aquellas lenguas. Hice el español en la Escuela Secundaria, pero realmente no presté la atención cuando yo debería tener. No consígame incorrecto que yo lo pasé realmente, pero debería haber seguido mis estudios. Pero nunca debe aprenderlo demasiado tarde.

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Hello! Would you be interested in practicing both Spanish and English? If you do not mind my asking, where were you born? I was born in Jamaica, West Indies where we speak English and a broken version of English called Patwa. I did Spanish in High School and with living in Orlando, Florida I am working on getting back to speed with Spanish as alot of jobs and intereactions require both Spanish and English.

¡Hola! ¿Estaría interesado usted en la práctica tanto español como inglés? ¿Si usted no hace caso de mi petición, dónde fue nacido usted? Nací en Jamaica, Antillas donde decimos el inglés y una versión rota del inglés llamado Patwa. Hice el español en la Escuela Secundaria y con la vida en Orlando, Florida trabajo en el regreso a apresurarme con el español como alot de empleos e intereactions requieren tanto español como el inglés.

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Hola Alex,

Que tal? Si! Yo quiero practicar espanol. Estudio espanol con Rosetta Stone. Rosetta Stone es un programma. Sí, estoy interesado. Qué le parece la vida en Nueva York? De donde eres?? Trabajos o estudante?? Yo trabajo. Yo estoy encantado de conocerte.

Adios,

Linda

Hi Linda, how are you donig, I live in New York, I moved here four years ago. If you want i can help you practice your Spanish, let me know if you are interested.

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Your Spanish is very good, I am currently attending Queens College, my major is Finance. I am Peruvian, I like living here, but I would prefer to live in my country; and, the pleasure its all mine.

Tu espanol es muy bueno. Actualmente estoy tomando clases en el Queens College. Mi carrera es Finanzas. Me gusta vivir aqui, pero preferiria vivir en mi pais, y el placer es todo mio. Saludos.
ALEX.

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Hola Alex,
Como estas? Yo estoy bien. Yo hablo espanol un un poco!! Estudie espanol en la escuela hace muchos anos. Estado estudiando espanol durante cuatro semanos. Mi hijo, Jonathan, esta estudiando en la Argentina. Tengo previsto vistarlo en la verano y quiero apprender espanol para la vista.
¿Te gusta el estudio de las finanzas. Vives en Queens?
Un Saludo,
Linda

Hi Alex,
How are you. I am well. I speak spanish very little! I studied spanish in school many years ago. I am studying spanish for the past 4 weeks. My son Jonathan is studying in Argentina. I plan to visit him in the summer and I want to learn spanish for the visit. Do you like studying finance? Do you live in Queens?

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10 Tips of Social Advice for College Students

After deciding to go to college in a completely different city than I went to High School, I understand how students coming to a new environment can feel. Luckily, growing up I was in a military family and very familiar with moving around and making new friends on a regular basis.

1. Go around and meet people that live near you. Knock on doors, introduce yourself.
2. Say hello to everyone. People in class, people on the bus, etc.
3. Organize fun time - have people over to your place, set up group outings to the bars or movies.
4. Get on Facebook and Myspace, add your friends and acquaintances
5. Join social groups on campus - social clubs and fraternities / sororities
6. Find common interests with others and get together to do them
7. Stop by a local church and inquire about college groups
8. Join an intramural sport at your college

As you can see, there are plenty of ways to get out of the house. Try to come up with your own list (and feel free to add a comment below).