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[Show more]CPA Exam Review Questions & Answers 2023/2024 
 
 
Managerial Accounting deals with _____ accounting, while Financial Accounting deals with _____. - ANSWER-Internal; External 
 
True or False: 
Managerial accounting must follow GAAP. - ANSWER-False; Internal accounting so it does not have to follow...
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Add to cartCPA Exam Review Questions & Answers 2023/2024 
 
 
Managerial Accounting deals with _____ accounting, while Financial Accounting deals with _____. - ANSWER-Internal; External 
 
True or False: 
Managerial accounting must follow GAAP. - ANSWER-False; Internal accounting so it does not have to follow...
CPA Practice Exam Questions & Answers 2023/2024 
 
 
When a CPA examines a client's projected financial statements, the CPA's report should: - ANSWER-state that the CPA performed procedures to evaluate management's assumptions. 
 
Davis, CPA, accepted an engagement to audit the financial statemen...
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Add to cartCPA Practice Exam Questions & Answers 2023/2024 
 
 
When a CPA examines a client's projected financial statements, the CPA's report should: - ANSWER-state that the CPA performed procedures to evaluate management's assumptions. 
 
Davis, CPA, accepted an engagement to audit the financial statemen...
Audit CPA Exam Questions & Answers 2023/2024 
 
 
Management is responsible for - ANSWER-Financial statements - the preparation and fair presentation 
 
Internal controls - design, implementation and maintenance relevant to the FS 
 
Providing auditor with access to info and persons needed to comple...
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Add to cartAudit CPA Exam Questions & Answers 2023/2024 
 
 
Management is responsible for - ANSWER-Financial statements - the preparation and fair presentation 
 
Internal controls - design, implementation and maintenance relevant to the FS 
 
Providing auditor with access to info and persons needed to comple...
CPA FAR Exam Questions & Answers 2023/2024 
 
 
Identifying a Variable Interest (VIE) - ANSWER-All Must be Met: 
 
1. There is an arrangement between company and business entity 
2. The business entity is a legal entity 
3. The business fails to qualify for an exclusion 
4. The interest is more than...
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Add to cartCPA FAR Exam Questions & Answers 2023/2024 
 
 
Identifying a Variable Interest (VIE) - ANSWER-All Must be Met: 
 
1. There is an arrangement between company and business entity 
2. The business entity is a legal entity 
3. The business fails to qualify for an exclusion 
4. The interest is more than...
CPA FAR practice questions & answers 2023/2024 
 
 
The residual interest in assets - ANSWER-Equity 
 
The acct process for reducing an amount by periodic payments or write downs - ANSWER-Amortization 
 
The change in equity during a period from transactions & other events & circumstances from nonow...
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Add to cartCPA FAR practice questions & answers 2023/2024 
 
 
The residual interest in assets - ANSWER-Equity 
 
The acct process for reducing an amount by periodic payments or write downs - ANSWER-Amortization 
 
The change in equity during a period from transactions & other events & circumstances from nonow...
CPA Exam Questions & Answers 2023/2024 
 
 
The Sarbanes-Oxley Act of 2002 imposes a mandatory rotation applicable to both the audit engagement partner and the quality control (also called review) partner. How long in total is the partner allowed to serve as the engagement partner or review partner ...
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Add to cartCPA Exam Questions & Answers 2023/2024 
 
 
The Sarbanes-Oxley Act of 2002 imposes a mandatory rotation applicable to both the audit engagement partner and the quality control (also called review) partner. How long in total is the partner allowed to serve as the engagement partner or review partner ...
CPA exam questions & answers 2023/2024 
 
 
Which of the following procedures is ordinarily performed by an accountant in a compilation engagement of a nonissuer? 
 
Reading the financial statements to consider whether they are free of obvious mistakes in the application of accounting principles. 
 ...
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Add to cartCPA exam questions & answers 2023/2024 
 
 
Which of the following procedures is ordinarily performed by an accountant in a compilation engagement of a nonissuer? 
 
Reading the financial statements to consider whether they are free of obvious mistakes in the application of accounting principles. 
 ...
Ch. 1 CPA Exam Practice Questions & Answers 2023/2024
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Add to cartCh. 1 CPA Exam Practice Questions & Answers 2023/2024
CPA Exam Prep Questions & Answers 2023/2024 
 
 
Chapter 1 
 
The purpose of financial reporting is to provide information primarily for which of the following groups? 
 
A. Internal Revenue Service 
B. Financial Accounting Standards Board 
C. Investors and Creditors 
D. Government - ANSWER-C. Inves...
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Add to cartCPA Exam Prep Questions & Answers 2023/2024 
 
 
Chapter 1 
 
The purpose of financial reporting is to provide information primarily for which of the following groups? 
 
A. Internal Revenue Service 
B. Financial Accounting Standards Board 
C. Investors and Creditors 
D. Government - ANSWER-C. Inves...
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Add to cartCPA TEST QUESTIONS & ANSWERS 2023/2024
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Add to cartCPA EXAM Questions & Answers 2023/2024
FAR CPA EXAM QUESTIONS & ANSWERS 2023/2024 
 
 
Governmental fund reporting uses what kind of accounting? - ANSWER-Modified accrual 
 
What reports does governmental fund reporting use? - ANSWER-Balance Sheet 
Statement of Revneues, Expenditures, and changes in fund balances 
 
Government-wide repor...
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Add to cartFAR CPA EXAM QUESTIONS & ANSWERS 2023/2024 
 
 
Governmental fund reporting uses what kind of accounting? - ANSWER-Modified accrual 
 
What reports does governmental fund reporting use? - ANSWER-Balance Sheet 
Statement of Revneues, Expenditures, and changes in fund balances 
 
Government-wide repor...
CPA Exam - BEC Final Review Questions & Answers 2023/2024 
 
 
EBIT / Sales - ANSWER-return on sales 
 
NI / EBT - ANSWER-tax burden 
 
Sales / Avg AR - ANSWER-accounts receivable turnover 
 
Sales / Avg Total Assets - ANSWER-asset turnover 
 
COGS / Avg Inventory - ANSWER-inventory turnover 
 
CF f...
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Add to cartCPA Exam - BEC Final Review Questions & Answers 2023/2024 
 
 
EBIT / Sales - ANSWER-return on sales 
 
NI / EBT - ANSWER-tax burden 
 
Sales / Avg AR - ANSWER-accounts receivable turnover 
 
Sales / Avg Total Assets - ANSWER-asset turnover 
 
COGS / Avg Inventory - ANSWER-inventory turnover 
 
CF f...
FAR CPA Exam Study Guide (Part 1) Questions & Answers 2023/2024 
 
 
Intangible Asset Finite Life Impairment (Two Steps) - ANSWER-1. Recoverability Test 
Carrying Amount > Sum of Undiscounted CF's = Impaired 
2. Impaired Amount 
Carrying Amount - FV or Discounted CF's 
 
Reciprocal - ANSWER-"S...
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Add to cartFAR CPA Exam Study Guide (Part 1) Questions & Answers 2023/2024 
 
 
Intangible Asset Finite Life Impairment (Two Steps) - ANSWER-1. Recoverability Test 
Carrying Amount > Sum of Undiscounted CF's = Impaired 
2. Impaired Amount 
Carrying Amount - FV or Discounted CF's 
 
Reciprocal - ANSWER-"S...
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