📋

CPA Practice Questions

Certified Public Accountant

145

Total Questions

Levels

121

Topics

🔍Browse & filter all questionssearch by topic, tag, difficulty

Recently Added

View all →

Section 351MediumREG
Three founders form Beacon Inc. Two contribute property and each receive 100 shares. One contributes only services and receives 30 shares. Does Section 351 nonrecognition apply for the property transferors?
Section 351 - BootMediumREG
A transferor contributes property with adjusted basis 40,000 and FMV 100,000 to a corporation in exchange for stock worth 90,000 and cash of 10,000. The control test is met. How much gain does the transferor recognize?
Section 357(c)HardREG
A transferor contributes property with adjusted basis 30,000 and FMV 150,000. The corporation assumes 50,000 of debt secured by the property. No other consideration changes hands. How much gain does the transferor recognize?
Section 358 - Stock BasisMediumREG
A transferor contributes property with basis 50,000 in exchange for stock worth 100,000 plus cash of 10,000. The transferor recognized 10,000 of gain. What is the transferor's basis in the stock under Section 358?
Section 362 - Corporate BasisMediumREG
In a Section 351 transaction, a transferor contributes property with basis 30,000 and FMV 80,000. The transferor recognized 8,000 of gain. What is the corporation's basis in the property?
Services for StockEasyREG
An attorney receives stock worth 15,000 in a newly formed corporation in exchange for legal services. The stock is fully vested. How does the attorney report this?

Select a Level

Auditing and Attestation

57 questions

Harbor Kite Supply allows the same employee to create wire templates, release approved wires in the bank portal, post the related journal entries, and prepare the monthly bank reconciliation. Which combination creates the strongest segregation-of-duties concern?

A small company has one accountant who prepares wire templates and records cash disbursements. Which control most directly mitigates the missing segregation of duties?

Start Practice →

Financial Accounting and Reporting

31 questions

A city receives $750,000 of state grant revenue restricted for library programs. Which fund type is most appropriate?

Which statement best describes governmental fund financial statements?

Start Practice →

Regulation

50 questions

Three founders form Beacon Inc. Two contribute property and each receive 100 shares. One contributes only services and receives 30 shares. Does Section 351 nonrecognition apply for the property transferors?

A transferor contributes property with adjusted basis 40,000 and FMV 100,000 to a corporation in exchange for stock worth 90,000 and cash of 10,000. The control test is met. How much gain does the transferor recognize?

Start Practice →

Discipline — BAR / ISC / TCP

7 questions

A payroll service organization processes wage and tax withholding data that its customers use in their financial statements. A user auditor wants assurance over controls affecting payroll expense and payroll liabilities. Which report is most likely appropriate?

A service organization wants a report on whether its system description is fairly presented and whether controls are suitably designed as of June 30. The report does not cover operating effectiveness over a period. Which report type is described?

Start Practice →

Topics Covered

AUD - Accounting and Review ServicesAUD - Attestation EngagementsAUD - Ethics and ConfidentialityAUD - Nonattest ServicesAUD - Professional ResponsibilitiesAUD - Quality Control and DocumentationAUD EngagementsAccounts payable completenessAccrued ExpensesAgreed-Upon ProceduresApplicable StandardsApplication controlsAsset PurchaseAttest EngagementsAttestation EngagementsAudit AdjustmentsAudit EvidenceAudit PurposeAudit QualityBank ReconciliationBank ReconciliationsBusiness LawCPA Title UseCapital ProjectsChange managementClassificationClient ConsentCompilation EngagementsComputer operationsControl ActivitiesCost-Benefit ConstraintDeadline Risk DashboardDepreciable BasisDisposition-Year DepreciationEntity TaxationEquity AccountsFAR - Adjusting EntriesFAR - Bank ErrorsFAR - Bank ReconciliationFAR - Bank Reconciliation TBSFAR - Company ErrorsFee ArrangementsFinancial Statement UsersFinancial StatementsFinancing cycle accrualFirm LicensureForm 4562Fraud RiskFund AccountingFund ClassificationGovernment-Wide ReportingGovernmental AccountingHolding OutIT dependenciesITGC versus application controlsIndependenceIndependence and ObjectivityIndividual TaxationInformation RiskInternal ControlInvesting cycle classificationJournal EntriesLicense StatusLinked WorkbooksLogical access controlsLong-Term DebtMACRS ConventionsMACRS Mid-Quarter ConventionMACRS Property ClassesManagement ReportingManager ReviewMisstatement EvaluationModified AccrualOpen Item LogsPartnership TaxationPayroll cycle accrualPrepaid ExpensesPrepaids and MaterialityPreparation EngagementsProfessional CommunicationProfessional EthicsProfessional ResponsibilitiesProperty TaxationPublic TrustQualitative MaterialityReal Property DepreciationReasonable AssuranceReconciliationReturn ReassignmentRevenue RecognitionRevenue cycle cutoffRevenue occurrenceReview EngagementsReview NotesReview-Ready StatusRisk AssessmentSOC Report TypesSOC ReportsSection 351Section 351 - BootSection 351 - LossSection 357(c)Section 358 - Stock BasisSection 362 - Corporate BasisServices for StockShare RetirementSource DataState Board RulesStockholders EquitySubservice OrganizationsSupplies AdjustmentSystem-generated reportsTax Deadline TriageTax Practice EthicsTax Practice SupervisionTax Return EthicsTrace versus vouchUnearned RevenueUser Entity ControlsWorkpaper DocumentationWorkpaper Judgment

Pair with Our CPA Course

Combine practice questions with 160+ hours of video lessons for the most comprehensive CPA exam preparation.

View Course — $279 All-Access $49/mo