Free CPA REG (Taxation & Regulation) Practice Questions
The CPA REG section tests federal taxation, business law, and professional ethics. Practice 400 questions on individual and entity taxation, property transactions, and regulatory frameworks.
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Sample Questions
Question 1
Easy
Under contract law, what is the mailbox rule and when does it apply?
Solution
B is correct. The mailbox rule (also called the dispatch rule) provides that an acceptance is effective when dispatched by the offeree through a reasonable or authorized medium of communication, rather than when received by the offeror. This means a contract is formed at the moment of dispatch. The rule applies unless the offeror specifies that acceptance is effective only upon receipt or the offeree sends a rejection before dispatching the acceptance.
Choice A is incorrect because the mailbox rule specifically provides that acceptance is effective upon dispatch, not receipt.
Choice C is incorrect because the mailbox rule applies only to acceptances; rejections, revocations, and counteroffers are effective only when received by the other party.
Choice D is incorrect because the mailbox rule does not create a waiting period or affect the revocability of offers.
Choice A is incorrect because the mailbox rule specifically provides that acceptance is effective upon dispatch, not receipt.
Choice C is incorrect because the mailbox rule applies only to acceptances; rejections, revocations, and counteroffers are effective only when received by the other party.
Choice D is incorrect because the mailbox rule does not create a waiting period or affect the revocability of offers.
Question 2
Medium
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Solution
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Question 3
Hard
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Solution
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Topics
Ethics, Professional Responsibilities and Federal Tax Procedures
163 questions
Business Law
204 questions
Federal Taxation of Property Transactions
114 questions
Federal Taxation of Individuals
283 questions
Federal Taxation of Entities
277 questions
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