[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

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

[Anonymous]

@Tax Lady – C – $40K from Bane?

[Anonymous]

I got one right!!!! Sorry, I had a rough day.

[Tax lady]

l'll start numbering questions…#2

Barret contracted in writing to purchase land from Gott to build a hotel. Riggo was pleased because he owned a restaurant next door. However, shortly after the contract was made, Barret breached the contract. Both Riggo and Gott have sued Barret for the breach of contract. Which parties can win in a law suit against Barret?

Gott.

Riggo.

Both Gott and Riggo.

Neither Gott nor Riggo.

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Tax lady]

Yay Bucky!

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Anonymous]

Gott – Riggo doesn't have skin in this game.

[MommyBear]

A–Gott

[MommyBear]

Bucky–:)

[Tax lady]

This answer is correct. Gott can win against Barret for the breach of contract because Gott, as a party to the contract, had an enforceable right against Barret who breached the contract.

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[WANNABE_CPA]

B correct for my question..

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Tax lady]

Question 16:

(DBCR-0004)

Need a hint?

See Reference…

Hargrove borrowed $40,000 as additional working capital for her business from the Old Town Bank. Old Town required that the loan be collateralized to the extent of 60%, and an acceptable surety for the entire amount be obtained. Prudent Surety Company agreed to act as surety on the loan and Hargrove pledged $24,000 of bearer negotiable bonds, which belonged to her husband, with Old Town. Hargrove has defaulted. Which of the following is correct?

As a result of the default, Prudent and Hargrove’s husband are cosureties.

Old Town must first proceed against Hargrove and obtain a judgment for payment before it can proceed against the collateral.

Old Town must first liquidate the collateral before it can proceed against Prudent.

Prudent is liable in full immediately upon default by Hargrove, but will upon satisfaction of the debt be entitled to the collateral.

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Anonymous]

16 – I think D

[MommyBear]

D?

[Anonymous]

I want to Hiya so stinking bad. Probably bc I can't.

[Tax lady]

D is correct! You guys are doing great!

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Tax lady]

Question 17:

(BSTR-0069)

Need a hint?

See Reference…

What term is used to describe a partnership without a specified duration?

A perpetual partnership.

A partnership by estoppel.

An indefinite partnership.

A partnership at will.

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Author]

Replies