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CPA FAR practice questions with solutions
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CPA FAR practice questions
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CPA FAR practice questionsThe residual interest in assets - answerEquity
The acct process for reducing an amount by periodic payments or write downs -
answerAmortization
The change in equity during a period from transactions & other events & circumstances
from nonowner sources - answerComprehensive income
The use of assets or incurrence of liability by an entity's major or cental operations -
answerExpenses
The assignment of an amount according to a plan or formula - answerAllocation
The accounting process for cash prepayments received or paid - answerDeferral
The decreases in equity resulting from transfers by the entity to owner -
answerDividends
Assessing mgmnt stewardship and performance - answerNon-for-profit entities
Assessing services provided - answerNon-for-profit entities
Entity resources, claims to those resources, and changes in them - answerGeneral
purpose fin reporting
Factors that may affect an organization's liquididty - answerNon-for-profit entities
Investment and credit decisions - answerGeneral purpose fin reporting
Public accountability - answerGovernmental entities
The relevant attribute for plant assets and most inventories - answerHistorical cost
The relevant attribute defined as the cash or equivalent that would be paid for a current
acquisition of the same or an equivalent asset - answerReplacement cost (current cost)
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