PREFACE

Passing the CPA exam upon your first attempt is possible! The Wiley CPAexcel Exam Review 2014 Study Guide: Regulation preparation materials provide you with the necessary materials (visit our website at www.wiley.com/cpa for more information). It’s up to you to add the hard work and commitment. Together we can beat the pass rate on each section of about 50% All Wiley CPA products are continuously updated to provide you with the most comprehensive and complete knowledge base. Choose your products from the Wiley preparation materials and you can proceed confidently. You can select support materials that are exam-based and user-friendly. You can select products that will help you pass!

Remaining current is one of the keys to examination success. Here is a list of what’s new in the Wiley CPAexcel Exam Review 2014 Study Guide: Regulation text:

• The new AICPA Content Specification Outlines on Regulation for the Computerized CPA Examination beginning in 2014
• AICPA questions released in 2013
• Tax law changes for 2012 (tested on the 2013 examination)
• Coverage of latest business law legislation
• New outlines and questions for material tested in 2014

The objective of this work is to provide you with the knowledge to pass the Regulation portion of the Uniform Certified Public Accounting (CPA) Exam. The text is divided up into 17 areas of study called modules. Each module contains written text with discussion, examples, and demonstrations of the key exam concepts. Following each text area, actual American Institute of Certified Public Accountants (AICPA) unofficial questions and answers are presented to test your knowledge. We are indebted to the AICPA for permission to reproduce and adapt examination materials from past examinations. Author constructed questions and task-based simulations are provided for new areas or areas that require updating. All author constructed questions and task-based simulations are modeled after AICPA question formats. The multiple-choice questions are grouped into topical areas, giving candidates a chance to assess their areas of strength and weakness. Selection and inclusion of topical content is based upon current AICPA Content Specification Outlines. Only testable topics are presented. If the CPA exam does not test it, this text does not present it.

The CPA exam is one of the toughest exams you will ever take. It will not be easy. But if you follow our guidelines and focus on your goal, you will be thrilled with what you can accomplish.

—Ray Whittington

November 2013