Wiley CPA Exam Review 2007–2008: Volume 1, Outlines and Study Guides, 34th Edition

Chapter 7. Regulation Exam Content

Preparing for the Regulation Exam

Regulation is a section of the exam that was added with the computerization of the exam in April 2004. Its content consists of most of the material that was previously in the Business Law and Professional Responsibilities combined with the Taxation topics that were included in the Accounting and Reporting section. In preparing for the Regulation exam, you should take a systematic approach such as the one detailed in Chapter 1.

First, in approaching your study, you should become acquainted with the nature of the Regulation exam itself. The content specification outlines are printed below.

Relatedly, you should evaluate your competence by working 10 to 20 multiple-choice questions from each of the modules (21-37) in Volume 2. This diagnostic routine will acquaint you with the specific nature of the questions tested on each topic as well as indicate the amount of study required per topic. You should work toward an 80% correct response rate as a minimum on each topic.

Second, study the content of modules 21-37 emphasizing the concepts of each topic such as legal liability of accountants, elements of a contract, and taxable income. You may have to refer to your textbooks, etc., for topics to which you have had no previous exposure.

Third, work the multiple-choice and simulations under examination conditions.

AICPA Content Specification Outline

The AICPA Content Specification Outline of the coverage of Regulation appears below. ...