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The Regulation section tests candidates' knowledge of federal taxation, ethics, professional and legal responsibilities, and business law and the skills needed to apply that knowledge.
The Ethics, Professional and Legal Responsibilities, and Business Law area covers knowledge of a CPA's professional and legal responsibilities and the legal implications of business transactions, particularly as the relate to accounting and auditing, and the skills needed to apply that knowledge. Professional ethics questions are based on the AICPA Code of Professional Conduct because it is national in its application.
Federal Taxation tests knowledge of principles and procedures for federal income, estate, and gift taxation and their application in practice. To demonstrate such knowledge, candidates will be required to:
- Analyze information and identify data relevant for tax purposes
- Identify issues, elections, and alternative tax treatments
- Research issues and alternative tax treatments
- Formulate conclusions
Lambers CPA Review offers 4 ways to prepare for the Regulation section:
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