[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

[SullivanNJD]

MCQ = very fair

Sims = total guessing game. no opportunities for partial credit. They will give you a boat load of info and have you fill in one number. Very tough.

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[Anonymous]

Crap, I suck at sims as it is now I will have no chance.

[Anonymous]

@Sullivan – you did awesome with quizzing – I'm sure you did well!

[win2bet]

Sims was pretty hard, got lucky with 2 revenue code fill ins( seems these type of questions are the gimmes), 1 was probably all wrong & on a topic that i don't think is even part of the exam (maybe it was a pre-test that doesn't count) and the other 3 i think i got at least 50% right very detail oriented

REG 68,87
BEC 85
FAR 75
AUD 64,64, 86!

[REGTaker]

I'm going through concept flashcards or variations there of on blaw topics. Testing your knowledge of blaw concepts. Feel free to jump in a try to take a stab at them. I'll let you know if you're right.

[REGTaker]

1–When does the statute of limitations in UCC Sales breach of contracts begin and how long does it last?

2–If there is no specification of where goods should be delivered, what is the default location typically?

3–Name the 4 types of warranties under the UCC Sales code.

[REGTaker]

Come on Bucky. You're always up for some quizzing. 🙂

[Anonymous]

1, Date of breach which is 4-6 years

2. Warehouse?

3. Express, Implied-Title, Implied-Merchant, Implied-fitness for particular purpose

[REGTaker]

1-Correct on date of breach. My notes say 4 years, not 4-6, but I am impressed! I didn't remember that at all.

2-Seller's place of business. If no business then their home. Were you talking about the seller's warehouse or the buyer's? For some reason I had buyer's business in my head, which is ridiculous since most purchases take place at the seller's place of business.

3-Awesome! You are correct

Wow, CPAHopeful. I thought you said you were having issues with blaw. You nailed those!!

[REGTaker]

4-Tell me what these 3 criteria are for. –must be seriously intended, terms must be definite and certain, must be communicated

5-What rule is this? An acceptance is effective to create a contract at the time of dispatch if a reasonable means of communication is used.

6–2 elements of consideration?

[Anonymous]

I'm still not that good with contracts, but I'll try…

4 – acceptance of an offer? or a counteroffer?

5 – Mailbox Rule?

6 – something of value and ??

there are great questions, btw!

[Anonymous]

I was referring to the seller's warehouse, but I wasn't really sure on that one. So seller's business? Good to know.

4. Contract

5. Early acceptance rule?

6. Of value, and bargain for exchange

[REGTaker]

These are going to help us all since blaw seems to be all of our weak area.

4–Offer! Good job

5–Yes Maim! Mailbox Rule

6–a bargained for exchange and legal value

Awesome!!

[Anonymous]

This is a good question here.

The adjusted basis of Ted's partnership interest is $30,000. In complete liquidation of his interest, he receives $10,000 in cash, his share of the inventory items having a basis to the partnership of $12,000, and two parcels of land having both fair market values and adjusted bases to the partnership of $12,000 and $4,000. What is Ted's basis in the two parcels of land?

A.

$8,000 and $4,000

B.

$5,000 and $3,000

C.

$6,000 and $2,000

D.

$8,000 and $0

[REGTaker]

7–When is revocation of an offer effective?

8–What term is this definition for? A distinct contract in which the offeree gives consideration in exchange for the offeror's promise to keep the offer open.

9–Under common law, what 2 things do you need to amend a contract?

[Author]

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