REG Study Group Q1 2016 - Page 67

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  • #748821
    CPA2B_NJ
    Member

    I had my exam on Saturday. MCQs were doable but SIMS were so confusing and complex. I was hoping to get heavly tested on the big stuff but the exam felt like it touched the surfice of everything. Good luck to you guys taking the exam today.

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

    To God be the glory! Forever, amen!

    NJ License

    #748822
    Future Ninja
    Participant

    hey guys! just got out from testing center: this is my feeling right now!

    Just when you think
    Hope is lost,
    And giving up
    Is all you got,
    And blue turns black,
    Your confidence is cracked,
    There seems no turning back from here

    Sometimes there isn't an obvious explanation
    Why the holiest hearts can feel the strongest palpitations

    That's when you can build a bridge of light,
    That's what turns the wrong so right
    That's when you can't give up the fight

    That's when love turns night time into day,
    That's when loneliness goes away,
    That's why you gotta be strong tonight,
    Only love can build us a bridge of light

    When your feet are made of stone
    And you're convinced that you're all alone
    Look at the stars instead of the dark
    You'll find your heart shines like the sun

    Let's not let our anger get us lost
    And the need to be right comes with way too high a cost

    That's when love can build a bridge of light
    That's what turns the wrong so right
    That's when you know it's worth the fight

    That's when love turns night time into day
    That's when loneliness goes away,
    That's why you gotta be strong tonight
    ‘Cause only love can build us a bridge of light

    Deep breath, take it on the chin
    But don't forget to let the love back in

    That's when love can build a bridge of light
    That's what turns the wrong so right
    That's when you can't give up the fight

    And that's when love turns night time into day,
    That's when loneliness goes away
    That's why you gotta be strong tonight
    ‘Cause only love can build us a bridge of light

    Only love can build us a bridge of light…

    Of light….
    Of light…

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

    Attachments:
    #748823
    Future Ninja
    Participant

    the feeling of, you did thousand of MCQ's, did some of the SIMS, reviewed a lot of concepts and yet by the time you face your REG giant, you were confused, which one is the correct answer BUT bottomline you gotta choose. and then when you got out from the testing center you found out you got it wrong. I'm honestly afraid to check my score coming 9th.

    @Amor D @ cantstop – check it for me? ^_^

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

    #748824
    Future Ninja
    Participant

    ok anybody here? got few questions for you. ready?

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

    #748825
    Future Ninja
    Participant

    which one is not exempt under 501c(3)?

    a. Medical school
    b. credit union
    c. a local college
    d. u.s. branch of foreign bank

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

    #748826
    Future Ninja
    Participant

    which one is taxable?

    a. charity org
    b. political campaign
    c. professional football league
    d. Banks

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

    #748827
    Future Ninja
    Participant

    another one. how much is the gain or loss if any for the gift? help pls.

    AB = usd 2,500.00
    FMV= usd 2,000.00
    Sold to TP later on = usd 1,800.00

    a. 0
    b. (200)
    c. (500)
    d. (700)

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

    #748828
    Anonymous
    Inactive

    @ future ninja
    for last one, I think answer would be 0

    #748829
    Future Ninja
    Participant

    deleted.

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

    #748830
    Future Ninja
    Participant

    @Ano – you got answer to the other two questions?

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

    #748831
    Future Ninja
    Participant

    another one:

    what is the right of the surety when he paid the creditor for the full amount of the defaulted loan of the debtor?

    a. exoneration
    b. subgrogation
    c. reimbursement
    d. exculpate

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

    #748832
    Future Ninja
    Participant

    shed some light please.

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

    #748833
    Anonymous
    Inactive

    @ future I think but not sure answer would be (subrogation).

    #748834
    Anonymous
    Inactive

    @ future, I haven't reached to the exempt organization chapter so I don't have any idea regarding those two.

    #748835
    Anonymous
    Inactive

    @Future, those questions you just posted were very hard. For surety, I think the answer would be “SUBROGATION”, after the surety paid off the debtor's debt, he can now demand the debtor for payment and act as the creditor.

    This should be your last test and I hope you passed! Wow, you'll be a CPA in less than 10 days!!!

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