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AICPA CPA-Financial Exam Sample Questions

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.

Question: 4

According to the FASB conceptual framework, which of the following situations violates the concept of reliability?

  1. Data on segments having the same expected risks and growth rates are reported to analysts estimating future profits.
  2. Financial statements are issued nine months late.
  3. Management reports to stockholders regularly refer to new projects undertaken, but the financial statements never report project results.
  4. Financial statements include property with a carrying amount increased to management’s estimate of market value.


Answer: D

Explanation:

Choice “d” is correct. Management’s estimate of market value lacks verifiability, which is a component of reliability. SFAC 2 para. 89

Choice “a” is incorrect. Communicating data on segments to analysts does not violate the concept of reliability.

Choice “b” is incorrect. Issuing financial statements nine months late violates timeliness, which is a component of relevance, not reliability. SFAC 2 para. 56

Choice “c” is incorrect. Neglecting to report results of new projects violates full disclosure, not reliability.

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Question: 4

According to the FASB conceptual framework, which of the following situations violates the concept of reliability?

  1. Data on segments having the same expected risks and growth rates are reported to analysts estimating future profits.
  2. Financial statements are issued nine months late.
  3. Management reports to stockholders regularly refer to new projects undertaken, but the financial statements never report project results.
  4. Financial statements include property with a carrying amount increased to management’s estimate of market value.


Answer: D

Explanation:

Choice “d” is correct. Management’s estimate of market value lacks verifiability, which is a component of reliability. SFAC 2 para. 89

Choice “a” is incorrect. Communicating data on segments to analysts does not violate the concept of reliability.

Choice “b” is incorrect. Issuing financial statements nine months late violates timeliness, which is a component of relevance, not reliability. SFAC 2 para. 56

Choice “c” is incorrect. Neglecting to report results of new projects violates full disclosure, not reliability.

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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.

Question: 4

According to the FASB conceptual framework, which of the following situations violates the concept of reliability?

  1. Data on segments having the same expected risks and growth rates are reported to analysts estimating future profits.
  2. Financial statements are issued nine months late.
  3. Management reports to stockholders regularly refer to new projects undertaken, but the financial statements never report project results.
  4. Financial statements include property with a carrying amount increased to management’s estimate of market value.


Answer: D

Explanation:

Choice “d” is correct. Management’s estimate of market value lacks verifiability, which is a component of reliability. SFAC 2 para. 89

Choice “a” is incorrect. Communicating data on segments to analysts does not violate the concept of reliability.

Choice “b” is incorrect. Issuing financial statements nine months late violates timeliness, which is a component of relevance, not reliability. SFAC 2 para. 56

Choice “c” is incorrect. Neglecting to report results of new projects violates full disclosure, not reliability.