With seven subjects to prepare for in the Philippine CPA Board Examination, not to mention that Business Law and Taxation topics are counted together as only one subject, candidates are often confronted with the question on what areas to focus on and which materials to review to be equipped with sufficient competence to pass all the subjects. This article disintegrates Business Law from Taxation to give advice on how to prepare for the subject.
Read the right books. Finding comprehensive and reviewer-friendly books on business laws is as important as the review itself. The reviewers of Suarez and Soriano are a good start to refresh your undergraduate lessons on the topics. They appear more like focus notes. For detailed discussions on a topic, the book of Hector de Leon is helpful. Recent board exams included questions for which the answers are directly referenced to de Leon’s discussions found in the book.
Anticipate the questions. Since the questions are purely in multiple choices format, there is twenty-five percent probability that you can select the right answer. Many of the questions in the exam are direct provisions from the Civil Code for Law on Obligations and Contracts, Sales, Partnership, Agency and Corporation and Negotiable Instruments Law. There are questions in which the choices are enumerations found in the provisions and you are practically asked to select which does not belong to the group. Examiners insert a provision not related to the entire question to confuse the examinee. Be prepared to analyze the question together to choose for the unrelated choice if having a hard time recalling the exact provisions. Also, expect for questions that start with a definition and implications and the task is to identify the correct legal term the item in question. For the most part however, a situation is presented and the legal consequences are asked. Available recourses are presented in the choices and the worst case scenario is for you to choose which among them is the best knowing that all the available answers are possible and correct.
Make notes on important matters. Be sure to have a list of some important items to recall while you are preparing for the exam. Give extra attention to those that involve figures, time periods like days, months or years, penalties and requirements. These details are essential in choosing the best available solution to a situation. For Law on Corporations, make quick notes on quorum requirements, minimum voting requirements and minimum number of directors and incorporators required relative to the type of corporation. For Law on Sales, pay attention to time period allowed to enforce claims against warranties and rules involving measurement regarding sale of real property. It is also advisable to familiarize the rights and obligations of the parties to the agreement.
Review past exam questions. The main sources of questions from which the Board of Accountancy selects the actual ones to include in the exam is what they call as the Test Bank. Archived in that bank are past CPA exam questions that are observed to appear as recurring in the past and present exams. Get hold of these questions and try to answer them. Also, try to analyze the way the examiners construct the questions. It will give you an idea of how the future exams would be asked.
The above suggestions are not guaranteed entry passes to your CPA license. Though following them may prove useful, it still depends on the examinee’s determination, preparedness and faith.
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