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chicago.cpa
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Joined: 05 Aug 2009
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Posted: 28 Dec 2009 at 22:58 \| IP Logged

My exam is 5 days. I'm trying to read through the law chapters (I'm using Becker) and doing the multiple choice again but it doesn't seem to stick. I've also been doing questions from cpareviewforfree.com - is it me, or do those questions seem harder and more complicated?! Those questions are just confusing me rather than helping me understand. I feel like I'm wasting my time trying to understand law when tax is a bigger portion of the exam.. I feel somewhat okay with tax, it's the law chapters that are pissing me off and I'd rather focus my time on tax! any advice in these last few days of reviewing? Should I just keep at it with law or just use these last few days to have a stronger foundation for tax? Any advice or words of comfort would be great! Oh and this is my last exam too. boy am i tired of studying!!

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Kfan
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Posted: 28 Dec 2009 at 23:21 \| IP Logged

You should definitely try and get down professional responsibilities and accountant liability-that's a guaranteed 20%.
The SEC acts of 33 and 34 are also very important, as are sales contracts. It's hard to say what else you'll see. It's aggravating that there's so much material in business law and it's such a small part of the exam. If you do well in everything else (tax and prof responsibility), then you have some leeway to mess up business law. That happened in my case. Hopefully though you don't get any business law tabs on the sims.

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ksinc
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Posted: 29 Dec 2009 at 08:17 \| IP Logged

Don't get mad. You really need to know CH 5-7. It's not a waste of time. It's not "barely covered" per my experience as some say. It might be a fewer number of questions, but it is tested pretty thoroughly and often indirectly IMHO. I took the exam twice. It was tested consistently both times for me.

Are you watching the lecture video or just reading the book?

Make sure you know at least the stuff in the notes posted here in the site dead-cold

http://www.scribd.com/doc/16907313/CPA-Regulation-Notes-Chap ters-567

The Law sections really build on themselves. Once it "clicks" it's the easier points IMHO.

Think of it like they present Tax as related to the entity lifecycle - Formation (types of offers and regulations), Operation (contracts, sales, shipping, notes & drafts and negotiation, insurance, surety, reporting) and Liquidation (bankruptcy) AND also know them from the role the CPA would play in each circumstance and as mentioned their responsibilities and their liability.

Suddenly there's a lot of little things you need to know hidden in there IMHO.

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