REG CPA Exam Questions and Answers 100% Solved | Guaranteed Success

REG CPA Exam Questions and Answers

100% Solved | Guaranteed Success


express warranty - ✔✔-any statement of fact made by the seller,

description provided by seller or sample shown by seller

-statements of value typically dont apply

-generally cannot be disclaimed

implied warranty of title - ✔✔-implied that seller has right to sell goods

can only be disclaimed with specific language or circumstance

-sold "as is" and "with all faults doesnt disclaim

implied warranty of merchantability - ✔✔-implied that goods are fit for

ordinary purpose

-only applies when a sale by merchant

-sold "as is" and "with all faults can be disclaimed or by mentioning

merchantability

implied warranty of fitness for a particular purpose - ✔✔-buyer relies on

seller

-seller must know of purpose goods will be used for

, -sold "as is" and "with all faults can be disclaimed

cannot be disclaimed with "as is" or "with all faults" - ✔✔implied warranty of

title

501(c)(3) organization - ✔✔charities

501(c)(2) organization - ✔✔formed for exclusive purposes to hold property,

collect income from property, and turn over NI to exempt org.

501(c)(1) organization - ✔✔created by an act of congress

ex. federal credit unions

farmers cannot seek relief - ✔✔ch. 9

farmers can seek relief - ✔✔ch. 7

farmers with regular income can seek relief - ✔✔ch. 11

ch. 13

Ch. 7 - ✔✔provides liquidation of debtors estate

pays off creditors to extent of proceeds

trustee

Ch. 9 - ✔✔municipal debt adjustment

Ch. 11 - ✔✔debt reorganization

no trustee