Free AICPA AICPA-CPA Exam Questions
Absolute Free AICPA-CPA Exam Practice for Comprehensive Preparation
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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: Feb 19, 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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Select all that apply:
When applying the revenue test to determine if a segment is a reportable
segment, the segment's revenues are compared to the total for the entity.
Which of the following revenue items should be included in the revenue
calculation?
Answer: A
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Select all that apply:
When applying the revenue test to determine if a segment is a reportable
segment, the segment's revenues are compared to the total for the entity.
Which of the following revenue items should be included in the revenue
calculation?
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Question 3
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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 4
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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 5
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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
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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?