Exam Leaks and Notes

Getting out of the examination room, the first question you'd ask and would be asked of you is: How was it, nahirapan ka?

I could not give a definite answer to that. It wasn't hard. It wasn't easy. In the middle. But easier than harder. Does that make sense?

Examinees have given different answers. But majority of the retakers said that this May's examination was easier than last October's. Then thanks that I took it this May.

The dates we've been waiting for passed as if they were just normal days. I took the exam as if it was just a series of long quizzes.

They said that you would know if you'll pass. I don't think so. Many examinees had stronger faith than I had. Many claimed the CPA title long before the results came. Yet not all of them had been successful. The truth is, you wouldn't know until the moment you finally see your name in the list of successful examinees posted in the Internet.

My personal assessment of the subjects:

Theory of Accounts - 80 items. Back to basics. Accounts. Journal entries. My advice, don't spend so much time on this subject. There are subjects which are more worthy of the time.
Business Law - 35 items. Basic concepts. Some of the answers: Agency by necessity, Partnership by will, Real estate mortgage. No Latin answers.
Taxation - 35 items. I spent so much time on this subject. I read four books of three different authors. For just 35 items!!! So how was I expected to remember them all - the dates, the rates, formula, the endless lists. So there. Study hard for this. And even if you do, it's no assurance.
Management Services - 70 items. No matter how easy this subject is supposed to be, it will always be difficult for me. But they said it was easy. Yeah, the pre-boards were more difficult. I guess it was easy.
Auditing Theory - 100 items. It wasn't hard. But I couldn't say that I liked it. It was so different from the ones we were familiar with. Most of which, you couldn't get from the pre-boards or review materials. Again, go back to basics, the very foundation.
Auditing Problems - 40 items. Many cases required the basics - current assets, liabilities, stockholders' equity. Basics.
Practical Accounting 1 - 50 items. They weren't from Valix. Fellow examinees said that many questions came from Ocampo's Auditing Problems. Very long problems and most of the data is irrelevant. So read the question first to know what small thing is asked. I did not have an easy time. But I enjoyed it.
Practical Accounting 2 - 50 items. The subject most people take for granted. The subject I took for granted. If ever I failed and was conditioned, I know it will be because of P2.

But then, we don't really know if it will be the same for the next exams. The Board of Accountancy (BOA) will not give the same questions because some of those who will take the October exam have taken the May exam.

And the greater threat is that the review directors of the popular review centers got hold of the test papers. Valix of CPAR and Ocampo of PRTC talked very proudly about the answers after the examinations. How, when and whether it's legal is a big question. Maybe they sat with BOA to deliberate. Maybe. I hope that's the reason. #