[jeff]

Welcome to the Q2 2015 CPA Exam Study Group for REG.

“Death and Taxes” – Individual Tax for the CPA Exam

Posted by Another71 on Monday, November 24, 2014

Free NINJA: https://www.another71.com/cpa-exam-study-plan/

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

[Gabe]

thanks hunter…every time I see these “word play” questions I chuckle to myself and say, “dang it CPA exam, go home, you're drunk” lol

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

[Anonymous]

I liked this one. Give it a go:

Under the ethical standards of the profession, which of the following positions would be considered a position of significant influence in an audit client?

A. A marketing position related to the client's primary products

B. A policy-making position in the client's finance division

C. A staff position in the client's research and development division

D. A senior position in the client's human resources division

[Sandia]

B – financial division….

FAR - 77 x2 Wiley book & no test bank
AUD - 83 x3 NINJA Test bank 3 time
REG - 80 x1 NINJA Test bank
BEC - 78 X2 NINJA Test bank ..done!!promesa cumplida mama -que llege al cielo 🙂
Ethic 100% Licensed VA CPA

[hunter32]

B- only management related choice

BEC - 80 (Becker)
AUD - 92 (Becker+NINJA MCQ)
FAR - 87 (Becker+NINJA MCQ)
REG - 90 (Becker+NINJA MCQ and Audio)

[Gabe]

B- policy making? move along…lol

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

[Anonymous]

B is correct.

My first instinct was to go with D because a CPA should not be in a position to hire and fire employees of a client. But when I reread the answers I realized it was B because setting policy of a client is even worse (in ethical terms).

[Anonymous]

wait wait wait guys i think i got it. its B

[Anonymous]

Another one (this should be an easy one):

To be successful in a civil action under Section 11 of the Securities Act of 1933 concerning liability for a misleading registration statement, the plaintiff must prove:

A. The defendant's intent to deceive.

B. The plaintiff's reliance on the registration statement.

C. Both the defendant's intent to deceive and the plaintiff's reliance on the registration statement.

D. Neither the defendant's intent to deceive nor the plaintiff's reliance on the registration statement.

[hunter32]

D. All others are related to 10b-5

BEC - 80 (Becker)
AUD - 92 (Becker+NINJA MCQ)
FAR - 87 (Becker+NINJA MCQ)
REG - 90 (Becker+NINJA MCQ and Audio)

[Anonymous]

hes trying to trick us guys. dont be fooled. its D

[Anonymous]

D is correct.

Under 1933, a purchaser must only show that a loss was incurred. They do NOT need to show that the CPA was negligent nor do they need to have relied on the information provided. Again, they only need to show that they suffered a loss.

[Anonymous]

For those who have taken the exam before, is there a way you can say how important it is to know individual forms without going into specifics and breaking the exam policy? Things like a 1040, 1040 EZ (know this because it shows that itemized deductions didn't take place) and basic schedules I don't mind. But the question I'm staring at right now is dealing with employer forms 940, 941 and 1040 Shedule H.

In Becker they REALLY glossed over the individual forms and didn't really emphasize knowing individual forms all that much.

Thanks.

[willpassby2014]

Eleanor Donohue put $1,000 into a traditional individual retirement account (IRA) when she was 47 years old. When she turned 63, she took the entire amount of $2,600 out. The extra $1,600 had been earned over the years. Which of the following statements is true?

A Donohue gets a deduction for adjusted gross income of $1,000 when the money was put into the traditional IRA.

B The $1,600 is taxable when the money is removed from the traditional IRA but the other $1,000 is tax free.

C The $1,000 is taxable when the money is removed from the traditional IRA but the other $1,600 is tax free.

D The entire $2,600 is tax free when removed from the traditional IRA

why is answer D not correct. I know Answer A is also correct. what am i missing. Please help

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Gabe]

@angel I took the exam in January and I would not worry about knowing all the different forms.

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

[hunter32]

You're thinking of a Roth IRA

BEC - 80 (Becker)
AUD - 92 (Becker+NINJA MCQ)
FAR - 87 (Becker+NINJA MCQ)
REG - 90 (Becker+NINJA MCQ and Audio)

[Author]

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