AICPA REG : CPA Regulation

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AICPA CPA Regulation Sample Questions:

1. 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 $2,000
How much rental income (loss) is included in Barkley's adjusted gross income?

A) $500
B) $(500)
C) $0
D) $(1,500)

2. During 1993 Kay received interest income as follows:
On U.S. Treasury certificates $4,000
On refund of 1991 federal income tax 500
The total amount of interest subject to tax in Kay's 1993 tax return is:

A) $500
B) $0
C) $4,500
D) $4,000

3. The uniform capitalization method must be used by:
I. Manufacturers of tangible personal property.
II. Retailers of personal property with $2 million dollars in average annual gross receipts for the 3
preceding years.

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

4. Which of the following statements is the best definition of real property?

A) Real property is land and intangible property in realized form.
B) Real property is all tangible property including land.
C) Real property is land and everything permanently attached to it.
D) Real property is only land.

5. Mosh, a sole proprietor, uses the cash basis of accounting. At the beginning of the current year, accounts
receivable were $25,000. During the year, Mosh collected $100,000 from customers. At the end of the
year, accounts receivable were $15,000. What was Mosh's gross taxable income for the current year?

A) $75,000
B) $90,000
C) $100,000
D) $110,000

Solutions: