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Free Regulation (REG) Exam Questions and Answers
Last updated: March 30, 2025
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Regulation (REG)
#Question
An individual contributes to a Flexible Spending Account (FSA). When do these funds need to be used?
A.
At the end of employment
B.
They never expire
C.
Within 2 years
D.
Within the year
Correct Answer:
D
Funds contributed to an FSA typically need to be used within the same calendar year, with a grace period or carryover option sometimes offered.
#Question
Employers can generally deduct business insurance premiums for what type of business?
A.
All of these
B.
Partnerships
C.
Corporations
D.
Sole Proprietorships
Correct Answer:
A
Premiums for business insurance can generally be deducted by all forms of business organization as an ordinary business expense.
#Question
A company fills out a W-2 form for its employees. What is this form used for?
A.
Reporting capital gains
B.
Reporting employee wages
C.
Reporting liabilities
D.
Reporting self-employment tax
Correct Answer:
B
Form W-2 reports annual wages and the amount of taxes withheld for each employee.
#Question
A business that fails to meet taxation rules can claim what type of loss?
A.
Non-exempt
B.
Passive
C.
Capital
D.
Ordinary
Correct Answer:
D
Businesses can claim ordinary losses against income for tax purposes, provided they comply with IRS regulations.
#Question
What is the special exemption percentage for capital gains from small business stock held for more than five years?
A.
0%
B.
75%
C.
100%
D.
50%
Correct Answer:
C
Under certain conditions, taxpayers may exclude 100% of capital gains from the sale of qualified small business stock held for over 5 years.
#Question
An employee receives stock options as part of their compensation. When is this typically taxed?
A.
At vesting
B.
At sale
C.
At exercise
D.
At grant
Correct Answer:
C
Stock options are usually taxed when exercised, meaning the individual must report income at that time.
#Question
Emily paid $10,000 in medical expenses and earns $80,000. How will these expenses impact her tax return?
A.
Only deductible if above certain thresholds
B.
Not deductible
C.
Partially deductible, depending on AGI
D.
Fully deductible
Correct Answer:
C
Medical expenses are deductible only to the extent that they exceed a certain AGI threshold, usually 7.5% for the self-employed.
Regulation (REG)
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Q2: Why should I pursue AICPA Certification? A: AICPA Certification enhances your professional credibility, demonstrating your proficiency in accounting and finance. This can lead to better job opportunities, higher salaries, and career advancement in the accounting and finance sectors.
Q3: What are the benefits of AICPA Certification? A: Benefits include recognition as a certified accounting professional, improved job performance, access to exclusive resources, continuing education opportunities, and the ability to stay current with the latest accounting standards and best practices.
Q4: Who should take AICPA Certification Exams? A: Aspiring accountants, finance professionals, auditors, tax advisors, and anyone pursuing a career in accounting or finance should consider these certifications to validate their expertise and achieve professional goals.
Q5: What types of AICPA Certification Exams are available? A: The primary certification offered by AICPA is the CPA (Certified Public Accountant) exam, which consists of four sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG).
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Q10: How often do I need to recertify for AICPA Certifications? A: CPAs must meet continuing professional education (CPE) requirements annually to maintain their certification and stay updated with the latest industry practices and regulations.
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