Free AICPA CPA-Financial Exam Questions
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Page No. 1 of 33
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Question 1
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Which of the following facts concerning fixed assets should be included in the summary of significant
accounting policies?
Answer: C
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Which of the following facts concerning fixed assets should be included in the summary of significant
accounting policies?
- Question 2
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Question 3
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While preparing its 1991 financial statements, Dek Corp. discovered computational errors in its 1990 and 1989
depreciation expense. These errors resulted in overstatement of each year's income by $25,000, net of income
taxes. The following amounts were reported in the previously issued financial statements:
Dek's 1991 net income is correctly reported at $180,000. Which of the following amounts should be reported as
prior period adjustments and net income in Dek's 1991 and 1990 comparative financial statements?
Answer: C
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While preparing its 1991 financial statements, Dek Corp. discovered computational errors in its 1990 and 1989
depreciation expense. These errors resulted in overstatement of each year's income by $25,000, net of income
taxes. The following amounts were reported in the previously issued financial statements:
- Question 4
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Question 5
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In financial reporting of segment data, which of the following must be considered in determining if an industry
segment is a reportable segment?
Answer: A
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In financial reporting of segment data, which of the following must be considered in determining if an industry
segment is a reportable segment?
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