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Free Guide & MCQs

AICPA REG

By Nate / February 15, 2024

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Categories

REG 1: Ethics, Professional Responsibilities, and Federal Tax Procedures 0%
REG 2: Business Law 0%
REG 5: Federal Taxation of Entities 0%

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Question 1 of 4

1. Question

REG1B169949 – REG 2023 Hard

Which regulatory body coordinates the state boards of accountancy in their role of licensing and regulation for CPAs?

A. The National Association of State Boards of Accountancy.
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B. The Financial Accounting Standards Board.
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C. The Public Company Accounting Oversight Board.
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D. The American Institute of Certified Public Accountants.
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Question 2 of 4

2. Question

REG5E192513 – REG 2023 Hard

A partnership converted to an LLC that is taxed as a partnership in order to limit the partners’ liability. How is the conversion treated for tax purposes?

A. As a nontaxable event, without an interim closing of the tax year.
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B. As a taxable liquidation of the partnership followed by the formation of a new LLC.
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C. As a continuation of the original business, but if appreciated assets are sold, built-in gains taxes could apply.
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D. As a continuation of the original business, but net unrealized gains on the appreciation of the partnership are taxed to the partners in the year of conversion.
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Question 3 of 4

3. Question

REG2A161313 – REG 2023 Hard

A principal hired an agent to sell several parcels of land. The two signed a document that empowered the agent to enter contracts binding the principal for whatever price the agent thought would be reasonable, as long as sales were in cash. The principal boasted to friends that the agent had complete authority to make all sales. A friend heard the boast and later agreed with the agent to buy a parcel on an installment contract. The principal attempted to void the installment-contract agreement. Which of the following events made the agreement binding?

A. The principal's boast to the friends.
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B. The written document between the principal and the agent.
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C. The continued authority of the agent to act.
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D. The disclosure of the principal's identity.
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Question 4 of 4

4. Question

REG1B172639 – REG 2023 Hard

Under the Uniform Accountancy Act, a CPA may receive a contingent fee for which of the following services?

A. Expedited preparation of an original return reflecting a large refund.
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B. Successfully concluding an Internal Revenue Service examination.
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C. Preparing a covered tax opinion in connection with a transaction that an audit client plans to undertake.
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D. Compiling a financial statement that is included in an offering document.
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