AICPA CPA-Regulation Exam Topics
AICPA CPA-Regulation Exam Overview :
| Exam Name: | CPA Regulation |
| Exam Code: | CPA-Regulation |
| Certifications: | AICPA Certified Public Accountant Certification |
| Actual Exam Duration: | 90 minutes |
| Expected no. of Questions in Actual Exam: | 60 |
| See Expected Questions: | AICPA CPA-Regulation Expected Questions in Actual Exam |
AICPA CPA-Regulation Exam Objectives :
| Section | Weight | Objectives |
|---|---|---|
| Area I — Ethics, Professional Responsibilitiesand Federal Tax Procedures | 10-20% | A. Ethics and responsibilities in tax practice 1. Regulations governing practice before the Internal Revenue Service 2. Internal Revenue Code and Regulations related to tax return preparers B. Licensing and disciplinary systems C. Federal tax procedures 1. Audits, appeals and judicial process 2. Substantiation and disclosure of tax positions 3. Taxpayer penalties 4. Authoritative hierarch D. Legal duties and responsibilities 1. Common law duties and liabilities to clients and third parties 2. Privileged communications, confidentiality and privacy acts |
| Area II — Business Law) | 10-20% | A. Agency 1. Authority of agents and principals 2. Duties and liabilities of agents and principals B. Contracts 1. Formation 2. Performance 3. Discharge, breach and remedies C. Debtor-creditor relationships D. Federal laws and regulations (e.g., employment tax, qualified health plans and worker classification) E. Business structure 1. Selection and formation of business entity and related operation and termination 2. Rights, duties, legal obligations and authority of owners and 3. Amount and character of gains and losses, and netting process (including installment sales) 4. Related party transactions (including imputed interest) |
| Area III — Federal Taxation of Property Transactions | 12-22% | A. Acquisition and disposition of assets 1. Basis and holding period of assets 2. Taxable and nontaxable dispositions 3. Amount and character of gains and losses, and netting process (including installment sales) 4. Related party transactions (including imputed interest) B. Cost recovery (depreciation, depletion and amortization) C. Gift taxation |
| Area IV — Federal Taxation of Individuals (including tax preparation and planning strategies) | 15-25% | A. Gross income (inclusions and exclusions) B. Reporting of items from pass-through entities C. Adjustments and deductions to arrive at adjusted gross income and taxable income D. Passive activity losses (excluding foreign tax credit implications) E. Loss limitations F. Filing status G. Computation of tax and credits |
| Area V – Federal Taxation of Entities (including tax preparation and planning strategies) | 28-38% | A. Tax treatment of formation and liquidation of business entities B. Differences between book and tax income (loss) C. C corporations 1. Computations of taxable income, tax liability and allowable credits 2. Net operating losses and capital loss limitations 3. Entity/owner transactions, including contributions, loans and distributions 4. Consolidated tax returns 5. Multijurisdictional tax issues (including consideration of local, state and international tax issues) D. S corporations 1. Eligibility and election 2. Determination of ordinary business income (loss) and separately stated items 3. Basis of shareholder’s interest 4. Entity/owner transactions (including contributions, loans and distributions) 5. Built-in gains tax E. Partnerships 1. Determination of ordinary business income (loss) and separately stated items 2. Basis of partner’s interest and basis of assets contributed to the partnership 3. Partnership and partner elections 4. Transactions between a partner and the partnership (including services performed by a partner and loans) 5. Impact of partnership liabilities on a partner’s interest in a partnership 6. Distribution of partnership assets 7. Ownership changes F. Limited liability companies G. Trusts H. Tax-exempt organizations 1. Types of organizations 2. Unrelated business income |
| Official Information | http://www.aicpa.org/BecomeACPA/CPAExam/ForCandidates/FAQ/Pages/computer_faqs_2.aspx |
Updates in the AICPA-Regulation Exam Topics:
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