Real CPA-Financial Exam Practice Questions

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AICPA CPA-Financial Exam Sample Questions

Question: 1

According to the FASB conceptual framework, the objectives of financial reporting for business enterprises are based on:

  1. Generally accepted accounting principles.
  2. Reporting on management’s stewardship.
  3. The need for conservatism.
  4. The needs of the users of the information.


Answer: D

Explanation:

Choice “d” is correct. The FASB conceptual framework states that the objectives of financial reporting stem from the informational needs of the external users of the information. SFAC 1 para. 28

Choice “a” is incorrect. Generally accepted accounting principles (GAAP) are derived from and based on the objectives of financial reporting, not the other way around.

Choice “b” is incorrect. Information concerning management’s stewardship is only one aspect of the information financial statements are intended to provide. SFAC 1 para. 50

Choice “c” is incorrect. Conservatism is an underlying concept for financial accounting but is not the basis for the objectives. SFAC 2 para. 91-97

Question: 2

According to the FASB conceptual framework, the usefulness of providing information in financial statements is subject to the constraint of:

  1. Consistency.
  2. Cost-benefit.
  3. Reliability.
  4. Representational faithfulness.


Answer: B

Explanation:

Choice “b” is correct. The pervasive constraint on providing information in financial statements is that the cost should be outweighed by the benefit to be derived from providing the information. SFAC 1 para. 23, SFAC 2 para. 133

Choice “a” is incorrect. Consistency is an underlying concept for financial statements (and a secondary quality of accounting information), but it is not a constraint on providing information. SFAC 2 para. 120 Choice “c” is incorrect. Reliability is a primary quality of accounting information and an underlying concept for financial statements, but it is not a constraint on providing information. SFAC 2 para. 58 Choice “d” is incorrect. Representational faithfulness is an underlying concept for financial statements (as an element of reliability), but it is not a constraint on providing information. SFAC 2 para.

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Question: 2

According to the FASB conceptual framework, the usefulness of providing information in financial statements is subject to the constraint of:

  1. Consistency.
  2. Cost-benefit.
  3. Reliability.
  4. Representational faithfulness.


Answer: B

Explanation:

Choice “b” is correct. The pervasive constraint on providing information in financial statements is that the cost should be outweighed by the benefit to be derived from providing the information. SFAC 1 para. 23, SFAC 2 para. 133

Choice “a” is incorrect. Consistency is an underlying concept for financial statements (and a secondary quality of accounting information), but it is not a constraint on providing information. SFAC 2 para. 120 Choice “c” is incorrect. Reliability is a primary quality of accounting information and an underlying concept for financial statements, but it is not a constraint on providing information. SFAC 2 para. 58 Choice “d” is incorrect. Representational faithfulness is an underlying concept for financial statements (as an element of reliability), but it is not a constraint on providing information. SFAC 2 para.

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Question: 2

According to the FASB conceptual framework, the usefulness of providing information in financial statements is subject to the constraint of:

  1. Consistency.
  2. Cost-benefit.
  3. Reliability.
  4. Representational faithfulness.


Answer: B

Explanation:

Choice “b” is correct. The pervasive constraint on providing information in financial statements is that the cost should be outweighed by the benefit to be derived from providing the information. SFAC 1 para. 23, SFAC 2 para. 133

Choice “a” is incorrect. Consistency is an underlying concept for financial statements (and a secondary quality of accounting information), but it is not a constraint on providing information. SFAC 2 para. 120 Choice “c” is incorrect. Reliability is a primary quality of accounting information and an underlying concept for financial statements, but it is not a constraint on providing information. SFAC 2 para. 58 Choice “d” is incorrect. Representational faithfulness is an underlying concept for financial statements (as an element of reliability), but it is not a constraint on providing information. SFAC 2 para.

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Question: 1

According to the FASB conceptual framework, the objectives of financial reporting for business enterprises are based on:

  1. Generally accepted accounting principles.
  2. Reporting on management’s stewardship.
  3. The need for conservatism.
  4. The needs of the users of the information.


Answer: D

Explanation:

Choice “d” is correct. The FASB conceptual framework states that the objectives of financial reporting stem from the informational needs of the external users of the information. SFAC 1 para. 28

Choice “a” is incorrect. Generally accepted accounting principles (GAAP) are derived from and based on the objectives of financial reporting, not the other way around.

Choice “b” is incorrect. Information concerning management’s stewardship is only one aspect of the information financial statements are intended to provide. SFAC 1 para. 50

Choice “c” is incorrect. Conservatism is an underlying concept for financial accounting but is not the basis for the objectives. SFAC 2 para. 91-97

Question: 2

According to the FASB conceptual framework, the usefulness of providing information in financial statements is subject to the constraint of:

  1. Consistency.
  2. Cost-benefit.
  3. Reliability.
  4. Representational faithfulness.


Answer: B

Explanation:

Choice “b” is correct. The pervasive constraint on providing information in financial statements is that the cost should be outweighed by the benefit to be derived from providing the information. SFAC 1 para. 23, SFAC 2 para. 133

Choice “a” is incorrect. Consistency is an underlying concept for financial statements (and a secondary quality of accounting information), but it is not a constraint on providing information. SFAC 2 para. 120 Choice “c” is incorrect. Reliability is a primary quality of accounting information and an underlying concept for financial statements, but it is not a constraint on providing information. SFAC 2 para. 58 Choice “d” is incorrect. Representational faithfulness is an underlying concept for financial statements (as an element of reliability), but it is not a constraint on providing information. SFAC 2 para.

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