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

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%

A : $40,000

B : $15,000

C : $10,000

D : $0

Answer: D

Question 2

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

A : Medical expenses paid directly to a physician on behalf of an individual unrelated to the donor.

B : Tuition paid directly to an accredited university on behalf of an individual unrelated to the donor.

C : Payments for college books, supplies, and dormitory fees on behalf of an individual unrelated to the donor.

D : Campaign expenses paid to a political organization.

Answer: C

Question 3

Drillfast is a drilling corporation with operations at oil rigs around the world. For the 2014 annual report, which business segment should be reported as an operating segment?

A : South American segment, which contributes 8% of total revenues, 5% of profits and accounts for 9% of assets. South American operating manager reports to the chief operating officer.

B : African segment, which contributes 9% of the company’s assets, 16% of total revenues, and 18% of profits. The African operating manager reports to the British operating manager.

C : Australian segment, which contributes 10% of total revenues, 2% of assets, and 4% of profits. The Australian manager reports to the chief operating officer.

D : Texas based corporate headquarters

Answer: C

Question 4

Which of the following would be considered corroborative evidence?

A : Checks, invoices, and contracts

B : General and subsidiary ledgers

C : Minutes from meetings of the board of directors

D : Worksheets and spreadsheets supporting cost allocations

Answer: C

Question 5

Emergent Corporation plans to revise its information system. Its design staff is undertaking a system survey. The most likely data- gathering techniques the design staff will use include interviews, questionnaires, observations, and

A : Decryption.

B : Gantt charts.

C : Prototype demonstrations.

D : System documentation review.

Answer: D

Page: 1 / 41

Total 205 Questions | Updated On: Apr 28, 2026

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