My Preparation Strategy for CPA-Regulation(REG) Section: Surya Teja
Regulation was 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 good time for understanding the concept and completing a module.
At least two times revision, making notes of Important topics are highly suggested from my side.
Complete one Module at a time. Don’t even go to next module if you are not sure about the completed module. Every concept is equally important
250-300 hours are ideally suggested. You can complete in less time if you have 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 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 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 not to be lenient on Business law and other theory. Having good knowledge of these chapters helps us to score more and give advantage when the paper seemed difficult and when answering tax questions becomes hard as most questions from Business law will be straight forwarded.
I had done my preparation in the following way:
🗸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 to solve MCQs, mark those which went wrong, then resolve them again.
🗸Solved SIMS at last. Used to watch Skills practise video which helped me to know if there is any better way to finish the SIM within short time.
🗸Took new points from MCQs & SIMs and included 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 finish all modules in one Chapter (say REG3), I would do “PERSONALISED REVIEW SESSION” at the end of each chapter.
🗸It is the best tool in the entire Becker software, developed with Artificial Intelligence which
Enables us to track and solve the questions which 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
Combining all modules in REG 3, total 40 questions went wrong.
So when we start a “PRS” selecting 50 questions - It will first give you the 40 questions which went wrong in all modules, in such way you can track yourself where you are lacking in one entire chapter.
🗸In this way I made myself confident with each Chapter before I sat for the first revision.
🗸During my FIRST REVISION, I used to revise my notes and used to start doing UNLIMITED PRACTICE TESTS for each chapter by selecting max number of MCQs + SIMs and once done reviewing them where I went wrong and making a note of them.
🗸I did almost 20 UPTs using different combinations which helped to get confidence over 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 to retain the important concepts of entire REGULATION.
🗸Lastly doing MOCK TESTS exactly 3 weeks before the exam. One mock for each one week. The interface exactly represents Real Exam Experience, so that you will be ready on the exam day and the tension around you gets reduced when you sat for the Real CPA Exam.
🗸It is advised to Complete AICPA sample REG test which can be available on AICPA website.
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