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Kaplan Schweser CPA Review

Are you prepared for the CPA exam? Test your knowledge and keep your skills sharp by taking the weekly CPA Exam Quiz, brought to you by Kaplan Schweser CPA Review and AccountingWEB Student Zone. New questions will be posted for each section weekly.

BEC - Business Environment and Concepts

Which of the following requirements must be met to have a valid partnership exist?

I. Co-ownership of all property used in a business.
II. Co-ownership of a business for profit.

	I only.
	II only.
	Both I and II.
	Neither I nor II.

AUD - Auditing and Attestation

Which of the following criteria is unique to the auditor�s attest function?

	Familiarity with the particular industry of which the client is a part.
	Independence.
	Due professional care.
	General competence.

FAR - Financial Accounting and Reporting

If a corporation sells some of its treasury stock at a price that exceeds its cost, this excess should be

	Reported as a gain in the income statement.
	Treated as a reduction in the carrying amount of remaining treasury stock.
	Credited to additional paid-in capital.
	Credited to retained earnings.

REG - Regulation Tax

A taxpayer starts Year One as a single individual. On January 4, Year One, the person gets married. This person and her spouse adopt a child on May 1, Year One. The spouse dies suddenly on December 3, Year One. The taxpayer does not remarry prior to the end of the year. The child is a dependent. What tax status should the taxpayer use when filing an income tax return for Year One?

	Single
	Qualifying widow
	Head of Household
	Joint