[jeff]

Welcome to the Q3 2017 CPA Exam Study Group for REG. 🙂

Introduce yourselves and let your fellow NINJAs know when you plan to take your REG exam.

The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[passantsalama]

Can someone please explain to me briefly the employee stock options? I don't get it at all 🙁

[jtvande]

@CPAIN2k17 Thanks! I actually figured it out eventually.

Took my test on Monday. Felt okay about it. Multiple choice was not that bad. I felt that NINJA prepared me well for those. The material covered in the SIMS was actually pretty easy. The only hard part was sorting through the documents and finding the information that I needed.

There was 1 SIM that the answer was so easy that I second guessed myself and got it wrong. There was another one that I was not sure which direction to go with. A little detail that no matter how much I studied I would not have known. I could not find it in the AL. I had to make a judgement call. I looked it up after and I didn't do what I was supposed to do. The other 6 SIMS I felt okay with. I'm sure I got some parts wrong, but I felt like I knew what I was doing. Hopefully that isn't giving away to much info Jeff.

I don't know if I did enough to pass but I hope so! Good luck to everyone else.

[Anonymous]

My exam is scheduled for the 23rd of August, would it still be advantageous to purchase ninja notes and start rewriting or should I just start banging out multiple choice questions over and over and taking progress test until test day? This will be my first official exam that I am taking.

[jtvande]

I recommend doing as many MCQ as possible. When doing that though try not to memorize the questions and focus on learning why each answer is correct or incorrect.

[eatsleepstudy2017]

Not sure if we have already addressed this previously in the thread BUT here goes nothing –

NINJA MCQ still has questions over UCC: Sales Contracts (2C1) and Money Laundering/ERISA/Anti-trust (2E2) when Becker lists them as eliminated from the blueprints. Also, they are nowhere to be found within Becker's REG textbook…

Are those topics still fair game for the exam or should we be skipping over those in the NINJA MCQ?

Thanks a million!!!!

[pharaoh]

These questions seem easy but I always get them wrong, not sure what to do other than taking notes of these wrong answers I make

With regard to a partnership computing its income, which of the following is determined by the individual partners and not the partnership?

A.Accounting methods

B.Amortization of certain organization fees and start-up costs

C.Income from cancellation of debt elections

D.Depreciation methods

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[CPAIN2K17]

@pharaoh D? Depreciation is separately stated

@jtvande thanks for sharing, it sounds like you did well!

[CPA so close, so far away]

@CPAIN2K17 Aren't depreciation methods chosen by the partnership itself. I would say the answer is C.

What is the answer @Pharaoh?

[pharaoh]

The answer is C and the only explanation is “Income from cancellation of debt elections are determined by the partners individually”

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[pharaoh]

🙁

Jay properly created an inter vivos trust naming Kroll as trustee. The trust’s sole asset is a fully rented office building. Rental receipts exceed expenditures. The trust instrument is silent about the allocation of items between principal and income. Among the items to be allocated by Kroll during the year are insur­ance proceeds received as a result of fire damage to the building and the mortgage interest payments made during the year. Which of the following items is properly allocable to principal?

A.Insurance proceeds on building: No; Current mortgage interest payments: No

B.Insurance proceeds on building: No; Current mortgage interest payments: Yes

C.Insurance proceeds on building: Yes; Current mortgage interest payments: No

D.Insurance proceeds on building: Yes; Current mortgage interest payments: Yes

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[BBHYX]

@Pharaoh does your review material cover trusts / principal vs income in detail? Becker completely glosses over that and has no review Qs on it …

[pharaoh]

@xyz107 I am using Roger, by watching the lectures, I thought I got it but then going through the questions, my jaw is down on the floor and it is one of the weak areas, same for B-Law

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[CPA so close, so far away]

I use Becker as well. I find their estate and trust questions to be a breeze compared to some of Ninja's question. Ninja's are definitely on the brutal side.

[pharaoh]

🙁

Under the Sales Article of the U.C.C., which of the following statements is correct regarding a good faith requirement that must be met by a merchant?

A.The merchant must adhere to all written and oral terms of the sales contract.

B.The merchant must provide more extensive warranties than the minimum required by law.

C.The merchant must charge the lowest available price for the product in the geographic market.

D.The merchant must observe the reasonable commercial standards of fair dealing in the trade.

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[CPAIN2K17]

@pharaoh id say C on your question about the trust and D on the one about UCC contracts.

[Author]

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