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Guide for CPA-Financial: AICPA CPA Financial Accounting and Reporting

Quiz CPA-Financial: AICPA CPA Financial Accounting and Reporting

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/ 10

Quiz

1/10
According to the FASB conceptual framework, the objectives of financial reporting for business
enterprises are based on:
Select the answer
1 correct answer
A.
Generally accepted accounting principles.
B.
Reporting on management's stewardship.
C.
The need for conservatism.
D.
The needs of the users of the information.

Quiz

2/10
According to the FASB conceptual framework, the usefulness of providing information in financial
statements is subject to the constraint of:
Select the answer
1 correct answer
A.
Consistency.
B.
Cost-benefit.
C.
Reliability.
D.
Representational faithfulness.

Quiz

3/10
According to the FASB conceptual framework, which of the following attributes would not be used to
measure inventory?
Select the answer
1 correct answer
A.
Historical cost.
B.
Replacement cost.
C.
Net realizable value.
D.
Present value of future cash flows.

Quiz

4/10
According to the FASB conceptual framework, which of the following situations violates the concept
of reliability?
Select the answer
1 correct answer
A.
Data on segments having the same expected risks and growth rates are reported to analysts estimating future profits.
B.
Financial statements are issued nine months late.
C.
Management reports to stockholders regularly refer to new projects undertaken, but the financial statements never report project results.
D.
Financial statements include property with a carrying amount increased to management's estimate of market value.

Quiz

5/10
In the hierarchy of generally accepted accounting principles, APB Opinions have the same authority
as AICPA:
Select the answer
1 correct answer
A.
Statements of Position.
B.
Industry Audit and Accounting Guides.
C.
Issues Papers.
D.
Accounting Research Bulletins.

Quiz

6/10
What is the underlying concept that supports the immediate recognition of a contingent loss?
Select the answer
1 correct answer
A.
Substance over form.
B.
Consistency.
C.
Matching.
D.
Conservatism.

Quiz

7/10
According to the FASB conceptual framework, the process of reporting an item in the financial
statements of an entity is:
Select the answer
1 correct answer
A.
Allocation.
B.
Matching.
C.
Realization.
D.
Recognition.

Quiz

8/10
What are the Statements of Financial Accounting Concepts intended to establish?
Select the answer
1 correct answer
A.
Generally accepted accounting principles in financial reporting by business enterprises.
B.
The meaning of "Present fairly in accordance with generally accepted accounting principles."
C.
The objectives and concepts for use in developing standards of financial accounting and reporting.
D.
The hierarchy of sources of generally accepted accounting principles.

Quiz

9/10
During a period when an enterprise is under the direction of a particular management, its financial
statements will directly provide information about:
Select the answer
1 correct answer
A.
Both enterprise performance and management performance.
B.
Management performance but not directly provide information about enterprise performance.
C.
Enterprise performance but not directly provide information about management performance.
D.
Neither enterprise performance nor management performance.

Quiz

10/10
According to the FASB conceptual framework, which of the following statements conforms to the
realization concept?
Select the answer
1 correct answer
A.
Equipment depreciation was assigned to a production department and then to product unit costs.
B.
Depreciated equipment was sold in exchange for a note receivable.
C.
Cash was collected on accounts receivable.
D.
Product unit costs were assigned to cost of goods sold when the units were sold.
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  • Quiz name:CPA-Financial: AICPA CPA Financial Accounting and Reporting
  • Total number of questions:163
  • Number of questions for the test:50
  • Pass score:80%

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