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Practice AICPA CPA-Financial Exam Questions

1. Page: 1/33
  Total 163 Questions
Question No 1

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

Choose the Choices:

Consistency.

Cost - benefit.

Reliability.

Representational faithfulness.

B
Question No 2

According to the FASB conceptual framework, which of the following attributes would not be used to measure inventory?

Choose the Choices:

Historical cost.

Replacement cost.

Net realizable value.

Present value of future cash flows.

D
Question No 3

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

Choose the Choices:

Data on segments having the same expected risks and growth rates are reported to analysts estimating future profits.

Financial statements are issued nine months late.

Management reports to stockholders regularly refer to new projects undertaken, but the financial statements never report project results.

Financial statements include property with a carrying amount increased to management's estimate of market value.

D
Question No 4

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

Choose the Choices:

Statements of Position.

Industry Audit and Accounting Guides.

Issues Papers.

Accounting Research Bulletins.

D
Question No 5

What is the underlying concept that supports the immediate recognition of a contingent loss?

Choose the Choices:

Substance over form.

Consistency.

Matching.

Conservatism.

D
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