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: Apr 26, 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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Gareth, a sales tax registered trader purchased a computer for use in his business. The invoice for the computer
showed the following costs related to the purchase:
$
Computer 890
Additional memory 95
Delivery 10
Installation 20
Maintenance (1 year) 25 ––––––
1,040
Sales tax (17·5%) 182 ––––––
Total 1,222
––––––
How much should Gareth capitalise as a non-current asset in relation to the purchase?
Answer: D
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Gareth, a sales tax registered trader purchased a computer for use in his business. The invoice for the computer
showed the following costs related to the purchase:
$
Computer 890
Additional memory 95
Delivery 10
Installation 20
Maintenance (1 year) 25 ––––––
1,040
Sales tax (17·5%) 182 ––––––
Total 1,222
––––––
How much should Gareth capitalise as a non-current asset in relation to the purchase?
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Question 4
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At 30 June 20X5 a company’s allowance for receivables was $39,000. At 30 June 20X6 trade receivables totalled
$517,000. It was decided to write off debts totalling $37,000 and to adjust the allowance for receivables to the
equivalent of 5% of the trade receivables based on past events.
What figure should appear in the statement of profit or loss for the year ended 30 June 20X6 for receivables
expense?
Answer: C
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At 30 June 20X5 a company’s allowance for receivables was $39,000. At 30 June 20X6 trade receivables totalled
$517,000. It was decided to write off debts totalling $37,000 and to adjust the allowance for receivables to the
equivalent of 5% of the trade receivables based on past events.
What figure should appear in the statement of profit or loss for the year ended 30 June 20X6 for receivables
expense?
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Question 5
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Prior to the financial year end of 31 July 20X9, Cannon Co has received a claim of $100,000 from a supplier for
providing poor quality goods which have damaged the supplier’s plant and equipment. Cannon Co’s lawyers have
stated that there is a 20% chance that Cannon will successfully defend the claim.
Which of the following is the correct accounting treatment for the claim in the financial statements for the year
ended 31 July 20X9?
Answer: C
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Prior to the financial year end of 31 July 20X9, Cannon Co has received a claim of $100,000 from a supplier for
providing poor quality goods which have damaged the supplier’s plant and equipment. Cannon Co’s lawyers have
stated that there is a 20% chance that Cannon will successfully defend the claim.
Which of the following is the correct accounting treatment for the claim in the financial statements for the year
ended 31 July 20X9?