Author Archives: Paresh Desai

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Strategies to pass CPA Core 1/Core 2 Summer 7 Fall 2022 Exam

Strategies to pass Online CPA Core 1 and Core 2 Summer and Fall exam 2022 Canada

It is again now for students to well prepare for Core 1 & Core 2 exam scheduled during Summer 2022. I observed that many students lack confidence for passing these  exams under Covaid situation. CPA has again changed exam pattern to 75 % MCQ & 25 % on one small case analysis instead of two case analysis. One of the reasons for failure is students remain remarkably busy with job, family and for submission of assignments. They also lack technical knowledge of various course area covered. Strong Technical knowledge is the key to success in these exams.

I have seen many students could not get success in the exam on account of time constraint. They took more time in solving MCQ and as such could not allot enough time for the case analysis. This indicates lac of practice and poor technical knowledge.

I provide following very successful strategy to pass these exams:

  • Right from today, review your technical stuff of related course area along with your assignment work. Financial Accounting and Management Accounting are the two major courses in both Core 1 and Core 2 respectively. Allot more time on it. Learn the correct format of writing case analysis. Ensure that you read, understand, and prepare the outline for case in 20 to 25 minutes. I have seen students normally are taking more time in the same and then lack confidence in writing the case effectively. Do the practices till you cannot achieve this.
  • Those who could not get success should consult experiences tutor for guidance and training. Repeated failure will increase frustration and you have only 3 attempts to get through. Those who have challenge exam, can also approach experienced tutor for guidance and training.
  • Failure in either MCQ or Case analysis is mainly due to lack of technical knowledge and lack of practice and techniques to solve the MCQ and or understanding and analysis of major issues in the case.

Students, who lack confidence in passing the course area, repeat writers, challenge exam students can take my lectures online. Exclusive study guide is available for both Core 1 & Core 2 for 2022 exam at a cost of $ 175 plus 5 % tax for Core1 and $165 for Core 2 (delivery free). For discount, send email. Book contains all related technical concepts, enough selected MCQ and five cases with solution.

For any further question visit my new web site www.cpafinal.com or www.beyond.coach or send email at tutor.pep.cfe2122@gmail.com

 

 

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Slide13

CPA CFE September 2021/Strategies to pass at first attempt

Strategies to pass CPA CFE September 2021

Exam dates are now approaching fast. Economic situation at Canada is still not favorable. Stress is building on with many students. Many students were thinking where to start. Friends and some of advisers may tell you to write cases first.

Should you start cases now? Answers is very simple, No. You might have learnt that secret of passing this last exam is writing so many cases. However, you have been misguided.

It is preferable first to start reviewing all technical knowledge. First start with Financial Reporting, as it is lengthy and difficult. Focus on most tested competencies in the past exam. Try to make practice to read, understand and techniques to write effectively. Prepare your own notes if possible.

Many students are finding difficulties in Management Accounting as well. Try to focus more on CVP analysis, relevant costing, marginal costing, and contribution. Focus on quantitative and qualitative analysis to solve strategic issues. Examine how strong you are in preparation of a financial viability report. This will be tested in Day 1 exam. Look and practice PV calculations etc.

Examine in detail about assessment of your exam for Day 1 & Day 2 & 3. Many students find shortage of time to finish the exam particularly for Day 1 and Day 3, mainly on account of lac of technical knowledge and techniques of writing the exam. Professional approach, use of quick and correct judgement based on your analysis are keys to success in the exam. I have learnt that use of split screen seems useful in the exam to write and understand quickly. You may try to have practice of doing same if it saves your time.

Indian and Pakistan CA, who have granted exemption in all prior courses, should take help of well experienced tutor as case analysis and taxation are totally new to them.

If anyone is interested in coaching/training, please contact me immediately at tutor.pa1.pa2@gmail.com, website www.beyond.coach, seats are limited due to rush on account of Covaid 19.

 

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Slide13

2021 September CPA CFE Day 1 Exam /Capstone 1

How to pass CPA CFE September 2021 Day 1 Exam/Capstone 1

I found that many students are finding difficulty in passing the CPA CFE day 1 exam. Even in 2020, professionally qualified CA from India and other countries could not get success in passing day 1 exam. Some have approached me to put one course exclusively for Day 1. I provide below in brief some important hints to pass this exam at first attempt.

Day 1 – Evaluating your soft / professional skills (4 hours)

The first day of the CFE is a Pass/Fail mark treated separately and distinctly from Day 2 or 3.

You can pass or fail Day 1 regardless of how you do on Day 2 and Day 3. Similarly, if you fail Day 1, you need to re-do, and successfully complete Day 1 regardless of how you did on Day 2 or 3. The success is based on your holistic approach to the case, total solution. Day 1 is linked to the Capstone 1 module with the case being directly tied to your Capstone 1 case. Day 1 tests your soft/professional skills, at a senior management level discussion.  You are not expected to discuss accounting or other technical competencies in any great detail but focus on the ‘enabling competencies’.

Day 1/ Capstone 1 case is mainly focusing on enabling competencies. Therefore, the report will focus enabling competencies in depth and technical up to level 1. Enabling competencies are, problems solving and professional judgement, leadership, ethical, communication etc. (refer CPA competency map). Day 1 case is mainly related to problem solving issues. I briefly mention below steps to do Day 1 case.

Read, understand, and highlight all important points and issues in the case carefully including required and format for the reply. Case will be around 40-50 pages. In the final day 1 exam, the background of the case is same and linked to your Capstone 1 case. You can take around one hour to do this.

  1. During your reading, highlight with separate color a) points related with present structure particularly (SWOT analysis) strengths, weakness, opportunities, and threats b) factors affecting competition, demand and supply, customers, and suppliers (porter 5 forces) c) political, technical, environmental points, industry average if any d) key success factors e) mission and vision of the organization f) financial overview and etc.
  2. You are required to prepare your first part of your answer “Situation analysis” from above. However please ensure that you will provide your information in brief highlighting all important relevant details affecting the changes in circumstances.
  3. Identify all major issues related with capital investment, operational issues if any. You can write briefly issue 1, 2…and so on. In the second part, you are required to provide quantitative and qualitative analysis of major issues related with capital investment. Integrate data with taxation and mission and vision of the organization and provide your conclusion for each major issue. Also provide analysis and recommendation for operational issues as well. In part 2 for major issues, prepare excel sheet working showing very clearly all your calculations which marker can easily follow and understand. For PV calculation, use a weighted average discount rate for all PV calculations.
  4. Second part is a major part of your answer…
  5. In last part, provide your final recommendation based on your analysis in part 2
  6. Ensure your communication is noticeably clear, easy to understand and provide an integrated total solution of the whole case. You must come out from a big crowd, therefore see that your answer is highly effective and may win the heart of a marker.

Students are required to prepare a report. See the format of report in detail.

You can also see my you-tube video…link as below.

https://youtu.be/DfYe8TZZ4Ck 

If anyone need any more information and like to go for coaching for Day 1 and or for full exam, please visit my website www.beyond.coach, cell: 16475056648, email: pcdesai1454@gmail.com. Beyond Accounting Coaching Services…Paresh Desai CPA-CGA, CMA (USA) FCMA(India)

 

 

 

 

 

 

 

 

 

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Front page -book 2021

2021 CPA CFE/CPA Core 1& Core 2/Electives// Case analysis and Time management

2021 CPA CFE/CPA Core 1& Core 2/Electives// Case analysis and Time management

CPA Canada exams are now online on account of Covaid 19. The format of all the exams for various courses is case analysis. I have seen many students are finding difficulties to finish the exam in specified time limit and to approach cases in the correct way.

Effective time management is one of the most important skill required to pass CPA Exam. In

CPA CFE, students are finding difficulties to finish cases particularly in Day 1 and Day 3. In Core 1 and Core 2 also, now in online exams, many students are finding hard to finish both the cases within the time limit.

One of the main reason responsible for time constraint is lack of technical knowledge. Students are taking more time in reading, understanding, and outlining the case facts. Many students are not familiar with techniques of writing effective cases.

  1. Make sound practice to read, understand and outline in first 30% of available time limit.
  2. Take coaching and training with experienced tutor for technical knowledge and techniques for writing cases.
  3. While learning, try to do some MCQ to make your concepts clear.
  4. If possible do not use folio views and CPA handbook section particularly in Day 1 and Day 3 of final exam except for taxation.

I have self-published book for CPA Core 1/ Core 2 which contains, Technical, MCQ and 5 cases with solutions. Book is also available for CPA CFE 2021 exam.

Repeat writers and challenge exam students are most welcome for coaching. Visit my website www.beyond.coach, email me at tutor.pa1.pa2@gmail.com

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Front page -book 2021

CPA CFE May 2021 Day 1 Exam/Capstone 1

How to pass CPA CFE May 2021 Day 1 Exam/Capstone 1

I found that many students are finding difficulty in passing CPA CFE day 1 exam. Even in 2020, professionally qualified CA from India and other countries could not get success in passing day 1 exam. Some have approached me to put one course exclusively for Day 1. I provide below in brief some important hints to pass this exam at first attempt.

Day 1 – Evaluating your soft / professional skills (4 hours)

The first day of the CFE is a Pass/Fail mark treated separately and distinctly from Day 2 or 3. You can pass or fail Day 1 regardless of how you do on Day 2 and Day 3. Similarly, if you fail Day 1, you need to re-do, and successfully complete Day 1 regardless of how you did in Day 2 or 3. The success is based on your holistic approach to the case, total solution. Day 1 is linked to the Capstone 1 module with the case being directly tied to your Capstone 1 case. Day 1 tests your soft/professional skills, at a senior management level discussion.  You are not expected to discuss accounting or other technical competencies in any great detail but focus on the ‘enabling competencies’.

Day 1/ Capstone 1 case is mainly focusing enabling competencies. Therefore report will focus enabling competencies in depth and technical up to level 1. Enabling competencies are, problems solving and professional judgement, leadership, ethical, communication etc. (refer CPA competency map). Day 1 case is mainly related with problem solving issue. I briefly mention below steps to do Day 1 case.

  1. Read, understand, and highlight all important points and issues in the case carefully including required and format for the reply. Case will be around 40-50 pages. In the final day 1 exam, background of the case is same and linked to your Capstone 1 case. You can take around one hour to do this.
  2. During your reading, highlight with separate color a) points related with present structure particularly (SWOT analysis) strengths, weakness, opportunities, and threats b) factors affecting competition, demand and supply, customers, and suppliers (portal 5 forces) c) political, technical, environmental points, industry average if any d) key success factors e) mission and vision of the organization f) financial overview and etc.
  3. You are required to prepare your first part of your answer “Situation analysis” from above. However please ensure that you will provide your information in brief highlighting all important relevant details affecting the changes in circumstances.
  4. Identify all major issues related with capital investment, operational issues if any. You can write briefly issue1,2…and so on. In the second part, you are required to provide quantitative and qualitative analysis of major issues related with capital investment. Integrate data with taxation and mission and vision of the organization and provide your conclusion for each major issues. Also provide analysis and recommendation for operational issues as well. In part 2 for major issues, prepare excel sheet working showing very clearly all your calculations which marker can easily follow and understand. For PV calculation, use weighted average discount rate for all PV calculations.
  5. Second part is a major part of your answer…
  6. In last part, provide your final recommendation based on your analysis in part 2
  7. Ensure your communication is noticeably clear, easy to understand and provide integrated total solution of the whole case. You must come out from a big crowd, therefore see that your answer is highly effective and may win the heart of a marker.

Students are required to prepare a report. See the format of report in detail.

You can also see my you-tube video…link as below.

https://youtu.be/DfYe8TZZ4Ck

If anyone need any more information and like to go for coaching for Day 1 and or for full exam, please visit my website www.beyond.coach, cell: 16475056648, email: pcdesai1454@gmail.com. Beyond Accounting Coaching Services…Paresh Desai CPA-CGA, CMA (USA) FCMA(India)

 

 

 

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Strategies to pass online exam of CPA Core 1 /Core 2 2021

Strategies to pass Online CPA Core 1 and Core 2 exam 2021 Canada

It is again now for students to well prepare for Core 1 & Core 2 exam scheduled during 2021. I observed that many students lack confidence for passing these online exams under Covaid situation. CPA has changed exam pattern from 75 % MCQ & 25 % on one small case analysis to two case analysis. One of the reasons for failure is students remain remarkably busy with job, family and for submission of assignments. They also lack technical knowledge of various course area covered. Strong Technical knowledge is the key to success in these exams.

I have seen many students could not get success in the exam on account of time constraint. They took more time in first case and as such could not allot enough time for the second case analysis. This indicates lac of practice of writing cases effectively.

I provide following very successful strategy to pass these exams:

  • Right from today, review your technical stuff of related course area along with your assignment work. Financial Accounting and Management Accounting are the two major courses in both Core 1 and Core 2 respectively. Allot more time on it. Learn the correct format of writing case analysis. Ensure that you read, understand, and prepare the outline for case in 20 to 25 minutes. I have seen students normally are taking more time in the same and then lack confidence in writing the case effectively. Do the practices till you cannot achieve this.
  • Those who could not get success should consult experiences tutor for guidance and training. Repeated failure will increase frustration and you have only 3 attempts to get through. Those who have challenge exam, can also approach experienced tutor for guidance and training.
  • Failure in either MCQ or Case analysis is mainly due to lack of technical knowledge and lack of practice and techniques to solve the MCQ and or understanding and analysis of major issues in the case.

Students, who lack confidence in passing the course area, repeat writers, can take my lectures online. Exclusive study guide is available for both Core 1 & Core 2 for 2021 exam at a cost of $ 165 plus 5 % tax for Core1 and $155 for Core 2 (delivery free). Book contains all related technical concepts, enough selected MCQ and five cases with solution.

For any further question visit my weCORE 1 COVER PAGE_Page_1 CORE 2 COVER PAGE_Page_1b site www.beyond.coach or send email at tutor.pa1.pa2@gmail.com

 

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ADFB6C1

CPA Core1 and CPA Core 2 online exam fall 2020 Canada

Strategies to pass CPA Core 1 / CPA Core 2 online exam fall 2020/2021 Canada

It is again students will face online exam to write in fall 2020. Because of Covaid 19, CPA had changed the format for writing online exam to 2 case analysis instead of 75 % MCQ and one case analysis. It was observed that many students are struggling to write case analysis in the exam and could not get the success. I observed that many students lack confidence for passing these exams. They remain busy with job, family and for submission of assignments. They also lack technical knowledge of various course area covered. Strong Technical knowledge is the key to success in these exams.

I provide following highly successful strategy to pass these exams:

  • Right from today, review your technical stuff of related course area along with your assignment work. Financial Accounting and Management Accounting are the two major courses in both Core 1 and Core 2, respectively. Allot more time on it. Learn the correct format of writing case analysis. Ensure that you read, understand, and prepare the outline for case in 30% of allotted time in each case. I have seen students normally are taking more time in the same and then lack confidence in writing the case effectively. Do the practices till you cannot achieve this.
  • Daily try to read technical, solve some MCQ to understand the concepts clearly. If not, look into some example to go in more depth.
  • Those who could not get success should consult experiences tutors for guidance and training. Repeated failure will increase frustration and you have only 3 attempts to get through. Those who have challenge exam, can also approach experienced tutor for guidance and training.
  • Failure in either MCQ or Case analysis is mainly due to lack of technical knowledge and lack of practice and techniques to solve the MCQ and or understanding and analysis of major issues in the case.

Students, who lack confidence in passing the course area, repeat writers, can take my lectures online. Exclusive book is available for Core 1 & Core 2 at a cost of $ 150 plus 5 % tax for Core1 and $140 for Core 2 (delivery free). Book contains all related technical concepts, enough selected MCQ and three cases analysis with solution. For repeat writers, one to one tuition is recommended.

For any further question visit my web site www.beyond.coach or send email at tutor.pa1.pa2@gmail.com

 

 

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Strategies to pass CPA Core 1 & Core 2 2018 exam

It is again now for students to well prepare for Core 1 & Core 2 exam scheduled on summer, fall & winter session of 2018.I observed that many students lack confidence for passing these exams. They remain very busy with job, family and also for submission of assignments. They also lack technical knowledge of various course area covered.Strong Technical knowledge is the key to success in these exams.These exams are evaluated on the basis of around 75 % MCQ and 25 % on one small case analysis. Exam is of 4 hour duration and as such students are required to do one multiple in about 2.5 minute and case analysis in 60 minutes.

I have seen many students could not get success in the last session on account of time constraint. They took more time in MCQ and as such could not allot enough time for case analysis. I provide following very successful strategy to pass these exams

1. Right from today, review your technical stuff of related course area along with your assignment work.

Financial Accounting and Management Accounting are the two major courses in both Core 1 and Core 2 respectively. Allot more time on it.
Learn the correct format of writing case analysis. Ensure that you read, understand and prepare the outline for case in 20 to 25 minutes. I have seen students normally are taking more time in the same and then lack confidence in writing the case effectively. Do the practices till you cannot achieve this.

Daily try to do some MCQ for the course area you have studied
In the exam, preferably first write the case in 60 minutes and then try for MCQ. This strategy is more successful to pass both theses exam.

Those who could not get success should consult experiences tutor for guidance and training. Repeated failure will increase frustration and you have only 3 attempt to get through
Those who have challenge exam, can also approach experienced tutor for guidance and training.

Students, who lack confidence in technical course area, can take my lectures online or at in person at Brampton location.For practice in MCQ, exclusive book is available for Core 1 & Core 2 at a cost of $ 165 plus 5 % tax for Core1 and $150 for Core 2, delivery free.

For any further question visit my web site www.beyond.coach or send email at tutor.pa1.pa2@gmail.com

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CPA CFE September 2018

 

CPA Canada Common Final Exam 2018

CPA Canada Common Final Exam 2018 consists of…

  • Capstone 1
  • Capstone 2
  • Common final exam

(a)  Day 1   (b)  Day 2   (c)  Day 3

Capstone 1:

  • A group assignment among 6-7 students
  • A case analysis of around 45-50 pages
  • Individually need to present with markers
  • The case is related to day 1 final exam
  • All students mostly get through in this work

Capstone 2:

  • A group assignment among 6-7 students
  • A case analysis of around 45-50 pages, role base
  • Individually need to submit the reply
  • The case is related to day 2 final exam
  • Student should select his role from Performance Management, Finance, Audit and Taxation in advance
  • Mostly all students pass this module

Day 1:

  • one case analysis of 4 hour duration (about 50 pages) based on enabling competencies related with ethics , problem solving, leadership and communication skill.
  • This is an extension of Capstone 1 case with different scenario. The focus is not on technical competencies but ethics, big picture and problem solving.
  • Answer should be based on a) situation analysis b) analysis of major issues c) conclusion and advise d) effective communication with holistic approach ( i.e. from all aspects)
  • Student need to separately pass this exam
  • Grade is either pass or fail

Day 2:

  • one case analysis of 5 hour duration (about 50 pages) based on technical competencies related with financial accounting, management accounting, and chosen role
  • Answer should be depth in financial or management accounting and in selected role
  • Grade will be for each issue, a) not address b) Just identify c) reaching competent d) competent e) competent with distinction
  • Day 2 will be graded combine with day 3

Day 3:

  • Three case analysis of total 4 hour duration based on technical and enabling competencies
  • Answer should be depth in financial or management accounting
  • Answer should be integrated with breath of other courses like taxation, audit, strategy and governance
  • Grade will be for each issue, a) not address b) Just identify c) reaching competent d) competent e) competent with distinction
  • Day 3 will be graded combine with day 2

Day 2 & 3:

To pass day 2 & 3, student should write answer with

  • Sufficient with aggregate all issues….Level 1
  • Depth in MA or FR ……Level 2
  • Depth of issue in selected role…Level 3
  • Breath of issues …..Level 4

Students must reply satisfying all 4 level in all major issues

Passing grade /limit will be decided for each exam by CPA Exam Board

Students should be familiar with all technical course are to pass this exam.

  • Financial Accounting
  • Management Accounting
  • Finance and Financial Planning
  • Taxation
  • Audit
  • Strategy & governance

Students also should have mastery and expertise knowledge in preparation of financial statements for all legal entities in Canada like Private , Public , Not for Profit corporation and Government.

Students will be provided with two booklets, one for case exam and other for rough work.  Students will also get CPA Canada HB and Income tax act (valid up to Dec 31 2017) PDF version.

To pass this exam, student should have a through technical knowledge along with applicability of related accounting standard in the final exam.

Exam questions are little complicated and  students should remain very careful about what exactly is the requirement.

CPA want a reasonable professional judgement  which student should have under normal circumstances. Speed and accuracy are equally important. Time constraint will be observed by the students particularly in Day 3.

To pass this exam at first attempt, students should know the techniques of writing this exam. They need proper guidance to approach this exam with some practice and feedback for improvement from a expert tutor.

Professionally qualified students from India & Pakistan in particular, need some more efforts to understand Canadian taxation law and accounting standard.

If you require expert guidance and coaching, contact www.beyond.coach.

Tutor Paresh Desai CPA-CGA, CMA(USA) FCMA(INDIA) …..he has also published exclusive book CFE Technical Guide 2018…his cell no 6475056648

 

 

 

 

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IAS 2, Inventory

Inventory

Inventory is one of the main items in the financial statements, and as such many time questions are appearing related to it in your final exam.

Inventories are of following types:

  • Raw materials
  • Work in process
  • Consumable stores and spares
  • Finished goods

It is appearing in balance sheet as current assets and in cost of goods sold (credit side on income statement) in income statement. Increase or decrease in inventories will directly have impact on current ratio and profit or loss of a company.

Inventory is measured at the lower of cost and net realizable value (NRV). Note that inventory includes land held for resale but does not include financial instruments.

NRV is the estimated selling price in the ordinary course of business less: (1) the estimated costs of completion; and (2) the estimated costs necessary to make the sale.

Cost should include all:

  • costs of purchase (including taxes, transport, and handling) net of trade discounts received
  • costs of conversion (including fixed and variable manufacturing overheads) and
  • other costs incurred in bringing the inventories to their present location and condition

Inventory cost should not include:

  • abnormal waste
  • storage costs
  • administrative overheads unrelated to production
  • selling costs

LIFO cost flow assumption is not permitted under IFRS.

 

 

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