Hi There Everyone!
I’m happy to report this week that I am more than halfway through my REG studies. I finished up S Corp and Partnership taxation AND stuck my big toe in to the Contract and Sales material in Section 4. I’m relieved to be done with the most tenuous tax stuff for REG and actually looking forward to reviewing questions that don’t involve computations.
The tricky thing though, with the contractual material, is that the homework questions seem to be so much longer. It becomes even more important to read the questions closely because of the hidden subtleties of a few words or phrases that change the entire meaning of the question. It is pretty interesting, I think, that today’s accountants are required to understand so many topics that are not directly related to accounting….. contract law, information technology, business structure and bankruptcy law…. just to name a few. At his or her best, today’s CPA is not only an accounting professional, but also a business partner. My strength and interest is working as a partner in providing support to operations activities. I work as a Joint Venture Accounting Manager for a company that does a variety of infrastructure and environment projects around the US and the world. It’s exciting for me to be able to play a role in providing financial information that not only meets the needs for SEC reporting, but also the decision making needs of program managers who are focused on the day to day operations of a joint venture project.
Now that I am finally a little over half way into the material, the reality of the looming August 27th test date is sinking in. I have always been one of those people that needs a bit of pressure so that “push comes to shove”. I definitely need a deadline.
I’ve varied my approach this time around. I used to rely on doing the homework and watching the videos without attempting too many of the questions in the test bank until the last two weeks before the test. I noticed, however, that although I’ve covered the material for a given section, that doesn’t mean that I truly KNOW it. I have quite a few “less than passing” quiz scores that prove just that fact. I like to take 30 question practice quizzes to either reinforce my weak areas in one concentrated subject or cover all areas so I’ve studied so far, to gauge my comprehension of the material.
I really truly despise cramming. I don’t focus best when I have to learn material at such a rapid pace that it is like drinking water through a fire hose. I like to take multiple passes at studying information so that I understand not only the “what” of the material, but also the “why”. The Roger CPA Review Course is especially good in that Roger explains the “why” with humorous stories or anecdotes that make the concept much easier to remember. I have taken to listening to the Roger videos in my car on my way to work. I only do this for a second or subsequent listening of a video because typically my first pass through involves taking notes and starting and stopping the video. When I listen to a session again during my commute, I get further reinforcement of the concepts, without the pressure to take notes. It’s a great way to take advantage of a 45 minute commute to get some studying in without having to spend any additional time in my day to separately do so.
The push is on for me. I am taking the day off of work this Friday and hope to be finished with all of Section 4 by the end of this weekend. I am looking at the end of the finish line. Now all I need to do is jog those last few miles of this marathon!
Have a great week everyone.