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: Mar 06, 2026
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Question 1

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 2

Which TWO of the following errors would cause the total of the debit column and the total of the credit column of a trial balance not to agree? (1) A transposition error was made when entering a sales invoice into the sales day book (2) A cheque received from a customer was credited to cash and correctly recognised in receivables (3) A purchase of non-current assets was omitted from the accounting records (4) Rent received was included in the trial balance as a debit balance


Answer: D
Question 3

Knickerbocker Corp. issued $20 million of long-term debt in the current year. What is a major advantage to Knickerbocker with the debt issuance?


Answer: B
Question 4

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?


Answer: C
Question 5

The price elasticity of demand for widgets is 1.1 and the quantity demanded is 5,000 units. The price increases by 8%. What is the new quantity demanded?


Answer: B
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Total 205 Questions | Updated On: Mar 06, 2026
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