REG Video #1-In the Video below, Darius narrates and explains the answers to the AICPA Release Ethics Questions. These multiple choice REG questions were released by the AICPA in October of 2019. The REG candidate can usually prepare for a question on who can sue a CPA. The questions in this first REG video relate to ethics and accountants’ legal and professional responsibilities to clients. The REG exam will test your knowledge and education regarding the difference between breach of contract, ordinary negligence, gross negligence/constructive fraud, and common law fraud. In order to be successful in the Regulation exam in the area of ethics, you must know who can sue a CPA for breach of contract, the additional parties that can sue a CPA for ordinary negligence and the additional parties who can sue a CPA for gross negligence/constructive fraud, and common law fraud. If you want to pass the CPA REG exam, make sure to take notes as you watch this video and see not only what the AICPA has been asking lately in the area of ethics but also how to approach the next multiple choice question or simulation on ethics. You will need to be familiar with terms such as “reckless”, “scienter” and “‘reasonable care”.
Video #2- AICPA Release REG Taxation Questions and Narrated Explanations-2019-In the video below, Darius narrates and explains the AICPA release REG questions from October 2019 in the area of Taxation. If you want to download the questions, they are available on the AICPA’s website until December 31, 2019.
The Taxation questions released included basis of property received as a gift, the decrease in stock basis from a stock dividend, sale of a primary residence, income from a partnership, capital gains and losses for individuals, Alternative minimum tax, which is much easier now since no more corporate AMT!, M-1 Reconciliation book income to taxable income, consolidated tax return filing for affiliated groups, termination and sale of a partnership interest, and distributable net income for a simple trust. Watch the video below and see the narrated explanations to all these taxation questions that are at least somewhat likely to appear on your CPA Exam.
Video # 3. In the Video Below, Darius narrates the AICPA Answer Explanations for REG, of the AICPA Release Questions that relate to Business Law. There are contract questions that require a candidate to understand certain terms such as substantial performance, novation, accord and satisfaction, anticipatory repudiation, discharge of duties by operation of law vs discharge of duties by other means. Other contract questions recently tested on the CPA Exam include the topics of guarantee and suretyship, contractual capacity, payroll tax rules relating to employers for federal unemployment, social security and medicare, and in particular, CPA candidates need to know that no money comes out of an employee’s pay to go toward federal unemployment as its all paid for by the employer. Business Structure questions were released by the AICPA in October of 2019 including partners liability for debts in a general partnership. Other topics important in business law but were not part of the AICPA release include bankruptcy, agency, and secured transactions.
The AICPA has recently released multiple choice questions and correct letter answers without explanations. However, Darius has made videos for all the AICPA Answer Explanations for REG. In these videos, I have narrated and explained the answers to the questions that were recently released by the AICPA. As of now, no other CPA Review Course has these explanatory answers yet. CPAexamTutoring.com is your place for all CPA exam related content.