[jeff]

Welcome to the Q1 2016 CPA Exam Study Group for REG.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

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

[Future Ninja]

In response to an inquiry from Bill, Indira sent Bill a letter offering to sell a $400 cell phone. The offer stated that, unless Indira heard from Bill by return mail, she would interpret the silence as an acceptance. Which of the following statements is true concerning acceptance of an offer by silence?

A. If Bill intends to accept and makes no reply, an agreement is formed.
B. If Bill replies, expressly accepting the offer, no agreement will have been formed.
C. An agreement will automatically result from Indira’s offer and Bill’s silence if they have had prior dealings.
D. Bill must reply if he does not wish to accept.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Anonymous]

@Future:
I read it somewhere, silence means rejection.
This is a kind of question that makes my guts and head ache.
I would go for “C”.
A and B >>>> they just sound silly to me.
D >>>>>>>>> The use of the word MUST is just not right. I don’t think Bill is realistically obligated to reply.

@Ahuge, thanks for the clarification about assignment of right to receive insurance benefits.

[Future Ninja]

Dunne and Cook signed a contract requiring Cook to rebind 500 of Dunne’s books at 80¢ per book. Later, Dunne requested, in good faith, that the price be reduced to 70¢ per book. Cook agreed orally to reduce the price to 70¢. Under the circumstances, the oral agreement is

A. Enforceable, but proof of it is inadmissible into evidence.
B. Enforceable, and proof of it is admissible into evidence.
C. Unenforceable because Dunne failed to give consideration, but proof of it is otherwise admissible into evidence.
D. Unenforceable due to the statute of frauds, and proof of it is inadmissible into evidence.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

RISE AND GRIND Q1 REG GROUP!

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

anybody here?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

guys:

#3. On Monday, Harry Lime entered into a contract to sell some real estate to Holly, borrowed $10,000 from Welles, agreed to teach a weekend seminar at the Vienna School of Business, and agreed to ship 100 textbooks to Alida College. Before he could perform under any of these agreements, Harry died. His estate has not satisfied any of these obligations. Harry’s estate will prevail in an action brought by

A. Welles.
B. Vienna.
C. Holly.
D. Alida.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

anyone? pls help. #3 question.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[CPA2B_NJ]

@Future Ninja – good tricky question. I'd figure Harry estate would prevail against Holly.

FAR - 50, 78
BEC - 67, 72, 75
AUD - 72, 80
REG - 70, 85

To God be the glory! Forever, amen!

NJ License

[nib]

@ amor D
@ eesti

It is regarding your partnership question .My query is =
1)As per my knowledge , K and K-1 SCHEDULE is used in S corporation and not in partnership .
2) In your question , if anna would have received income > 10 % of distributive share , excess amount would tax as capital gain .

[nib]

@amor D

thanks a lot for mnemonics . Its really helpful. ..

what you people think. should i memorize them first and then solve question
or

start solving question without memorizing them .

[nib]

@Future Ninja
@ amor D

1)For an agreement both offer and acceptance is required .

Acceptance should be in the form req by offeror or should be consistent with certain terms as required by offeror .

2) in given question , offer states that silence is an acceptance. the offeree may accept by remaining silent .
3) So according to me answer is A.

Thus, if Bill makes no reply but intends to accept, the silence will be an acceptance, and an agreement will be formed.

[jeff]

test…

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

[ahugemistake]

boop

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[ahugemistake]

REG makes me mad, the test was nothing like I was expecting it to be and I feel like I wasted my time looking at all these small detailed things which were no where to be found on the exam. I personally feel I should have practiced more sims, and also reviewed the text some more , but with all my practice on MCQs I felt very comfortable going through the questions, asides from some specific topics I think I did good over all. The sims will definitely be the reason I fail this exam and I cant even be mad because there really is no way to prepare other doing sims and hoping you get the same ones.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[fruitsyrup]

@huge May I ask how many multiple choice questions you did? Was it all from Ninja testbank? You seem really prepared. Good luck!

FAR - 71, 78
AUD - 71, 72, 78
BEC - 75
REG - 48, 60, 67, 76

[Author]

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