[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for REG.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

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

[Anonymous]

Reg_Slayer, why did you edit your first post? I like it!

It was vicious, but accurate.

I'd post it again for those who missed to read it, LOL.

Avoidance ===> Trump
Evasion ===> Hillary

[Reg_Slayer]

ahahaha! becuase i want to focus on my exam, not bring up politics! but maybe that will help y'all remember.

[jonm857]

That is fckin classic! Very good way to remember it.

B - 81
A - 87
R - 73
F - July 5th

[jonm857]

I overestimated my ability to finish R6 in 90 minutes. Was feeling like Maximus Aurelius earlier.

B - 81
A - 87
R - 73
F - July 5th

[jpowell31]

..unless there is reason to believe that there is something wrong….etc. with the information given.

@Amor did you pass REG? any hints? i appreciate your input if that's the case, given i think you're not focusing on your AUD take for our sake :)! i'd agree, though. MY BEC and AUD groups were *crickets* when i was studying. also my first REG take…so this group has been great.

[jonm857]

what are the 3 implied warranties, and how do you disclaim each.

B - 81
A - 87
R - 73
F - July 5th

[jpowell31]

@jon where you at? I just hit 175. i want to try and hit 300 now(!!!)

Which of the following statements is correct regarding the taxes payable under the Federal Unemployment Tax Act (FUTA)?
A. Liability arises only when wages are actually, not constructively, paid to employees.
B. Credits for this tax are allowed to employers for certain state unemployment taxes paid by the employer.
C. The amount is withheld from the wages of all employees.
D. The amount is determined as a percentage of all compensation paid to an employee.

[jonm857]

I'm at 130 give or take.

I think the answer is B, although A has me head-scratching.

B - 81
A - 87
R - 73
F - July 5th

[Anonymous]

@Jpowell, I already passed all 4 sections, except that AUD and FAR already expired because I was half-assessing REG and BEC alternately.
Oh, I'm focusing on AUD, it's just that my notes for REG are golden that I'm willing to share because I want to plant goodwill to reap good karma now and beyond.

@Jon, can you help me with AUD? Is this note for Form 8-K no longer in force?

“4 days=>Form 8-K reporting significant change in an issuer's business must be filed within 4 business days to update previously filed Form 10-Q and 10-K.”

[jonm857]

@Amor D

Wish I could help on that one, but I honestly don't know……………………………………

B - 81
A - 87
R - 73
F - July 5th

[Anonymous]

Thank you for your quick response. You see that note of mine was from my 2013 compiled notes. But recently, I've read this:

5 days=>The 10-K must be accompanied by an auditor's report. The 10-Q may be subject to a limited review. The 8-K is not audited, but must be filed in writing 15 days after a significant event such as a change in control, sale or purchase of division, start or termination of material litigation, material default or debt, and/or write-down or abandonment of assets. A change in certifying CPA or the resignation of a director must be reported within five business days. Proxy statements are not audited, but require full disclosure with regard to the proxy solicitation. Proxy statements may, however, contain audited financial statements.
There’s this 5-day rule for changes in certifying CPA or director resignation and 15-day rule to file Form 8-K for a significant event such a change in control.

These minutiae can variably appear in any of the 4 CPA sections.

[jpowell31]

@AMOR i'm all about karma…let's hope to exchange some… as of when i took AUD in May – that law was definitely still in effect!

[jpowell31]

@jon yes the answer is B. A is confusing because it's when the unemployment is paid, not when wages are paid!

[Anonymous]

@Jpowel, got you!
So Form 8-K is this:

4 days => To update previously filed Form 10-Q & 10-K
5 days => To report change in certifying CPA or director resignation
15 days => Significant change

[jpowell31]

that's how i remember it but i only used Ninja for AUD and it didn't get that detailed from what i remember so something like that is coming from memory of doing MCQ. for the most part i remember it saying “reasonable amount of time” or “the next day” but details matter so maybe don't listen to me!

[Author]

Replies