[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

[nib]

@ future

what is correct answer for above s cop question .

I guess , After 5 yrs of termination , it can re- elect s corp status .
so it is =
C. January 1, 2021.

[Anonymous]

Agree with @bin

[Future Ninja]

@bin @cantstop – you're correct. I got that wrong. It should be after 5 years.

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

[fruitsyrup]

Hey guys, my exam is tomorrow. Feeling a bit anxious. Should I do some more last minute multiple choice review? Thank you all for your help!

Total Questions: 1947
Questions Not Answered Correctly: 161
Questions Not Seen: 25
Total Question Attempts: 5583
Average Score : 88%
Average Trending Score: 92.33%

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

[Future Ninja]

@fruitsyrup – read some more on concepts. I got 100% on my review score yet 57 on the final score. to me as long you know the concepts in and out, you will be fine. Good luck dude.

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

[Future Ninja]

D, E, F, and G formed a general partnership. Their written partnership agreement provides that the profits will be divided so that D will receive 40%; E, 30%; F, 20%; and G, 10%. There is no provision for allocating losses. At the end of its first year, the partnership has losses of $200,000. Before allocating losses, the partners’ capital account balances are D, $120,000; E, $100,000; F, $75,000; and G, $11,000. G refuses to make any further contributions to the partnership. Ignore the effects of federal partnership tax law. What is G’s share of the partnership losses?

A. $9,000
B. $20,000
C. $39,000
D. $11,000

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

[marqzho]

fruitsyrup

Questions Not Answered Correctly: 161

Those are the questions you need to do now 🙂

Good luck !

REG 90
FAR 95
AUD 98
BEC 84

[Future Ninja]

did you know that:

A general partnership may be formed without a written and signed agreement

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

[Future Ninja]

did you know that:

A partner has the power, but not necessarily the right, to dissociate at any time, subject to payment of damages if the dissociation is wrongful. Moreover, dissociation by the partner’s giving notice of express will to withdraw is nevertheless a basis for dissolution.

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

[makiu]

@Future Ninja
I'm rooting out for you Ninja!…..You can do it!!!keep on studying hard that you are just a few steps away in finalizing your journey!!! No pain no gain!!!

Makiu,CPA,MST,E.A.

[Future Ninja]

#1. Smith and James were partners in S and J Partnership. The partnership agreement stated that all profits and losses were allocated 60% to Smith and 40% to James. The partners decided to terminate and wind up the partnership. The following was the balance sheet for S and J on the day of the windup:

Cash

$40,000

Accounts receivable

12,000

Property and equipment

38,000

Total assets

$90,000

Accounts payable

$24,000

Smith, capital

30,000

James, capital

36,000

Total liabilities and capital

$90,000

Of the total accounts receivable, $10,000 was collected, and the remainder was written off as bad debt. All liabilities of S and J were paid by the partnership. The property and equipment are sold for $32,000. Under the Revised Uniform Partnership Act, what amount of cash was distributed to Smith?

A. $25,200
B. $26,000
C. $30,000
D. $34,800

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

[Future Ninja]

#2. A limited liability partnership (LLP)

A. Starts as a corporation.
B. Is typically adopted by providers of professional services.
C. Is ordinarily treated as a legal entity to the same extent as a corporation.
D. Offers a liability shield only for professional malpractice.

WHY NOT D?

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

[Future Ninja]

@makiu – thank you man! thank you so much!

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

[Future Ninja]

#3. Eller, Fort, and Owens do business as Venture Associates, a general partnership. Trent Corp. brought a breach of contract suit against Venture and Eller individually. Trent won the suit and filed a judgment against both Venture and Eller. Venture then entered bankruptcy. Under the RUPA, Trent will generally be able to collect the judgment in full from

A. Partnership assets but not partner personal assets.
B. The personal assets of Eller, Fort, and Owens.
C. Eller’s personal assets only after partnership assets are exhausted.
D. Eller’s personal assets.

WHY NOT C?

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

[CPA2B_NJ]

Guys, I finished the ninja questions so now I'm just doing sets of 30 using the adaptive part. I keep getting repeat questions that I've gotten right so many times. Does it make sense to reset so I can get a good set from the adaptive? I'm 9 days away from exam and I don't want to keep getting questions I got right. It inflates my trending and I feel it's not using my time right.

What do you guys think?

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

To God be the glory! Forever, amen!

NJ License

[Author]

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