[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

[REGTaker]

My children are having attention issues. Going to spend 15 minutes with them and put them to bed. If you're still here I'll post more. If not, I'll see you tomorrow. Thanks for the quizzing. I like these flashcards.

[REGTaker]

I'm back if you are still here.

[Anonymous]

I'm a little confused but when does title and risk of loss transfer to the buyer on sale on approval and on sale or return?

[jeff]

Death and Taxes MP3 Download: https://www.another71.com/death-and-taxes/

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

[jimmymac814]

@CPAhopeful11-

Sale on Approval- the title and risk will stay with the seller until the buyer approves the goods

Sale on Return- the risk of loss will pass to the buyer when the seller completes whatever delivery requirements were set forth (FOB shipping point, carrier, etc) and the risk will remain with the buyer until the goods are completely returned.

[Anonymous]

Thanks, that's what I originally thought but read my notes today and was confused.

I hope the questions on the test aren't as long as some of those on Ninja and the WTB.

[Anonymous]

@REGTaker – Wanna work on flashcards again tonight? I took another test this afternoon and still need to work on Contracts/Surety/Agency/etc.

[REGTaker]

Yes maim! I'll be here. I'm going over Becker flashcards right now. Reading through all of them and trying to retain some of this stuff. I'm going to take another practice test in a few minutes to see where I stand. I've got agency down, but everything else is a little bit hairy. I don't have any kids today or tonight so what time do you want to get together?

[Anonymous]

Lucky! I had all 3 kids all day (no school for the big kids). How about around 7 CT (it's bath/shower night and I have to help with that madness)? Good luck on your test – I somehow got a 76, not sure if it's because I'm memorizing questions or because I'm starting to understand this stuff.

[REGTaker]

I'm sure it is because you are understanding the info. You've been quite diligent in your studies and it is going to pay off for you! I am fortunate to get the next 3 days to study full time. I hope it pays off for me. 🙂 See you at 7 CT, which I think is 8 my time.

[Anonymous]

Just a tip for who is going to take their exam in the next few days, for capital gains if it perfectly a year's span, it is consisdered ST not LT. For example:

Bought stock on 1-24-13 and sold on 1-24-14 it would be ST. I missed a few of those on the Ninja sims.

[REGTaker]

I just got a 74 on my practice test. My last one was 78. I think it is time to stop looking at MCQ and start focusing on concepts. I'm burnt out.

[Anonymous]

I focused on concepts yesterday. I felt like I was memorizing MCQ. I'm ready whenever you are.

[REGTaker]

I need 5 more minutes. I had to run to the grocery store. It was a madhouse.

[REGTaker]

I'm here.

So based on my last practice test, my weak spots are Federal Securities Regulation, negotiable Instruments, and characterizing income (Other Income, etc) on a Tax form. Where do you want to start?

[Author]

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