Regulation is not an easy section for Indian students, as every concept is completely new and takes time to understand.
Keeping that in mind, one should not panic if they are taking some time to understand the concept and complete a module.
The revision should be twice atleast, and making notes of Important topics is highly suggested from my side.
Complete one Module at a time. Don’t even go to next module if you aren’t sure about the module you just completed. Every concept is equally important.
250-300 hours are ideally suggested. You can complete in lesser time if you have the experience or idea about how US Taxation works. No Worries if you take more time.
Every concept is equally important. Having said that, REG 4 to REG 6 will be highly tested in the exam. In and Out, every line must be understood.
🗸The basis calculations for the entities (P ship, C Corp, S Corp) will be the most favourite area for examiners.
🗸Make Charts to distinguish between how to calculate the basis for each different type of entity.Estate & Gift taxes: Know when an item goes into Estate Tax Return and when to Individual Return. Estate tax Formula – inclusions and exclusions from it.
REG 3 is another important area where one has to focus more. REG 7 & REG 8, theory from REG 6 together constitutes around 10-15%. It is suggested that you don’t be lenient on Business law and other theory. Having good knowledge of these chapters helps us to score more and gives us an advantage when the paper seems difficult and when answering tax questions becomes hard as most of the questions from Business law will be straight forwarded.
I have done my preparation in the following manner:
🗸Completed lectures in each module, short lectures from Skills Practice.
🗸Prepared my notes for the important topics in that module, revised them.
🗸Then I used them to solve MCQs, marked those which went wrong, then resolved them again.
🗸Solved SIMS at the end. Watched Skills practice videos which helped me know the better way to finish the SIM within short time.
🗸Took new points from MCQs & SIMs and included them in my notes. You will get many new points from MCQs and SIMs from each module. 🗸Repeat the same for next module
🗸Once when I finished all modules in one Chapter (say REG3), I would do “PERSONALISED REVIEW SESSION” at the end of each chapter.
🗸It is the best tool of the entire Becker software, developed with Artificial Intelligence which Enables us to track and solve the questions which we got wrong in MCQs from all modules in one chapter (REG3).
Example: while solving modules in REG 3,
Module 1 you got 10 questions wrong
Module 2 you got 15 questions wrong
After combining all modules in REG 3,a total of 40 questions went wrong.
So when we start a “PRS” selecting 50 questions – First it will give you the 40 questions which went wrong in all modules, in a way that you can track yourself and see where you are lacking in an entire chapter.
🗸This way I made myself more and more confident with each Chapter before I sat for the first revision.
🗸During my FIRST REVISION, I used to revise my notes and start doing UNLIMITED PRACTICE TESTS for each chapter by selecting max number of MCQs + SIMs and once done reviewing them I make a note of where I went wrong.
🗸I did almost 20 UPTs using different combinations which helped me get confidence over a whole section.
🗸SECOND REVISION included revising my notes, solving Marked MCQs and most importantly solving AICPA newly released questions and Becker FLASH CARDS. Flash cards help us retain the important concepts of entire REGULATION.
🗸Lastly doing MOCK TESTS exactly 3 weeks before the exam is a huge help. One mock for each one week. The interface exactly represents Real Exam Experience, so that you will be ready on the day of the exam and the tension around you gets reduced when you sit for the Real CPA Exam.
🗸It is advised to Complete AICPA sample REG test which can be available on the AICPA website
HOPE THESE ARE SOMEHOW HELPFUL.
Simandhar Education is India’s No.1 training provider for US CPA, US CMA, Enrolled Agent IFRS and HRCI professional courses.