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AICPA REG Practice Tests & CPA Exam Test Prep - Topics



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Understanding what is on the AICPA REG exam is crucial step in preparing for the exam. You will need to have an understanding of the testing domain (topics covered) to be sure you are studying the correct information.

  • Directs your study efforts toward the most relevant areas.
  • Ensures efficient and adequate preparation.
  • Helps identify strengths and weaknesses.
  • Allows for a focused approach to address gaps in understanding.
  • Aligns your preparation with the exam's expectations.
  • Increases the likelihood of success.
  • Keeps you informed about your field's current demands and standards.
There is no doubt that this is a strategic step in achieving certification and advancing your career.

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AICPA Regulation Exam Blueprint

Understanding the exact breakdown of the AICPA Regulation test will help you know what to expect and how to most effectively prepare. The AICPA Regulation has multiple-choice questions The exam will be broken down into the sections below:

AICPA Regulation Exam Blueprint
Domain Name % Number of
Questions
Ethics, Professional Responsibilities and Federal Tax Procedures 10-20% 13
Business Law 10-20% 13
Federal Taxation of Property Transactions 12-22% 16
Federal Taxation of Individuals 15-25% 20
Federal Taxation of Entities 28-38% 37

AICPA Regulation - Exam Topics Sample Questions

Changes in liabilities affect a partner's basis.  Which of the following is NOT one of those changes?

Correct Answer:
beginning basis


the concept of a partner's basis in a partnership is crucial in determining the tax implications of partnership operations and transactions. a partner's basis is essentially the measure of their investment in the partnership, used for calculating gain or loss on distribution or dissolution, and for determining limits on deductions such as losses.

changes in the partnership's liabilities directly affect each partner's basis in the partnership. these changes can include an increase or decrease in the overall liabilities of the partnership. for instance, when a partnership takes on more debt, each partner's share of that debt increases their basis. conversely, when a partnership's liabilities decrease, so does each partner's basis by their share of the reduction.

additionally, changes in a partner's individual liability concerning the partnership can also affect their basis. if a partner personally assumes more of the partnership's liabilities, this is treated as an additional contribution to the partnership, thereby increasing their basis. similarly, if a partner's individual responsibility for partnership liabilities decreases, their basis decreases. this adjustment ensures that the partner's financial involvement is accurately reflected.

however, the "beginning basis" is not affected by changes in liabilities during the partnership's operation. the beginning basis is the starting point of a partner’s investment in the partnership, established at the time of their entry into the partnership or at the beginning of the tax year. it includes initial contributions and any previous adjustments (such as prior year losses or distributions received). changes in liabilities impact the basis after this initial calculation and throughout the partnership's lifecycle, altering the basis from its starting point.

thus, when considering what does not constitute a change in a partner’s basis due to liabilities, the correct answer is "beginning basis." this initial figure is a baseline that subsequent transactions and adjustments modify. understanding these dynamics is essential for accurate financial and tax planning within a partnership structure.