Life is Life. Regulation Style.

Today I took my third portion of the CPA exam, regulation. If you are reading this and are also preparing for your CPA exam, this is the part that you start to feel sorry for my brain. But I thought today, I would prepare my blog post in the form of the questions that I have been practicing on for the last week to get ready for this section.

Q: Which of the following taxpayers may use the cash method of accounting?

A. A tax shelter

B. A qualified personal service corporation

C. A C corporation with annual gross receipts of $50,000,000

D. A manufacturer

Correct answer? You guessed it, B. As for the others, let me explain why they aren't correct.

A. While you could care less what a tax shelter is, let me describe what one is in Ashley's mind. It is a place with gumdrops and lollipops at all times of the hour where I can run around in circles and pretend that the real world doesn't exist. Ya, I'm figuring you're not surprised that's not the answer.

C. Gross receipts of $50,000,000. This answer takes form of two ways when I think about it. First of all, the Board of Accountancy is going to make that much money off of me before I actually pass this exam. You say, "Why Ashley, 50,000,000 is a lot of money" and to which my response is, "why (insert name), you haven't ever attempted this exam, have you?" The other path my answer goes with this one is that hopefully all this studying pays off and I can make enough money to pay off my school loans which are getting close in the dollar amount to $50 million.

D. A manufacturer? I give up. I'm tired of coming up with witty answers that aren't even that witty. So feel free to leave an answer your reason why this isn't the correct answer.

As for why answer B is right...let's see. Oh yes, the key in this answer is the wording. Just as they tell us that if we see the word "firm" in a question, then the answer will probably be about "quality control" or vice versa, this same reasoning can be applied here. The word "qualified" is key here as that's what I'll be when all of this is done. As for whether it has all been worth it...well that answer will hopefully come with time.

I realized the other day that I only have one more week of studying for my last section and then I start work on Monday!? eeeeeeeek. Now besides of staring at my closet and trying to find the perfect outfit for my first day of work, I also figured out that my material to complain about is winding down. I cannot complain about my work as 1) hopefully I won't have anything to complain about and 2) any smart person knows not to complain via Internet. Thus, perhaps it's time to take up a hobby so my writing material comes back? I mean, I think of people such as my friend Cassi who has her own blog about raising a child at our age and it's quite enjoyable. She's very positive about life as I am realistic, that's why we get along. Or Brittany who has attempted to start a blog yet she tends that she actually needs to post something in order for people to read it. :) Anyway, I'm sure something will come up. My life is anything but boring!

P.S. If you would like to check out their blogs:

Cassi - http://laughterandlattes.wordpress.com/

Brit - http://britchristine.blogspot.com/