AICPA CPA-Regulation practice materials Questions Answers

Exam Code:
CPA-Regulation
Exam Name:
CPA Regulation Exam
Last Update:
Jun 01,2026

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Page: 1 / 14
Total Questions: 69

Questions & Answers PDF

• Question 1

  

  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.The Moores received a $500 security deposit on their rental property in 1994. They are required to return the amount to the tenant.

  • $0
  • $500
  • $900
  • $1,000
  • $1,250
  • $1,300
  • $1,500
  • $2,000
  • $2,500
  • $3,000
  • $10,000
  • $25,000
  • $50,000
  • $55,000
  • $75,000

  Reveal Answer Answer: A, ,E,x,p,l,a,n,a,t,i,o,n Next Question

• Question 2

  

  Capital assets include:

  • A corporation's accounts receivable from the sale of its inventory.
  • Seven-year MACRS property used in a corporation's trade or business.
  • A manufacturing company's investment in U.S. Treasury bonds.
  • A corporate real estate developer's unimproved land that is to be subdivided to build homes, which will be sold to customers.

  Reveal Answer Answer: C, ,E,x,p,l,a,n,a,t,i,o,n Next Question

• Question 3

  

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

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

  Reveal Answer Answer: B, ,E,x,p,l,a,n,a,t,i,o,n Next Question

• Question 4

  

  Clark bought Series EE U.S. Savings Bonds after 1989. Redemption proceeds will be used for payment of college tuition for Clark's dependent child. One of the conditions that must be met for tax exemption of accumulated interest on these bonds is that the:

  • Purchaser of the bonds must be the sole owner of the bonds (or joint owner with his or her spouse).
  • Bonds must be bought by a parent (or both parents) and put in the name of the dependent child.
  • Bonds must be bought by the owner of the bonds before the owner reaches the age of 24.
  • Bonds must be transferred to the college for redemption by the college rather than by the owner of the bonds.

  Reveal Answer Answer: A, ,E,x,p,l,a,n,a,t,i,o,n Next Question

• Question 5

  

  Barkley owns a vacation cabin that was rented to unrelated parties for 10 days during the year for$2,500. The cabin was used personally by Barkley for three months and left vacant for the rest of the year. Expenses for the cabin were as follows:Real estate taxes $1,000 Maintenance and utilities $2,000How much rental income (loss) is included in Barkley's adjusted gross income?

  • $0
  • $500
  • $(500)
  • $(1,500)

  Reveal Answer Answer: A, ,E,x,p,l,a,n,a,t,i,o,n Next Question

• Question 6

  

  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.During 1994, the Moores received a $2,500 federal tax refund and a $1,250 state tax refund for 1993 overpayments. In 1993, the Moores were not subject to the alternative minimum tax and were not entitled to any credit against income tax. The Moores’ 1993 adjusted gross income was $80,000 and itemized deductions were $1,450 in excess of the standard deduction. The state tax deduction for 1993 was $2,000.

  • $0
  • $500
  • $900
  • $1,000
  • $1,250
  • $1,300
  • $1,500
  • $2,000
  • $2,500
  • $3,000
  • $10,000
  • $25,000
  • $50,000
  • $55,000
  • $75,000

  Reveal Answer Answer: E, ,E,x,p,l,a,n,a,t,i,o,n Next Question

• Question 7

  

  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.In 1992, Joan received an acre of land as an inter-vivos gift from her grandfather. At the time of the gift, the land had a fair market value of $50,000. The grandfather’s adjusted basis was $60,000. Joan sold the land in 1994 to an unrelated third party for $56,000.

  • $0
  • $500
  • $900
  • $1,000
  • $1,250
  • $1,300
  • $1,500
  • $2,000
  • $2,500
  • $3,000
  • $10,000
  • $25,000
  • $50,000
  • $55,000
  • $75,000

  Reveal Answer Answer: A, ,E,x,p,l,a,n,a,t,i,o,n Next Question

• Question 8

  

  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.The Moores received $8,400 in gross receipts from their rental property during 1994. The expenses for the residential rental property were:

  • $0
  • $500
  • $900
  • $1,000
  • $1,250
  • $1,300
  • $1,500
  • $2,000
  • $2,500
  • $3,000
  • $10,000
  • $25,000
  • $50,000
  • $55,000
  • $75,000

  Reveal Answer Answer: I, ,E,x,p,l,a,n,a,t,i,o,n Next Question

• Question 9

  

  The uniform capitalization method must be used by:

  • Manufacturers of tangible personal property.
  • Retailers of personal property with $2 million dollars in average annual gross receipts for the 3 preceding years.
  • I only.
  • II only.
  • Both I and II.
  • Neither I nor II.

  Reveal Answer Answer: A Next Question

• Question 10

  

  Parker, whose spouse died during the preceding year, has not remarried. Parker maintains a home for a dependent child. What is Parker's most advantageous filing status?

  • Single.
  • Head of household.
  • Married filing separately.
  • Qualifying widow(er) with dependent child.

  Reveal Answer Answer: D, ,E,x,p,l,a,n,a,t,i,o,n Next Question

Page: 1 / 14
Total Questions: 69

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