CPA Exam Blogger Phil: Nancy Botwin – What?

Philip is a resident of the great state of New York, but has inspired and motivated fellow Roger students through online forums and social media platforms across the globe. Philip has already passed FAR, AUD, and BEC and is now gearing up for REG. 

Hello! Down to my last exam, and I have to admit, Im more nervous about this one than I was before I tested for the first exam.  Time is running out on my 18 month window!  But I have full faith in Roger; hes gotten me three passing scores so far (two of them in 80s). 

I wanted to write about my first week studying for REG.  So far my only complaint is why the AICPA has to test me on calculations that the computer can doJust Kidding.  Seriously, Im working on Gross Income tonight, and theres a ton of information.  In my last blog, I shared that I write my notes on a legal pad.  I started another trick this week rewriting my notes from the previous study session.  My hand aches, but I find that the minute details are staying with me. 
My favorite part so far has to be Rogers shout out to my all-time favorite show, (that is until Ke$ha: My Crazy Beautiful Life aired) namely Weeds. I have to admit, when I started accounting and pushed the hours doing taxes, I never once filed a tax return for a known drug dealer, but how funny is the fact that a drug dealer can deduct his cost of goods sold against his gross income.  CRAZY!  I had a moment of accounting humor thinking about how they would track their movement of goods raw material to WIP to finished goods.  I wondered if they use QuickBooks or a SAP ERP depending on the size of the operation.  And if there were any mergers, if they recognized goodwill on the balance sheet and test for impairment.

Then I realized that while taking a break from studying, Im day dreaming about establishing a cost management program for a drug dealing enterprise.  WOW.  Yup, even Nancy Botwin had a CPA to help her operation.  Probably not my best moment.

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