Free AICPA AICPA-CPA Exam Questions

Become AICPA Certified with updated AICPA-CPA exam questions and correct answers

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Total 205 Questions | Updated On: Apr 28, 2026
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Question 1

The target capital structure of Cerberus Co. is 50% debt, 10% preferred equity, and 40% common equity. The interest rate on debt is 8%, the yield on the preferred is 10%, the cost of common equity is 12%, and the tax rate is 40%. Cerberus does not anticipate issuing any new stock. What is Cerberus' weighted-average cost of capital?


Answer: B
Question 2

Which of the following requires filing a gift tax return if the transfer exceeds the available annual gift tax exclusion?


Answer: C
Question 3

Which of the following requires filing a gift tax return if the transfer exceeds the available annual gift tax exclusion?


Answer: C
Question 4

Sam rents his second home. During the current year, he reported a $40,000 net loss from the rental. Assume Sam actively participates in the rental activity and no phase-out limitations apply. What is the greatest amount of the rental loss that Sam can deduct against ordinary income in the current year?


Answer: A
Question 5

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
Page:    1 / 41      
Total 205 Questions | Updated On: Apr 28, 2026
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