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Financial-Accounting-and-Reporting CPA Financial Accounting and Reporting Exam is now Stable and With Pass Result | Test Your Knowledge for Free

Financial-Accounting-and-Reporting Practice Questions

CPA Financial Accounting and Reporting Exam

Last Update 4 days ago
Total Questions : 100

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Question # 11

As per the International Accounting Standards Board conceptual framework, which of the following holds the primary responsibility for preparing and presenting financial statements?

 I)owners

II)auditors

III)directors

Options:

A.  

I only

B.  

I and II only

C.  

II and III only

D.  

III only

Discussion 0
Question # 12

The International Federation of Accountants (IFAC) was established by

Options:

A.  

the United Nations.

B.  

various professional accounting bodies.

C.  

the International Accounting Standards Board.

D.  

the Organization for Economic Co-operation & Development.

Discussion 0
Question # 13

Historical cost accounting provides financial information that is

Options:

A.  

relevant for decision making.

B.  

relevant and reliable for decision making.

C.  

relevant but may not be reliable for decision making.

D.  

reliable but may not be relevant for decision making.

Discussion 0
Question # 14

In a strong efficient market, the finance manager will

Options:

A.  

analyse historical data on takeover targets.

B.  

maximise the net present value of the firm's investments.

C.  

develop strategies to disclose the company's profit or loss.

D.  

employ analysts to determine the best time to issue shares.

Discussion 0
Question # 15

Which one of the following methods is not used for 'creative accounting'?

Options:

A.  

profit smoothing

B.  

window dressing

C.  

off balance sheet financing

D.  

aggressive debt management

Discussion 0
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