VCE CPA-Financial Exam Questions – Secret to Pass in First Attempt

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AICPA CPA-Financial Exam Sample Questions

Question: 1

According to the FASB conceptual framework, the objectives of financial reporting for business enterprises are based on:

  1. Generally accepted accounting principles.
  2. Reporting on management’s stewardship.
  3. The need for conservatism.
  4. The needs of the users of the information.


Answer: D

Explanation:

Choice “d” is correct. The FASB conceptual framework states that the objectives of financial reporting stem from the informational needs of the external users of the information. SFAC 1 para. 28

Choice “a” is incorrect. Generally accepted accounting principles (GAAP) are derived from and based on the objectives of financial reporting, not the other way around.

Choice “b” is incorrect. Information concerning management’s stewardship is only one aspect of the information financial statements are intended to provide. SFAC 1 para. 50

Choice “c” is incorrect. Conservatism is an underlying concept for financial accounting but is not the basis for the objectives. SFAC 2 para. 91-97

Question: 4

According to the FASB conceptual framework, which of the following situations violates the concept of reliability?

  1. Data on segments having the same expected risks and growth rates are reported to analysts estimating future profits.
  2. Financial statements are issued nine months late.
  3. Management reports to stockholders regularly refer to new projects undertaken, but the financial statements never report project results.
  4. Financial statements include property with a carrying amount increased to management’s estimate of market value.


Answer: D

Explanation:

Choice “d” is correct. Management’s estimate of market value lacks verifiability, which is a component of reliability. SFAC 2 para. 89

Choice “a” is incorrect. Communicating data on segments to analysts does not violate the concept of reliability.

Choice “b” is incorrect. Issuing financial statements nine months late violates timeliness, which is a component of relevance, not reliability. SFAC 2 para. 56

Choice “c” is incorrect. Neglecting to report results of new projects violates full disclosure, not reliability.

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Baroque music

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Baroque tunes is audio designed on the fairly distinctive rhythm.

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I have effectively designed utilization of Baroque tunes CPA-Financial answers throughout my house higher education classes with my son and also have found it to acquire an unbelievably CPA beneficial resource. A CPA Financial Accounting and Reporting great deal to make absolutely sure that we rarely make use of a lesson without possessing it. Together CPA-Financial ebook with the support of the tiny device AICPA my son, in the age of four, learnt to depend from 0 – a hundred in a great deal below ten days

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Vivaldi

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Telemann

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Pachelbel

Canon in D

Albinioni

Adagio in CPA Financial Accounting and Reporting G for strings

Caudioso

Largo from Concerto for mandolin and Examcollection CPA-Financial Dumps strings

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Question: 2

According to the FASB conceptual framework, the usefulness of providing information in financial statements is subject to the constraint of:

  1. Consistency.
  2. Cost-benefit.
  3. Reliability.
  4. Representational faithfulness.


Answer: B

Explanation:

Choice “b” is correct. The pervasive constraint on providing information in financial statements is that the cost should be outweighed by the benefit to be derived from providing the information. SFAC 1 para. 23, SFAC 2 para. 133

Choice “a” is incorrect. Consistency is an underlying concept for financial statements (and a secondary quality of accounting information), but it is not a constraint on providing information. SFAC 2 para. 120 Choice “c” is incorrect. Reliability is a primary quality of accounting information and an underlying concept for financial statements, but it is not a constraint on providing information. SFAC 2 para. 58 Choice “d” is incorrect. Representational faithfulness is an underlying concept for financial statements (as an element of reliability), but it is not a constraint on providing information. SFAC 2 para.

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Question: 5

In the hierarchy of generally accepted accounting principles, APB Opinions have the same authority as AICPA:

  1. Statements of Position.
  2. Industry Audit and Accounting Guides.
  3. Issues Papers.
  4. Accounting Research Bulletins.


Answer: D

Explanation:

Choice “d” is correct. AICPA Accounting Research Bulletins, FASB Standards, FASB Interpretations, FASB Staff Positions, FASB Statement 133 Implementation Issues, and APB Opinions and Interpretations are the most authoritative sources of generally accepted accounting principles.

Choice “a” is incorrect. AICPA Statements of Position, AICPA Accounting and Auditing Guides, and FASB Technical Bulletins are secondary sources of generally accepted accounting principles.

Choice “b” is incorrect. AICPA Statements of Position, AICPA Accounting and Auditing Guides, and FASB Technical Bulletins are secondary sources of generally accepted accounting principles.

Choice “c” is incorrect. AICPA Issues Papers and Practice Bulletins, FASB Concepts Statements, and other authoritative pronouncements are tertiary sources for generally accepted accounting principles.

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Question: 1

According to the FASB conceptual framework, the objectives of financial reporting for business enterprises are based on:

  1. Generally accepted accounting principles.
  2. Reporting on management’s stewardship.
  3. The need for conservatism.
  4. The needs of the users of the information.


Answer: D

Explanation:

Choice “d” is correct. The FASB conceptual framework states that the objectives of financial reporting stem from the informational needs of the external users of the information. SFAC 1 para. 28

Choice “a” is incorrect. Generally accepted accounting principles (GAAP) are derived from and based on the objectives of financial reporting, not the other way around.

Choice “b” is incorrect. Information concerning management’s stewardship is only one aspect of the information financial statements are intended to provide. SFAC 1 para. 50

Choice “c” is incorrect. Conservatism is an underlying concept for financial accounting but is not the basis for the objectives. SFAC 2 para. 91-97

Question: 4

According to the FASB conceptual framework, which of the following situations violates the concept of reliability?

  1. Data on segments having the same expected risks and growth rates are reported to analysts estimating future profits.
  2. Financial statements are issued nine months late.
  3. Management reports to stockholders regularly refer to new projects undertaken, but the financial statements never report project results.
  4. Financial statements include property with a carrying amount increased to management’s estimate of market value.


Answer: D

Explanation:

Choice “d” is correct. Management’s estimate of market value lacks verifiability, which is a component of reliability. SFAC 2 para. 89

Choice “a” is incorrect. Communicating data on segments to analysts does not violate the concept of reliability.

Choice “b” is incorrect. Issuing financial statements nine months late violates timeliness, which is a component of relevance, not reliability. SFAC 2 para. 56

Choice “c” is incorrect. Neglecting to report results of new projects violates full disclosure, not reliability.

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