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Passing the CPA-Regulation Exam is one of the requirements for becoming a licensed CPA in the United States. CPA-Regulation exam is administered by the American Institute of Certified Public Accountants (AICPA) and is computer-based, with multiple-choice questions and task-based simulations. Candidates are given four hours to complete the exam, and a passing score is 75 or higher. The CPA-Regulation Exam is a challenging test, but it is essential for demonstrating a candidate's knowledge and understanding of the legal and ethical principles that govern the accounting profession.
Reference: http://www.aicpa.org/BecomeACPA/CPAExam/ForCandidates/FAQ/Pages/computer_faqs_2.aspx
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AICPA CPA-Regulation Certification Exam is a rigorous test of the candidate's knowledge and skills related to federal taxation, business law, and ethics. Passing CPA-Regulation exam is a critical step in becoming a licensed CPA and providing quality accounting services to the public. Candidates must have a strong understanding of the exam's topics and be able to apply their knowledge to real-world scenarios.
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| Section | Weight | Objectives |
|---|---|---|
| Federal Taxation of Individuals | 22-32% | - Gross income inclusions and exclusions - Tax credits and alternative minimum tax - Filing status and dependency rules - Adjustments, deductions, and exemptions - Loss limitations and carryovers |
| Ethics, Professional Responsibilities, and Federal Tax Procedures | 10-20% | - Privileged communications and disclosure rules - Federal tax audit and appeal procedures - Tax preparer penalties and due diligence - Ethics and responsibilities in tax practice - Treasury Department Circular 230 |
| Business Law | 15-25% | - Business structure legal characteristics - Debtor-creditor relationships and bankruptcy - Contract formation and performance - Agency relationships and authority - Employment and federal business regulations - Uniform Commercial Code (UCC) articles |
| Federal Taxation of Property Transactions | 12-22% | - Cost recovery: depreciation, amortization, depletion - Recognition of gains and losses - Asset basis and holding periods - Like-kind exchanges and involuntary conversions - Capital vs ordinary asset classification |
| Federal Taxation of Entities | 23-33% | - Gift, estate, and trust taxation - Tax-exempt organizations - C corporations and S corporations - Book-tax differences - Partnerships and LLCs |
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