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Updated for the 2024 CPA Evolution exam format

ModuleCPAUS-REG

REG: Regulation

Prepare for REG: Regulation with practice questions covering 36 topics. Build your knowledge, track your progress, and study effectively with GoCPAus.

Questions
808
Units
5
Topics
36

What’s in it.

5 units

Sample questions

3 of many

A few questions from this module, with the answer and a full explanation. The complete bank is available when you start practising.

  1. A seller delivers goods on January 15, the contract deadline. The buyer rejects the goods because they are slightly off-specification. The seller was surprised by the rejection because similar goods had been accepted on prior occasions. May the seller cure after January 15 under UCC § 2-508?

    • Yes. Because the seller had reasonable grounds — based on prior course of dealing — to believe the slightly off-spec goods would be acceptable, the seller may cure within a further reasonable time after the contract period expired.
      Correct answer
    • No. Reasonable grounds to believe the goods would be acceptable is not a valid basis for post-deadline cure under the UCC.
    • Yes, but only if the buyer explicitly agrees to extend the contract deadline and signs an amendment.
    • Yes, but only if the seller delivers identical replacement goods within 24 hours of the rejection.
    Explanation

    UCC § 2-508(2) allows a seller whose tender is rejected after the contract period expires to make a conforming delivery within a further reasonable time if the seller had reasonable grounds to believe the tender would be acceptable. Prior acceptance of similar goods in past transactions can create such reasonable grounds. The seller must seasonably notify the buyer of the intent to cure and complete the cure within a reasonable time.

  2. What is the original due date for a calendar-year partnership's Form 1065 after an automatic extension?

    • December 15, which is the 4th quarter estimated tax deadline.
    • November 15, which is 8 months after the March 15 original due date.
    • June 15, which is only 3 months after the March 15 original due date.
    • September 15, which is 6 months after the March 15 original due date.
      Correct answer
    Explanation

    Calendar-year partnerships file Form 1065 by March 15. An automatic 6-month extension via Form 7004 moves the deadline to September 15 (March 15 + 6 months = September 15). This September 15 extended deadline is the same for both partnerships and S corporations. It differs from the October 15 extended deadline for individual Form 1040 and C corporation Form 1120 (which have an April 15 original due date + 6 months = October 15). Keeping these extended deadlines straight is a common exam challenge.

  3. A calendar-year C corporation's Form 1120 is due on what date without an extension?

    • February 15, the 15th day of the 2nd month after the close of the tax year.
    • March 15, the 15th day of the 3rd month after the close of the tax year.
    • October 15, the 15th day of the 10th month after the close of the tax year.
    • April 15, the 15th day of the 4th month after the close of the tax year.
      Correct answer
    Explanation

    Under IRC Section 6072, a C corporation's Form 1120 is due on the 15th day of the 4th month after the close of the tax year. For a calendar-year C corporation (year ending December 31), the 4th month after December is April, making the due date April 15. A 6-month extension via Form 7004 extends this to October 15. Note that partnerships and S corporations are due on March 15 (15th day of the 3rd month) — a key distinction.