Exam Details

  • Exam Code
    :CPA-TEST
  • Exam Name
    :Certified Public Accountant Test: Auditing and Attestation, Business Environment and Concepts, Financial Accounting and Reporting, Regulation
  • Certification
    :AICPA Certifications
  • Vendor
    :AICPA
  • Total Questions
    :1241 Q&As
  • Last Updated
    :Jul 16, 2025

AICPA AICPA Certifications CPA-TEST Questions & Answers

  • Question 651:

    Following the formation of a corporation, which of the following terms best describes the process by which the promoter is released from, and the corporation is made liable for, pre-incorporation contractual obligations?

    A. Assignment.

    B. Novation.

    C. Delegation.

    D. Accord and satisfaction.

  • Question 652:

    Which of the following documents would most likely contain specific rules for the management of a business corporation?

    A. Articles of incorporation.

    B. Bylaws.

    C. Certificate of authority.

    D. Shareholders' agreement.

  • Question 653:

    A stockholder's right to inspect books and records of a corporation will be properly denied if the purpose of the inspection is to:

    A. Commence a stockholder's derivative suit.

    B. Obtain stockholder names for a retail mailing list.

    C. Solicit stockholders to vote for a change in the board of directors.

    D. Investigate possible management misconduct.

  • Question 654:

    Davis, a director of ABC Corp., is entitled to:

    A. Serve on the board of a competing business.

    B. Take sole advantage of a business opportunity that would benefit ABC.

    C. Rely on information provided by a corporate officer.

    D. Unilaterally grant a corporate loan to one of ABC's shareholders.

  • Question 655:

    Knox, president of ABC Corp., contracted with XYZ, Inc. to supply ABC's stationery on customary terms and at a cost less than that charged by any other supplier. Knox later informed ABC's board of directors that Knox was a majority stockholder in XYZ. Quick's contract with XYZ is:

    A. Void because of Knox's self-dealing.

    B. Void because the disclosure was made after execution of the contract.

    C. Valid because of Knox's full disclosure.

    D. Valid because the contract is fair to ABC.

  • Question 656:

    A parent corporation owned more than 90% of each class of the outstanding stock issued by a subsidiary corporation and decided to merge that subsidiary into itself. Under the Revised Model Business Corporation Act, which of the following actions must be taken?

    A. The subsidiary corporation's board of directors must pass a merger resolution.

    B. The subsidiary corporation's dissenting stockholders must be given an appraisal remedy.

    C. The parent corporation's stockholders must approve the merger.

    D. The parent corporation's dissenting stockholders must be given an appraisal remedy.

  • Question 657:

    To which of the following rights is a stockholder of a public corporation entitled?

    A. The right to have annual dividends declared and paid.

    B. The right to vote for the election of officers.

    C. The right to a reasonable inspection of corporate records.

    D. The right to have the corporation issue a new class of stock.

  • Question 658:

    Which of the following actions may be taken by a corporation's board of directors without stockholder approval?

    A. Purchasing substantially all of the assets of another corporation.

    B. Selling substantially all of the corporation's assets.

    C. Dissolving the corporation.

    D. Amending the articles of incorporation.

  • Question 659:

    For what purpose will a stockholder of a publicly held corporation be permitted to file a stockholders' derivative suit in the name of the corporation?

    A. To compel payment of a properly declared dividend.

    B. To enforce a right to inspect corporate records.

    C. To compel dissolution of the corporation.

    D. To recover damages from corporate management for an ultra vires management act.

  • Question 660:

    Under the Revised Model Business Corporation Act, when a corporation's bylaws grant stockholders preemptive rights, which of the following rights is(are) included in that grant?

    A. Option A

    B. Option B

    C. Option C

    D. Option D

Tips on How to Prepare for the Exams

Nowadays, the certification exams become more and more important and required by more and more enterprises when applying for a job. But how to prepare for the exam effectively? How to prepare for the exam in a short time with less efforts? How to get a ideal result and how to find the most reliable resources? Here on Vcedump.com, you will find all the answers. Vcedump.com provide not only AICPA exam questions, answers and explanations but also complete assistance on your exam preparation and certification application. If you are confused on your CPA-TEST exam preparations and AICPA certification application, do not hesitate to visit our Vcedump.com to find your solutions here.