Logo ExamsQA
Exit
Official Bank 0/163

CPA Financial Accounting and Reporting (CPA-Financial) - AICPA Exam Questions

Last updated on June 20, 2026

97% Exam Compliance
163 Total Questions
1
Question
What information should a public company present about revenues from its reporting segments?
Options
A No disclosure of revenues from foreign operations need be reported.
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 Disclose separately the amount of sales to unaffiliated customers and the amount of intracompany sales.
Discussion (0 comments)

to join the discussion

Community Discussion

No discussions yet. Be the first to ask!

2
Question
Reclassification adjustments must be shown in the financial statement that discloses comprehensive income:
Options
A To avoid including transactions with shareholders in items of comprehensive income.
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 show what portion of comprehensive income is from the realization of current assets.
Discussion (0 comments)

to join the discussion

Community Discussion

No discussions yet. Be the first to ask!

3
Question
On January 2, 1989, Union Co. purchased a machine for $264,000 and depreciated it by the straight-
line method using an estimated useful life of eight years with no salvage value. On January 2, 1992, Union determined that the machine had a useful life of six years from the date of acquisition and will
have a salvage value of $24,000. An accounting change was made in 1992 to reflect the additional
data. The accumulated depreciation for this machine should have a balance at December 31, 1992, of:
Options
A $146,000
B $154,000
C $160,000
D $176,000
Discussion (0 comments)

to join the discussion

Community Discussion

No discussions yet. Be the first to ask!

4
Question
According to the FASB conceptual framework, the usefulness of providing information in financial statements is subject to the constraint of:
Options
A Reliability.
B Cost-benefit.
C Representational faithfulness.
D Consistency.
Discussion (0 comments)

to join the discussion

Community Discussion

No discussions yet. Be the first to ask!

5
Question
The following costs were incurred by Griff Co., a manufacturer, during 1992:

Exhibit

What amount of these costs should be reported as general and administrative expenses for 1992?
Options
A $810,000
B $550,000
C $635,000
D $260,000
Discussion (0 comments)

to join the discussion

Community Discussion

No discussions yet. Be the first to ask!

Finish Practice?

Are you sure you want to finish? This will end your practice session.