[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/

[REGTaker]

Holy pajamas. Am I actually answering blaw questions correctly??? Mentally raising my Ninja score a few percentage points. 😉

[REGTaker]

I cheated. It's an artisan lien. A mechanic's lien is for real property that can't be taken, but they will get paid once sold. Or maybe it's both. The bank could give notice if you default on your mortgage. Hmmm.

[Anonymous]

It's C – both. Apparently, the lienholders have to notify the debtors before selling the items.

[Anonymous]

Quick Corp. agreed to purchase 200 typewriters from Union Suppliers, Inc. Union is a wholesaler of appliances and Quick is an appliance retailer. The contract required Union to ship the typewriters to Quick by common carrier, “F.O.B. Union Suppliers, Inc. Loading Dock.”

Which of the parties bears the risk of loss during shipment?

A. Union, because the risk of loss passes only when Quick receives the typewriters.

B. Union, because both parties are merchants.

C. Quick, because title to the typewriters passed to Quick at the time of shipment.

D. Quick, because the risk of loss passes when the typewriters are delivered to the carrier.

[REGTaker]

D

[Anonymous]

You are correct! Once again, all the names messed me up. I see it now – I'm not usually this ditzy. 🙁

[REGTaker]

You're probably tired and just a bit burnt out. When is your test?

[Anonymous]

Jay Associates, CPAs, gives an unqualified opinion on Nast Power Co.'s financial statements. Larkin bought Nast bonds in a public offering subject to the Securities Act of 1933. The registration statement filed with the SEC includes Nast's financial statements.

Larkin sues Jay for misstatements contained in the financial statements under the provisions of Section 11 of the Securities Act of 1933. To prevail, Larkin must prove:

A. Scienter

B. Reliance

C. Both

D. Neither

[Anonymous]

Tomorrow at 12:30. CT

[REGTaker]

I think it is neither. He just has to prove that there was a material misrepresentation and he suffered a loss.

[REGTaker]

Mines at 12:30 EST. Twinsies!! The kids, the couponing, the time of test. Crazy!!

[Anonymous]

You are correct!

[Anonymous]

I have to take my test during nap/rest times. My husband has a tough time dealing with all 3 at once.

[REGTaker]

So do we need to recap all this stuff so you can commit it to memory or are you copying the explanations into a word doc?

[Anonymous]

Under the Sales Article of the UCC, which of the following statements is correct regarding the warranty of merchantability arising when there has been a sale of goods by a merchant seller?

A. The warranty must be in writing.

B. The warranty arises when the buyer relies on the seller's skill in selecting the goods purchased.

C. The warranty cannot be disclaimed.

D. The warranty arises as a matter of law when the seller ordinarily sells the goods purchased.

[Author]

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