CPA Board Exam Comments

May 2009 CPA Board Examination is over! It's a four-day exam covering 7 difficult subjects.

My comments in each subject:

Theory of Accounts. 3 hours is more than enough to answer the 80 questions given. Knowledge of the basic concept in each topic is of great help. It's not that difficult but it's tricky. Careful analysis is needed because all the choices given are most likely the same. Memorization is not that helpful.

Business Law and Taxation. 35 items were taken from Business Law and 35 items were taken from Taxation. Business Law Questions were easy because they can be found in ReSa's materials. Atty. Bonafe's advice: Hwag na kayong magbasa ng libro sa Law, handouts lang basahin n'yo,ok na. It's guaranteed!." Well, its true even from previous examinations.

In Taxation, most questions were theories taken from Basic Concepts, Tax Remedies and Value Added Tax . There were also few questions from Donor's tax and Estate tax. No questions came out from the topics, Community Tax and Documentary tax. There were only 2 problem solving questions,if I'm not mistaken.

Management Services. 70 items combined theories and problem solving. Theories were difficult. It is a matter of guessing intelligently. It is a killer subject. Most examinees from previous exams failed on this subject. Familiarization of formulas and analysis in decision making are very helpful in solving each problem.

Auditing Theory. All theories but needs logical thinking and careful analysis. It's difficult. Mnemonics is very helpful in remembering the most important topics.

Auditing Problems. 8 Situations with total of 40 questions. Basic questions came out but it's tricky. Most questions asked were about components of balance, income statement and correction of error. Few questions asked from Stockholders Equity, Intangibles and Property Plant and Equipment.

Practical Accounting 1. 50 questions given and it's the most difficult among all. Nosebleed. Three hours is not enough to answer all questions. No choice but to make an intelligent guess. Hehe.

Practical Accounting 2. 50 questions.Average questions were given.Most questions were taken from the topics:Hedging, Business Combination and Cost Accounting.There's one theory question and few journal entry questions.

I am positive that my name will be listed as one of the CPA board passers. Hopefully!

The most awaited results will be released by PRC tomorrow. The pressure and thrill exist.

Good luck to all CPA Examinees. See you in the Oathtaking Ceremony!