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     The uniform CPA exam is regarded as one of the most difficult professional exams, with a passing rate around 50% for all of the sections. However, attaining a CPA license will give you many opportunities in your career. The requirements for the CPA license vary by state, but they all include education (150 credit hours with basically a major in accounting), examination (it is the same exam for all states), and experience (1-2 years). You need the education (or at least a couple of months away from getting it) to sit for the exam, but you do not need the experience portion to sit for the exam. The sections of the CPA are: Financial Accounting and Reporting (FAR), Audit (AUD), Regulation (REG), and Business and Economic Concepts (BEC). Thankfully there are many CPA review courses that will be extremely helpful to you as you prepare. Becker is the standard in the industry (the one I used), but it also the most expensive ($3,400). There are a lot of similarities in... read more

I’ve been asked many times, “what is the best learning tool that an accounting student has in their arsenal”. When I’ve proposed this question to other modern accountants, they generally list out the programs they utilize most, Quicken, Excel, or the Intuit program du jour; all are cited as the best learning tools for the future accountant. My own response to this question may surprise anyone that has become an accountant post-1995, but would not shock the pre-computer group. While I am a member of the older crowd (by age), I am a new accountant in that I was not accounting professionally prior to 2000. So what tool is most important to me? What one piece of equipment is in my arsenal and is the most dangerous weapon in the accounting world? An abacus? Though I can use one and suggest everyone learn, not the most important tool. A Burroughs Sensitronic with magnetic tape to store ledger cards? Close, but again no. What, what, what apparatus is so important?          ... read more

MP3 players example   The profit in millions of dollars for an MP3 player can be done with the polynomial P=-4x^3 + 12X^2 + 16X. X represents the number of MP3 players produced annually. The company currently produces 3 million MP3 players and makes a profit of $ 48,000,000. To figure out the least amount of MP3 players the company can produce and still make the same profit we need to solve for P.   Step 1 Set P=48 This represents the total profit. 48=-4X^3 + 12X^2 + 16X   Step 2 subtract the 48 from 48 and from the end of the equation, like this 48=-4X^3 + 12X^2 + 16X - 48                                                                                                    ... read more

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