Free AICPA CPA-Financial Exam Questions

Become AICPA Certified with updated CPA-Financial exam questions and correct answers

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Total 165 Questions | Updated On: Apr 25, 2025

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Question 1

What information should a public company present about revenues from its reporting segments?

A : Disclose separately the amount of sales to unaffiliated customers and the amount of intracompany sales.

B : Disclose as a combined amount sales to unaffiliated customers and intracompany sales between geographic areas.

C : Disclose separately the amount of sales to unaffiliated customers but not the amount of intracompany sales between geographic areas.

D : No disclosure of revenues from foreign operations need be reported.

Answer: A

Question 2

What is the purpose of information presented in notes to the financial statements?

A : To provide disclosures required by generally accepted accounting principles.

B : To correct improper presentation in the financial statements.

C : To provide recognition of amounts not included in the totals of the financial statements.

D : To present management's responses to auditor comments.

Answer: A

Question 3

While preparing its 1991 financial statements, Dek Corp. discovered computational errors in its 1990 and 1989 depreciation expense. These errors resulted in overstatement of each year's income by $25,000, net of income taxes. The following amounts were reported in the previously issued financial statements:Dek's 1991 net income is correctly reported at $180,000. Which of the following amounts should be reported as prior period adjustments and net income in Dek's 1991 and 1990 comparative financial statements?

A : Option A

B : Option B

C : Option C

D : Option D

Answer: C

Question 4

In financial reporting of segment data, which of the following must be considered in determining if an industry segment is a reportable segment?

A : Option A

B : Option B

C : Option C

D : Option D

Answer: A

Question 5

Reclassification adjustments must be shown in the financial statement that discloses comprehensive income:

A : To show what portion of comprehensive income is from the realization of current assets.

B : To show the tax effect of items of comprehensive income.

C : To avoid double counting in comprehensive income items, which are currently displayed in net income.

D : To avoid including transactions with shareholders in items of comprehensive income.

Answer: C

Page: 1 / 33

Total 165 Questions | Updated On: Apr 25, 2025

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