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: Dec 17, 2025

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Question 1

In which of the following situations should a company report a prior-period adjustment?

A : A change in the estimated useful lives of fixed assets purchased in prior years.

B : The correction of a mathematical error in the calculation of prior years' depreciation.

C : A switch from the straight-line to double-declining balance method of depreciation.

D : The scrapping of an asset prior to the end of its expected useful life.

Answer: B

Question 2

Which of the following is not a valuation technique that can be used to measure the fair value of an asset or liability?

A : The market approach.

B : The impairment approach.

C : The income approach.

D : The cost approach.

Answer: B

Question 3

Which of the following is true regarding the presentation of "comprehensive income."

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: Dec 17, 2025

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