REG – Exam Prep - Page 38

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  • August 2, 2011 at 2:04 am #371394
    Anonymous
    Inactive

    @ Yankee

    The answer to the question you asked above.

    After the attachment the perfection can occur in 5 ways.

    1. Automatic perfection

    2. By Filing

    3. By possession / control

    4. Interstate

    5. Perfection in proceeds

    The priority to the security interest are as follows

    1. Consumer in the ordinary course of business in Inventory good

    2. Properly perfected PMSI

    3. Properly perfected security interest

    4. unperfected security interest

    5. Debtor

    In the question above, all the creditors have properly perfected security interest. In this case, the first to file the secutiry interest or to perfect it has the priority to the collateral

    1. The first one was filed on April 1

    2. Perfected by possession on April 10

    3. Perfected on April 15

    Bottomline, since they are all properly perfected security interst, the first to file or to perfect has the priority

    Therefore its 1,2 &3

    I just gave REG last week. So these stuffs are fresh in my mind. I especially enjoyed studing the Business Law part. If there is any problem with anything, email me the question @ adt2694@hotmail.com. I would be glad to help.

    August 2, 2011 at 2:08 am #371395
    Anonymous
    Inactive

    @ Yankee

    I should have read all the post first before responding to any I guess

    I see your question was already answered

    Don't wanna waste your precious time. I know how important it is to utilize all the time you have in these exams…

    August 2, 2011 at 2:31 am #371396
    yankeeaccountant
    Participant

    @cpaguru,

    Thanks. I think every little bit helps. I think you brought up a point I hadn't figured out: they were all perfected, which one is the first in line? I think I was looking for the word perfected after the filing, because at the time I read the question, it didn't seem as though that was clear. In some questions, they say it was filed and perfected. I know it is semantics…just have to get it clear in my head. I appreciate the help. And I will keep your offer open, if you don't mind. I am doing another progress test, this time in Becker and then will compare this to Wiley. I do feel like the Becker questions seem a bit easier than Wiley–maybe it is just me–who knows?

    Thanks a bunch.

    August 2, 2011 at 2:32 am #371397
    yankeeaccountant
    Participant

    Congrats Whenindoubt! so glad you didnt have any troubles this time. I am pulling for you that this is the last exam!!!

    August 2, 2011 at 2:37 am #371398
    Anonymous
    Inactive

    @yankee

    No problem. I am done with all my exams and it feels like I have a lot of time in hand. You can email me when ever you want. I will be happy to help.

    August 2, 2011 at 2:47 am #371399
    yankeeaccountant
    Participant

    cpaguru,

    last one–fabulous! how did it go? I can't wait for this to be over myself.

    August 2, 2011 at 5:19 am #371400
    ydg555
    Participant

    I took this exam today and wow to say that I'm frustrated is an understatement. After doing more than a thousand MCQ and thinking that pretty much had everything covered this exam surprises me with questions that are like what the…?? The sims…my goodness how do they come up with this stuff and can they at least be a little bit more specific about what they want you to do…one of the tabs I was never able to figure out what they wanted me to do…I would to share what it was about but I know I can't…well just here venting a bit…good night all.

    August 2, 2011 at 2:28 pm #371401
    Anonymous
    Inactive

    I agree with the past posters regarding REG. I took the Becker practice test before sitting. I scored an 87. I went into the exam yesterday with the WTF look on my face. There was definately SIMS out there that came from no where. They were definately not in Becker's study material. I went in feeling good; I came out thinking “what just hit me?” I wouldn't be surprised if I failed or passed. This exam definately wasn't like the others. I have no clue if I passed. I am already mentally preparing to sit for it again after FIN. If I pass, I will be relieved. This was such an odd ball exam.

    August 2, 2011 at 2:45 pm #371402
    jomarie
    Participant

    Sounds like everyone's getting exams that give them the WTH feel. Now I'm scared.

    Started sitting in May 2002, on and off. But since 2008 I've been nonstop and my scores are....
    AUD - 39, 48, 56, 65, 68, 73, 76!!! (Finally passed in Oct 2011!!!) Becker, NINJA, & Wiley
    REG - 75 (Lost Credit) 72, 68, 73, 75 (Passed again in Aug 2011) Becker, NINJA, & Wiley
    FAR - 65, 68, 75 (Lost Credit) 68, 73, 73, 80 (Passed again in May 2012) Roger, NINJA, & Wiley
    BEC - 65, 68, 71, 72, 72, 71, 76 (Lost Credit)- 70, 76!!!! I AM DONE!!! - Roger, NINJA, & Wiley
    After 10 long years of studying, I AM DONE!!!! Finally a Licensed CPA in the State of New York!!

    August 2, 2011 at 2:49 pm #371403
    Peanut
    Participant

    @Jomarie, don't be scared! Go in with confidence! The first time I took REG I thought it was a very fair exam, I just lacked the amount of study time I put in. The 2nd time I took REG I swear they pulled questions out of space. At least now you won't be blind sided because you had warning before going in! You got this!

    AUD 81 (X4) Previous scores 59, 72, 72
    REG 80 (X3) Previous scores 59, 60
    FAR 75 (X2) Previous score 67
    BEC 79 (X2) Previous score 58

    August 2, 2011 at 2:52 pm #371404
    yankeeaccountant
    Participant

    me too! especially since I just took my first exam on Wiley and got a 69! hitting the books hard today!

    Erin,

    How did you split up your time? I think it is so tough to determine how things go on all of these exams, but it seems to be so true with REG. I sit on Saturday and am very nervy about the whole thing. Best of luck to you—I hope you passed!

    August 2, 2011 at 2:52 pm #371405
    jomarie
    Participant

    I finished rewriting Jeff's notes this morning. Now I'm planning on just doing countless MCQs. I have a week left, which is the best I've ever been. I'm usually cramming a final review in a few days, not a week.

    Started sitting in May 2002, on and off. But since 2008 I've been nonstop and my scores are....
    AUD - 39, 48, 56, 65, 68, 73, 76!!! (Finally passed in Oct 2011!!!) Becker, NINJA, & Wiley
    REG - 75 (Lost Credit) 72, 68, 73, 75 (Passed again in Aug 2011) Becker, NINJA, & Wiley
    FAR - 65, 68, 75 (Lost Credit) 68, 73, 73, 80 (Passed again in May 2012) Roger, NINJA, & Wiley
    BEC - 65, 68, 71, 72, 72, 71, 76 (Lost Credit)- 70, 76!!!! I AM DONE!!! - Roger, NINJA, & Wiley
    After 10 long years of studying, I AM DONE!!!! Finally a Licensed CPA in the State of New York!!

    August 2, 2011 at 2:57 pm #371406
    yankeeaccountant
    Participant

    Jomarie,

    That is great news. I tried to do it that way, but not so much for me. I was counting on my fingers this morning (yep, that's right, guess my brain is fried ) the remaining days I have to cram: 4. I can get alot done, just have to focus.

    Going to have a great study day–no other choice!!!!

    Have a good one Jomarie.

    August 2, 2011 at 3:06 pm #371407
    Skippy1997
    Member

    I just wanted to add a quick comment in wishing everyone luck for those who are counting down to REG. I have my first stab at REG on Saturday and hopefully will be prepared enough to give it a good shot.

    AUD - 05/27/11 - 81
    FAR - 07/05/11 - 83
    REG - 08/06/11 - 91
    BEC - 08/29/11 - 87
    Ethics - 95

    August 2, 2011 at 3:08 pm #371408
    yankeeaccountant
    Participant

    @skippy,

    Best of luck—3 exams in one window-you are a trooper. I hope it is a trifecta for you.

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