How I Passed REG?
A common perception about this paper is that it’s too filled with theory and memorization.
It is a challenge for sure. But trust me the approach to the subject makes things easier and you may end up not needing the pneumonic for most topics.
Tell me and i Forget
Teach me and i may remember,
Involve me and i Learn
Since the first five units of Regulation are related to Tax what helped me the most is by trying to fit into the situation and analyzing the circumstances from the viewpoint of the taxpayer and the authority thereby understanding it better. And of course with Dhanashree ma’am to guide us through with practical knowledge made it easy to relate.
After getting an insight of the topic make sure to write down the summaries of each topic in a manner that you don’t spend more time when you revise before the exam. I would suggest making your own summaries in your own handwriting since what we write definitely lasts longer in the memory.
Once done with one unit take time to revise it before jumping into the next one. Keep taking progress tests.
The last three units are various law and ethics making it primarily theory. Doing as many Becker MCQ's s as possible helped me during the exam since i needed less time for the theory question and could comfortably complete the first two testiest in time.
The constant support from the faculty and support staff at Simandhar Education at every step by conducting mock tests and clearing doubts was surely an advantage.
My personal tip for this paper would be that do not leave any content be it tax or law. If time is insufficient at least go through the skill practice summary.
When the WHY is clear... The HOW is Easy - so hit at the concepts and you are sure to ace it.
How I Passed FAR?
FAR is the most cumbersome exam in the CPA curriculum. It is challenging not because of the difficulty of material but the quantity of material. So the key is to prepare efficiently and not waste time on topics by diving too deep. First, understand which topics are heavily tested and based on that prepare a study plan and stick to it.
FAR is Financial Accounting and Reporting. I recommend people to focus more on Reporting and how it is presented in the financial statements.
First, listen to the lecture and pay special attention to points mentioned by the instructors.( We have live classes at Simandhar Education and the evaluation assistance made things easier for me)Next, do the Skills Practice, it covers the key topics or the main point you need to derive from that chapter. Go back and read through the chapter and after you feel confident about material then tackle the multiple-choice questions (MCQs). After completing the MCQs prepare your notes based on the lecture and MCQs. It can be 1 or 2 pages per module but prepare your own notes. The lecture may not cover all the things you will find in the MCQs which is why it is essential to make the notes after you take the MCQs.
I also recommend buying a small 100-page notebook just for Journal Entries (JE). JEs are heavily tested in the exam; it is possible to get JE question in MCQs, and you will definitely see them in your Task Based Simulations. So practice JE for all the core topics and make sure you understand the impact on Balance Sheet, Income Statement, and Statement of Cash Flow.
Genius is one percent inspiration, ninety-nine percent perspiration.” – Thomas Edison.
You need to keep on working until you truly understand the material. You can't memorize and expect to pass the exam because the exam tests how well you understand the material. I know it can be very frustrating getting questions wrong, but it is all part of the process. Whenever you find a particular topic to be challenging you guys can always contact our instructors( Sripal Jain sir, Suraj sir ) They are here to help us pass the exam so, don't hesitate to ask them if you have any questions. You might answer the question wrong on the MCQs or practice mocks but you’ll answer it correctly on the real exam. The more mistakes you make, the more learning you’ll have to do. So, good luck with your CPA endeavor and I hope this certification grants you opportunities you deserve.
To know more about the next career options, you may visit our centers for CPA USA, CMA USA, CFA etc in Mumbai, Bangalore, Delhi, gurgaon , Hyderabad or visit www.simandhareducation.com and we are also the Channel partner of AICPA( American institute of Certified public accountant -Largest accounting body in the world).