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CPA Exam Practice Questions
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CPA Exam Practice QuestionsWhat is the conceptual framework intended to establish? - answerThe objectives and
concepts for use in developing standards of financial accounting and reporting.
According to the conceptual framework, the objectives of financial reporting for business
enterprises are based on: - answerThe needs of the users of the information.
According to the FASB conceptual framework, which of the following is not an
enhancing qualitative characteristic? - answerConfirmatory value.
Under Statement of Financial Accounting Concepts (SFAC) 8, predictive value is an
ingredient of the fundamental quality of - answerRelevance.
Under Statement of Financial Accounting Concepts (SFAC) 8, which of the following
relates to both relevance and faithful representation? - answerTimeliness.
According to the FASB Conceptual Framework, which of the following relates to both
relevance and faithful representation? - answerConsistency & Verifiability.
According to the FASB Conceptual Framework, what does the concept of faithful
representation in financial reporting include? - answerNeutrality.
Under Statements of Financial Accounting Concepts, comprehensive income includes
which of the following? - answerGains & Gross Margin.
According to the conceptual framework, the process of reporting an item in the financial
statements of an entity is: - answerRecognition.
Which of the following is an example of the expense recognition principle of associating
cause and effect? - answerSales commissions.
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