AICPA CPA-Financial Exam Questions – Success in CPA-Financial

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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: 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: 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

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A greater Appear at Drop Out Premiums in Texas Instructional institutions

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When CPA Financial Accounting and Reporting asked the explanation for his / her last conclusion to AICPA Exam Dumps fall out, lots of learners cite “disinterest in classes”.When excelling in exams is created the one aim of heading to Texas academic establishments, instructors are underneath Pass CPA-Financial elevated power CPA to deliver greatest scores. You can not actually blame academics CPA Financial Accounting and Reporting in this type of situation each time they explore it challenging to make the teaching AICPA useful practical experience a satisfying only one. With much rigidity on instructors and college students in Texas real CPA-Financial questions university districts alike, these enhanced dropout expenses in Texas colleges are unquestionably not only to be CPA Financial Accounting and Reporting authorised, nonetheless they also mirror precisely what is basically CPA happening in the leisure of the country’s educational establishments.Nationwide, a college AICPA student drops out every 29 seconds. Texas faculties real CPA-Financial questions authorities are alarmed at these research considering that they reveal a bigger quantity of children who’ll slip by the cracks.

Higher CPA Financial Accounting and Reporting Drop Out Premiums at Texas Educational institutions Truly can be a Drain

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Choice Could lead on to Lowered Dropout Expenses AICPA CPA-Financial exam vce in Texas Educational institutions

Determined by a cPA examine completed by using the NCPA the introduction of school option could direct into a lower in dropouts which could consequence in AICPA the price cost savings of monetary price savings CPA Financial Accounting and Reporting of a minimum of $53 million in taxpayer real CPA-Financial questions cash to help dropouts.The 1 individual sizing satisfies all product that NCLB exemplifies doesn’t have also a good deal of takers in Texas schools; lots of insist that college CPA collection could assist build faculties that cater to AICPA certain populations.The best CPA Financial Accounting and Reporting argument in favor of real CPA-Financial questions faculty preference originates from the Texas instructional establishments on their own very own that show up to anxiety that pupils will shift en masse to other academic services if college or university choice is definitely a possibility. In the event the universities by themselves AICPA CPA-Financial exam vce CPA Financial Accounting and Reporting have this AICPA type of lousy impression of their CPA have ability to retain the best college or university pupils, why need to higher education college students look at another way?

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: 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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