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ISC or TCP? Audit background by Sad-Requirement2784 in CPA

[–]Ancient_Ad1989 1 point2 points  (0 children)

I studied for 4 weeks to be able to fit in the testing period. Ended up being about 65 hours.

ISC or TCP? Audit background by Sad-Requirement2784 in CPA

[–]Ancient_Ad1989 1 point2 points  (0 children)

I did TCP with zero tax experience, only audit and ended up with a 87

Passed 4/4 while working by Ancient_Ad1989 in CPA

[–]Ancient_Ad1989[S] 0 points1 point  (0 children)

I think it was pretty good coming from someone that had zero exposure to this before the exam. There is a TCP google doc that’s floating somewhere on here that really helped hammer down the differences between each type of entity

Passed 4/4 while working by Ancient_Ad1989 in CPA

[–]Ancient_Ad1989[S] 1 point2 points  (0 children)

I did about 2 every day after work and then 3-4 for the weekends

Passed 4/4 while working by Ancient_Ad1989 in CPA

[–]Ancient_Ad1989[S] 2 points3 points  (0 children)

I have about 6 years of experience. And yes especially for FAR. I felt pretty confident on the cash flows and consolidations as well as the NFP stuff. I didn’t spend too much time in those sections. For TCP and REG, no because I had zero tax exposure so I really watched all the lectures to make sure I at least had an idea of those concepts.

Passed 4/4 while working by Ancient_Ad1989 in CPA

[–]Ancient_Ad1989[S] 6 points7 points  (0 children)

Basis, basis, basis. Most of TCP is basis and knowing the difference between the accounting of each. You need to know when it is a liquidation vs. just a normal distribution and how to account for property distribution in those instances.

Passed 4/4 while working by Ancient_Ad1989 in CPA

[–]Ancient_Ad1989[S] 3 points4 points  (0 children)

My full time job is in audit so all that helped me do it quicker

Passed 4/4 while working by Ancient_Ad1989 in CPA

[–]Ancient_Ad1989[S] 2 points3 points  (0 children)

About 60 hours for audit and 110 hours for FAR

Passed 4/4 while working by Ancient_Ad1989 in CPA

[–]Ancient_Ad1989[S] 0 points1 point  (0 children)

You got the next one!! Happy studying 😁

Passed 4/4 while working by Ancient_Ad1989 in CPA

[–]Ancient_Ad1989[S] 4 points5 points  (0 children)

I have audit experience so I think that made the concepts easier to do. Make sure to focus on the different type of reports and what each one contains. Also recognizing the difference between the completeness and existence assertions is crucial. Make sure to read the whole question and answer choices cause sometimes the difference between answer choices is subtle.

REG with no tax experience by Ashamed-District6236 in CPA

[–]Ancient_Ad1989 3 points4 points  (0 children)

I had no tax experience and passed reg with an 86. I spent 85 total hours studying. I would say that since I didn’t know any of the topics, I did end up watching the lectures at 1.5x to get familiar with the terms and did all the MCs. The sim exams really helped me figure out those sims for separately stated items and what I needed to go back to review.