REG Study Group Q1 2015 - Page 73

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  • January 20, 2015 at 3:52 pm #652126
    lauren725
    Member

    GOOD LUCK Gabe and CPAby2015, and anyone else testing today!!!!!!!

    AUD - 73,91
    FAR - 79 - Thank you God!
    BEC - 73,79!!!!
    REG - 92 whatttt??!

    I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

    Done! Praise God!

    January 20, 2015 at 3:58 pm #652127
    Gabe
    Participant

    You GOT this @cpa!

    Thanks @lauren and @rachel!

    CPA, CFE
    CISA- Experience will be completed by August 2016

    January 20, 2015 at 10:24 pm #652128
    Gabe
    Participant

    Took reg this afternoon… I felt really good going in and feel absolutely horrid now. The mcqs were easy… Too easy, which is why I think I messed them up. (who knows, I said that for FAR and ended up passing) The Sims were all on topics that were barely covered in my review material. I am wishing and hoping for a 75. I studied really hard and am going to keep a positive outlook. Best of luck to everyone else taking it this quarter! I'll be around 🙂

    CPA, CFE
    CISA- Experience will be completed by August 2016

    January 20, 2015 at 11:29 pm #652129
    sweetmoon
    Member

    Thanks for the update Gabe. Thats exactly most of us feel when we come out of the exam. Dont let that bother you. I am sure you will pass.

    FAR : 71, 83
    AUD : 73,88
    BEC : 87
    REG : sweet 82 and DONE !!

    January 20, 2015 at 11:29 pm #652130
    sweetmoon
    Member

    Thanks for the update Gabe. Thats exactly most of us feel when we come out of the exam. Dont let that bother you. I am sure you will pass.

    FAR : 71, 83
    AUD : 73,88
    BEC : 87
    REG : sweet 82 and DONE !!

    January 21, 2015 at 1:28 am #652131
    Mika
    Participant

    The Ultramares decision is a leading case that helps define when a CPA is liable to different parties. If a CPA has committed negligence, under this decision the CPA is liable to which of the following parties?

    I. The client.

    II. Third-party beneficiaries.

    III. Foreseeable third parties.

    a)I only.

    b)I and II only.

    c)I and III only.

    d)I, II, and III.

    REG - 80 (02/13/2015) Roger + Ninja Flash Card + Ninja MCQ + Becker's Note
    FAR - 84 (05/29/2015) Roger + Ninja MCQ + Some Wiley book questions
    BEC - 77 (08/27/2015) Roger + Ninja MCQ + Half Wiley book questions
    AUD - 87 (08/28/2015) Roger + Ninja MCQ + Half Wiley book questions

    January 21, 2015 at 1:31 am #652132
    wmcpa
    Member

    C?

    FAR: 83
    REG: 69, 69, retake Q1 2015
    AUD: Q2 2015
    BEC: Q2 2015

    January 21, 2015 at 1:31 am #652133
    Anonymous
    Inactive

    Do we need to memorize exemption amounts? I feel like CPAExcel videos say you don't need to memorize a bunch of limits and phaseout amounts but then the sims ask questions and don't provide the current amounts…

    January 21, 2015 at 1:41 am #652134
    Mika
    Participant

    The Ultramares decision is a leading case that helps define when a CPA is liable to different parties. If a CPA has committed negligence, under this decision the CPA is liable to which of the following parties?

    I. The client.

    II. Third-party beneficiaries.

    III. Foreseeable third parties.

    a)I only.

    b)I and II only. <– Correct Ans.

    c)I and III only.

    d)I, II, and III.

    REG - 80 (02/13/2015) Roger + Ninja Flash Card + Ninja MCQ + Becker's Note
    FAR - 84 (05/29/2015) Roger + Ninja MCQ + Some Wiley book questions
    BEC - 77 (08/27/2015) Roger + Ninja MCQ + Half Wiley book questions
    AUD - 87 (08/28/2015) Roger + Ninja MCQ + Half Wiley book questions

    January 21, 2015 at 1:43 am #652135
    wmcpa
    Member

    @Mika Why is it not foreseeable third parties though?

    FAR: 83
    REG: 69, 69, retake Q1 2015
    AUD: Q2 2015
    BEC: Q2 2015

    January 21, 2015 at 1:46 am #652136
    Mika
    Participant

    @wmcpa, in normal situation, CPA is liable for negligence for all 3 (i.e. Client+Third party beneficiaries (AKA Privity) and Foreseen third parties.

    However, under Ultra mares decision, CPA is ONLY liable for privity.

    REG - 80 (02/13/2015) Roger + Ninja Flash Card + Ninja MCQ + Becker's Note
    FAR - 84 (05/29/2015) Roger + Ninja MCQ + Some Wiley book questions
    BEC - 77 (08/27/2015) Roger + Ninja MCQ + Half Wiley book questions
    AUD - 87 (08/28/2015) Roger + Ninja MCQ + Half Wiley book questions

    January 21, 2015 at 1:48 am #652137
    Mika
    Participant

    Which of the following can be an advantage of a limited liability company over an S corporation?

    a) Double taxation of profits is avoided.

    b) Owners receive limited liability protection.

    c) Appreciated property can be distributed tax-free to an owner.

    d) Incentive stock options can be used to compensate owners.

    REG - 80 (02/13/2015) Roger + Ninja Flash Card + Ninja MCQ + Becker's Note
    FAR - 84 (05/29/2015) Roger + Ninja MCQ + Some Wiley book questions
    BEC - 77 (08/27/2015) Roger + Ninja MCQ + Half Wiley book questions
    AUD - 87 (08/28/2015) Roger + Ninja MCQ + Half Wiley book questions

    January 21, 2015 at 1:53 am #652138
    wmcpa
    Member

    Edit: rephrased – So, in the previous case – I got confused with “3rd parties beneficiaries”, since I thought that they could be anyone and not necessarily known to the CPA. Do “beneficiaries” mean privity (i.e. named 3rd party)?

    FAR: 83
    REG: 69, 69, retake Q1 2015
    AUD: Q2 2015
    BEC: Q2 2015

    January 21, 2015 at 1:56 am #652139
    wmcpa
    Member

    @Mika – not sure, but either C or D (probably C) – S corp could be stuck with built-in gains tax if it was previously c-corp

    FAR: 83
    REG: 69, 69, retake Q1 2015
    AUD: Q2 2015
    BEC: Q2 2015

    January 21, 2015 at 1:57 am #652140
    Mika
    Participant

    Which of the following can be an advantage of a limited liability company over an S corporation?

    a) Double taxation of profits is avoided.

    b) Owners receive limited liability protection.

    c) Appreciated property can be distributed tax-free to an owner. <— Correct

    d) Incentive stock options can be used to compensate owners.

    REG - 80 (02/13/2015) Roger + Ninja Flash Card + Ninja MCQ + Becker's Note
    FAR - 84 (05/29/2015) Roger + Ninja MCQ + Some Wiley book questions
    BEC - 77 (08/27/2015) Roger + Ninja MCQ + Half Wiley book questions
    AUD - 87 (08/28/2015) Roger + Ninja MCQ + Half Wiley book questions

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