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"Oh, Joy!" (said with depressing sarcasm)
#11
Lady Grace of Pemberley Wrote:Yay! Well, I be praying that the graders are very lenient and generous in their grading. Wink What's up next for you?
That'd be nice. Big Grin Um, well Intermediate Accounting and I should probably get started on my last test, Principles of Finance. Other then that, just 4 other courses.

Ubuntu_user Wrote:Ah! I know how that goes... Wink

Sure, if you wouldn't mind PMing me the info, I'd appreciate it since I'm no longer signed up to IC (have all those tests behind me). Big Grin btw, did you use a textbook or the J.K. Lassor's, or both?

Surely! I used the J.K. Lasser's book and the IRA Registered Tax return exam preparer (also published by Wiley). There's also a website pretty sure it's passthetaxexam.com. Now that's used for people who are preparing for the actual IRS exam, but they have a free 24 hour trial. If you have the time, it's got TONS of practice questions in test format and such. I only poked around that a bit, but wished I had spent more time there.
I'll compile some more info here shortly and pass it along.
#12
Congrats on getting through it!! I hope you get some good scores! Smile
CLEP:
West. Civ I - 65, A&I Lit - 66, Biology - 65, Chemistry - 55, Nat. Sciences - 64, US Hist I - 68, Am. Lit - 61, US Hist II - 62, Am. Gov. - 67, Macroecon. - 63, Microecon. - 75, College Comp. - 66, Prin. of Marketing - 68, Prin. of Mngt - 71

DSST:
Civil War and Reconst. - 70, Prin. of Supervision - 443, Intro to World Rel - 477, Intro to Bus - 443, HR Mgmt - 64, Intro to Computing - 458, Prin. of Fin. Acct - 80Big Grin, Bus Ethics & Society - 447, Prin. of Finance - 437

ALEKS:
Int. Algebra, College Algebra, Precalc, Intro to Stats., Business Stats.

SAYLOR:
Corp. Comm - 78%, Bus Law and Ethics - 76%

PENN FOSTER:
Manag. Acct. - 96, Int. Acct. 1 - 98, Int. Acct. 2 - 87, Cost Acct. - 94, Strategic Bus. Mngt. - 95

ADAMS STATE:
Auditing - 89

LSU:
Adv. Acct. - B

TECEP:
Fed Income Taxation

BSBA Accounting
#13
Publius Wrote:That'd be nice. Big Grin Um, well Intermediate Accounting and I should probably get started on my last test, Principles of Finance. Other then that, just 4 other courses.


Surely! I used the J.K. Lasser's book and the IRA Registered Tax return exam preparer (also published by Wiley). There's also a website pretty sure it's passthetaxexam.com. Now that's used for people who are preparing for the actual IRS exam, but they have a free 24 hour trial. If you have the time, it's got TONS of practice questions in test format and such. I only poked around that a bit, but wished I had spent more time there.
I'll compile some more info here shortly and pass it along.

Oooh, thanks for that resource. I have a couple days next week that I'll be away from home with nothing to do but school, so that will be awesome! You didn't actually read J.K. Lasser's did you?

You're right behind me in the degree! I just have this tax test, then three online accounting classes (plus the same amount for my finance degree as well). Big Grin
"I do not feel obliged to believe that the same God who has endowed us with sense, reason, and intellect has intended us to forgo their use." Galileo Galilei
#14
Ubuntu_user Wrote:Oooh, thanks for that resource. I have a couple days next week that I'll be away from home with nothing to do but school, so that will be awesome! You didn't actually read J.K. Lasser's did you?

You're right behind me in the degree! I just have this tax test, then three online accounting classes (plus the same amount for my finance degree as well). Big Grin

Surely! Nope, didn't read the whole thing.

Excellent! We're getting pretty close!!



Now for the feedback, I posted these in the other threads but thought I could post here as well.

Publius Wrote:Test: Federal Income Taxation TECEP

Time to Prepare: About 3 weeks

Resources used:

**J.K. Lasser’s You’re Income Tax, published by Wiley (did NOT read all of this, just pieces and tried to familiarize myself with where things were)

**The IRS Registered Tax return exam preparer, also published by Wiley (Again, didn’t read all of this one, but did read a lot more of this then the other Tax guide. This one seemed easier to read and understand while the Tax guide seemed to have more of “just the facts”) A plus to this book is that I believe it did cover some info on business and corporations. Something the personal Tax guide didn’t do much of.

**passthetaxexam.com This website is designed for people who are preparing for the IRS registered tax return exam. There product is ridiculously priced for a yearly subscription, but they do have a free 24 hour trial. With this trial you can take tons of exams that will be similar to the Federal Income Taxation TECEP. They’ll show you after the exams what area you need to work on and which ones you know. You don’t need to enter a credit number and there’s now financial obligation when the time runs up. It’s not a bad deal, it only stinks that it’s good for a day.

**The exam fact sheet on TESC’s website

The test itself was as advertised. 20 multiple choice section followed by some computational problems (about 10 or 11).


Topics to know: (These are some topics you’d want to know for MY version of the exam). Note though that this exam is open book and can bring a resource in.

-What produces a deductible loss from income
-Which relative does not have to live in the same household as the taxpayer that claims head of household filing status
-Income from discharge of indebtedness
-S corporations and what percent of owners to revoke it
-Self employment tax
-Dependent support test
-Earned income credit
-Income
-Deduction from AGI
-MACRs system
-What other instance does an attorney need to be present other then a tax audit
-Principle resident
-“Like-kind”
-Something about Sec 174
-trade in basis
-Multi-support Agreement which qualifying dependent
-itemized deductions
-Interest and gains
-What is and isn’t allowed in medical expense when it come to deductions

-Know how to calculate AGI
-Know how to determine if someone is the head of household in various examples
-Know how to identify capital assets
-Know how to identify realized AND recognized gains
-Know how to calculate itemized deductions
-Know how to calculate interest basis
-Know what qualifies as moving expenses for deductions and how to calculate it
-Know how to compute child care credit


Other notes:
I didn’t see it listed in the fact sheet published by TESC or anywhere else, but you allowed a calculator during the exam. I didn’t bring one, but thankfully my proctor had some I could use. You don’t need anything fancy, something basic will work and it can help.


Summary: This exam isn’t a piece of cake. It is difficult and you can’t fake much if you know what I mean, especially the computational problems. You can’t even guess on those. To be honest, I have NO clue how I did. I saw elsewhere that in addition to a tax guide, that one should google a 1-5 page summary of how to file a tax return to get the basics. I’d agree with this since you need to know the big picture, and how to look up the details. That’s pretty much what this exam comes down to.



Publius Wrote:Test: Strategic Management TECEP

Time taken to prepare: 8 hours

Resources used:
** Strategic Management: Crafting and Executing Strategy (17 ed) Did not read all of this book and NONE of the case studies.

** Strategic Management’s Companion website. On there, is listed under each chapter “Key Points” and “Core concepts” I took all those in each one and copy and pasted them into two docs. It turned out to be about 28 pages, but much easier and more concentrated then the book. A lifesaver for me.

**An interview with Michael Porter. It was about an hour long and Geezer recommended (as did some other folks on here) and it was good to get in the mood of “strategic thinking” and what not. Had to purchase the video on Amazon for $2 though since the I couldn’t get his link to work and couldn’t find it when I googled for it.

**Some flashcards that someone made that I came across on quizelet. It’s actual titled “Strategic Management TECEP”.

** TESC’s fact sheet on their website

Topics that were covered:

Entry Barrier
Cost differentiation
Macroenvironment
Organizational dynamics
Benchmarking
Outsourcing
emerging industries
Rivalry (when is it greatest?)
Damage control (which ethical perspective?)
3 Step evaluation
Strategic landscape
decentralized management
strategic alliances
Role of Board of Directors
Core competencies
Value chain
Supplier
Social Contracts theory
What’s it called when a firm relentlessly pursues goal?
Transition to maturity
Merge/Acquisition
Standard operating procedures
Cash cow
Vision vs Mission
5 Force Model
What is it called when a firm compares activities with it’s rivals?
disciplined statistics-based system
multi country and global strategies
Strategic alliances
Fragmented industry
(surprisingly I had nothing directly related to Porter’s 5 generic strategies, though you DO need to know these.)

Summary: Not a horrible exam. Haven’t gotten my scores back yet, but feel very confident about this one. For those that have been in business, it probably makes this even an easier exam (I’ve never been in business, so I’m only presuming this). If you’ve taken other business related exams, that helps a bunch too. There’s a lot of writing so be sure to bring multiple pencils and a sharpener and/or a mechanical pencil. Really wish I could of spent more time studying for this one, but because of some issues with TESC and my proctor, and time running out, I wasn’t able to. Quite a doable exam if you know the concepts and are comfortable writing a bunch.
#15
Wow! That surely was cramming! Thank you for the feedback. I will be taking both of these exams next. Currently studying taxation. I'm right behind ya!

Let us know the results when you get them (in a few more weeks - it is TESC, after all) Smile
[SIZE="1"]BSBA in Accounting at TESC - Done! :hurray:
Started June 2009 with zero credits, now have 133!

CLEP:
English Literature - 67, Chemistry - 60, Microeconomics - 69, Macroeconomics - 77, U.S. History I - 68, U.S. History II - 64, American Government - 64, Humanities - 68, College Algebra - 64, English Composition - 56, Financial Accounting - 80 Smile, Principles of Management - 74, Intro. Business Law - 73, Principles of Marketing - 79, Info. Systems & Computer Applications - 77

DSST:
Introduction to Business - 446, Human/Cultural Geography - 69, Personal Finance - 463, Principles of Supervision - 443, Organizational Behavior - 76, Human Resource Management - 77, Business Ethics and Society - 468, Principles of Finance - 471, Management Information Systems - 447, Money and Banking - 73

TECEP:
Financial Institutions and Markets, Federal Income Taxation, Strategic Management

Straighterline Course:
Business Communication
[/SIZE]
#16
Thanks.

Well I actually got the feedback already. Failed 'em both. Stinks. Missed the tax one by 6 points, and the Management one by 10. On the management, the feedback said I wasn't specific enough on the open ended question. Oh, well. Already reregistered to take them. Since I initially registered and took them during the Nov term, March is after the required 3 months. It's not a physical 3 months from the date of the test. Weird, but that's what TESC said. And, yes I got written confirmation.
#17
Publius Wrote:Thanks.

Well I actually got the feedback already. Failed 'em both. Stinks. Missed the tax one by 6 points, and the Management one by 10. On the management, the feedback said I wasn't specific enough on the open ended question. Oh, well. Already reregistered to take them. Since I initially registered and took them during the Nov term, March is after the required 3 months. It's not a physical 3 months from the date of the test. Weird, but that's what TESC said. And, yes I got written confirmation.

Oh, that is a pity. Sad At least you can take them in March and don't need to wait 3 months. And this time you can spend more time studying. I'm glad TESC sent the feedback quickly, that way you could reregister and start studying quickly.

That news is not very encouraging.
[SIZE="1"]BSBA in Accounting at TESC - Done! :hurray:
Started June 2009 with zero credits, now have 133!

CLEP:
English Literature - 67, Chemistry - 60, Microeconomics - 69, Macroeconomics - 77, U.S. History I - 68, U.S. History II - 64, American Government - 64, Humanities - 68, College Algebra - 64, English Composition - 56, Financial Accounting - 80 Smile, Principles of Management - 74, Intro. Business Law - 73, Principles of Marketing - 79, Info. Systems & Computer Applications - 77

DSST:
Introduction to Business - 446, Human/Cultural Geography - 69, Personal Finance - 463, Principles of Supervision - 443, Organizational Behavior - 76, Human Resource Management - 77, Business Ethics and Society - 468, Principles of Finance - 471, Management Information Systems - 447, Money and Banking - 73

TECEP:
Financial Institutions and Markets, Federal Income Taxation, Strategic Management

Straighterline Course:
Business Communication
[/SIZE]
#18
Publius Wrote:Thanks.

Well I actually got the feedback already. Failed 'em both. Stinks. Missed the tax one by 6 points, and the Management one by 10. On the management, the feedback said I wasn't specific enough on the open ended question. Oh, well. Already reregistered to take them. Since I initially registered and took them during the Nov term, March is after the required 3 months. It's not a physical 3 months from the date of the test. Weird, but that's what TESC said. And, yes I got written confirmation.

Awww, that really stinks! You were really close! Sad Like Laceylady said, at least you don't have to wait a whole 3 months. That really stinks though!
CLEP:
West. Civ I - 65, A&I Lit - 66, Biology - 65, Chemistry - 55, Nat. Sciences - 64, US Hist I - 68, Am. Lit - 61, US Hist II - 62, Am. Gov. - 67, Macroecon. - 63, Microecon. - 75, College Comp. - 66, Prin. of Marketing - 68, Prin. of Mngt - 71

DSST:
Civil War and Reconst. - 70, Prin. of Supervision - 443, Intro to World Rel - 477, Intro to Bus - 443, HR Mgmt - 64, Intro to Computing - 458, Prin. of Fin. Acct - 80Big Grin, Bus Ethics & Society - 447, Prin. of Finance - 437

ALEKS:
Int. Algebra, College Algebra, Precalc, Intro to Stats., Business Stats.

SAYLOR:
Corp. Comm - 78%, Bus Law and Ethics - 76%

PENN FOSTER:
Manag. Acct. - 96, Int. Acct. 1 - 98, Int. Acct. 2 - 87, Cost Acct. - 94, Strategic Bus. Mngt. - 95

ADAMS STATE:
Auditing - 89

LSU:
Adv. Acct. - B

TECEP:
Fed Income Taxation

BSBA Accounting


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