The CPA-REG (Regulation) exam tests the understanding level of the candidate at legal matters in a business context and taxation at a federal level. The REG CPA exam covers the topics of business law and federal taxation.
Let’s go through the complete details of the CPA regulation exam structure.
CPA-REG Exam Topic Areas:
The REG section is a 4-hour long exam. It includes below topics:
|Business Law||10 to 20%|
|Professional Ethics and Federal Tax Procedures||10 to 20%|
|Federal Individual Taxation||15 to 25%|
|Property Transaction Taxation||12 to 22%|
|Entity Taxation||28 to 38%|
Business Law: It covers debt transactions, contracts, and commercial regulations. Besides, some concepts, like business structure and Uniform Commercial Code (UCC).
Professional Ethics and Federal Tax Procedures: These topics cover professional liability, independence, and professional conduct.
Federal Individual Taxation: It includes all the income tax topics such as exemptions, deductions, profits, losses, carrybacks, carryforwards and everything related to 1040 form and its structure.
Property Transaction Taxation: The differences between the taxation of an individual and the taxation of business will be tested with few subjects like gross income inclusion, alternative minimum tax (AMT) and taxation of transactions involving assets and property.
Entity Taxation: It covers all the legal entities, and the methods they are taxed like corporations, tax vehicles, trusts, sole proprietorships and partnerships. It can be drawn from IRC local state boards, and other regulatory agencies.
CPA-REG Exam Structure and Format:
The CPA Regulation exam contains five different testlets. The first two testlets consist of 38 MCQs each. Then there will be a 15-minute break. After you come back from break, there will be three more testlets consisting of task-based simulations.
|Question Type||No of Questions|
|Multiple-Choice Questions (MCQs)||76 (38+38)|
|Task-Based Simulations||8 (2+3+3)|
Regulation Section Format:
|Testlets||No of Questions|
|1||38 MCQs (Multiple-Choice Questions)|
|2||38 MCQs (Multiple-Choice Questions)|
|3||2 TBS (Task-Based Simulations)|
|4||3 TBS (Task-Based Simulations)|
|5||3 TBS (Task-Based Simulations)|
The REG part of the CPA exam is mostly all about taxation related topics. It is essential that you study all the topics thoroughly and keep having a constant revision of everything that you cover. Given in this article is a complete overview of the REG part of the CPA exam, the details, the topics covered and also the exam format. Hope this turns out to be helpful for the exam preparation. In case you have any other queries you may comment below.
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