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AICPA REG Exam Syllabus Topics:

AICPA CPA Regulation Sample Questions:

Question 1

Doris and Lydia are equal partners in the capital and profits of Agee & Nolan, but are otherwise unrelated.
The following information pertains to 300 shares of Mast Corp. stock sold by Lydia to Agee & Nolan:

The amount of long-term capital loss that Lydia realized in 1988 on the sale of this stock was:

A. $2,500
B. $0
C. $3,000
D. $5,000

Question 2

DAC Foundation awarded Kent $75,000 in recognition of lifelong literary achievement. Kent was not
required to render future services as a condition to receive the $75,000. What condition(s) must have
been met for the award to be excluded from Kent's gross income?
I. Kent was selected for the award by DAC without any action on Kent's part.
II. Pursuant to Kent's designation, DAC paid the amount of the award either to a governmental unit or to a
charitable organization.

A. II only.
B. I only.
C. Neither I nor II.
D. Both I and II.

Question 3

Which one of the following will result in an accruable expense for an accrual-basis taxpayer?

A. A repair completed prior to year end and paid upon completion.
B. A repair completed prior to year end but not invoiced.
C. A signed contract for repair work to be done and the work is to be completed at a later date.
D. An invoice dated prior to year end but the repair completed after year end.

Question 4

Rich is a cash basis self-employed air-conditioning repairman with 1993 gross business receipts of
$ 20,000. Rich's cash disbursements were as follows:

What amount should Rich report as net self-employment income?

A. $15,100
B. $14,900
C. $13,900
D. $14,100

Question 5

Tom and Joan Moore, both CPAs, filed a joint 1994 federal income tax return showing $70,000 in taxable
income. During 1994, Tom's daughter Laura, age 16, resided with Tom. Laura had no income of her own
and was Tom's dependent.
Determine the amount of income or loss, if any that should be included on page one of the Moores' 1994
Form 1040.
Tom's 1994 wages were $53,000. In addition, Tom's employer provided group-term life insurance on
Tom's life in excess of $50,000. The value of such excess coverage was $2,000.

A. $10,000
B. $2,500
C. $1,250
D. $55,000
E. $0
F. $3,000
G. $75,000
H. $2,000
I. $1,500
J. $900
K. $1,000
L. $25,000
M. $50,000
N. $500
O. $1,300

Solutions: