Free AICPA AICPA-CPA Exam Questions
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AICPA AICPA-CPA Exam Questions
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Provided By: AICPA
- Exam: Certified Public Accountant (CPA) - Healthcare Accountat
- Certification: AICPA Certification
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Total Questions: 205
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Updated On: Mar 25, 2025
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Rated: 4.9 |
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Online Users: 410
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Question 1
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Adams, Beck, and Carr organized Flexo Corp. with authorized voting common stock of $100,000. Adams received 10% of the capital stock in payment for the organizational services that he rendered for the benefit of the newly formed corporation. Adams did not contribute property to Flexo and was under no obligation to be paid by Beck or Carr. Beck and Carr transferred property in exchange for stock below. What amount of gain did Carr recognize from this transaction? Adjusted Basis / Fair Market Value / % of Flexo Stock Acquired Beck: $5,000 $20,000 20% Carr: $60,000 $70,000 70%
Answer: D
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Adams, Beck, and Carr organized Flexo Corp. with authorized voting common stock of $100,000. Adams received 10% of the capital stock in payment for the organizational services that he rendered for the benefit of the newly formed corporation. Adams did not contribute property to Flexo and was under no obligation to be paid by Beck or Carr. Beck and Carr transferred property in exchange for stock below. What amount of gain did Carr recognize from this transaction? Adjusted Basis / Fair Market Value / % of Flexo Stock Acquired Beck: $5,000 $20,000 20% Carr: $60,000 $70,000 70%
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Question 2
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Which of the following requires filing a gift tax return if the transfer exceeds the available annual gift tax exclusion?
Answer: C
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Which of the following requires filing a gift tax return if the transfer exceeds the available annual gift tax exclusion?
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Question 3
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Select all that apply:
When applying the revenue test to determine if a segment is a reportable
segment, the segment's revenues are compared to the total for the entity.
Which of the following revenue items should be included in the revenue
calculation?
Answer: A
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Select all that apply:
When applying the revenue test to determine if a segment is a reportable
segment, the segment's revenues are compared to the total for the entity.
Which of the following revenue items should be included in the revenue
calculation?
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Question 4
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The price elasticity of demand for widgets is 1.1 and the quantity
demanded is 5,000 units. The price increases by 8%. What is the
new quantity demanded?
Answer: B
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The price elasticity of demand for widgets is 1.1 and the quantity
demanded is 5,000 units. The price increases by 8%. What is the
new quantity demanded?
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Question 5
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Drillfast is a drilling corporation with operations at oil rigs around the world. For the 2014 annual report, which business segment should be reported as an operating segment?
Answer: C
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Drillfast is a drilling corporation with operations at oil rigs around the world. For the 2014 annual report, which business segment should be reported as an operating segment?