• Home
  • AICPA
  • CPA-Financial: CPA Financial Accounting and Reporting

AICPA CPA-Financial Exam Dumps

Get All CPA Financial Accounting and Reporting Exam Questions with Validated Answers

CPA-Financial Pack
Vendor: AICPA
Exam Code: CPA-Financial
Exam Name: CPA Financial Accounting and Reporting
Exam Questions: 163
Last Updated: October 8, 2025
Related Certifications: Certified Public Accountant
Exam Tags: AICPA Managment
Gurantee
  • 24/7 customer support
  • Unlimited Downloads
  • 90 Days Free Updates
  • 10,000+ Satisfied Customers
  • 100% Refund Policy
  • Instantly Available for Download after Purchase

Get Full Access to AICPA CPA-Financial questions & answers in the format that suits you best

PDF Version

$60.00
$36.00
  • 163 Actual Exam Questions
  • Compatible with all Devices
  • Printable Format
  • No Download Limits
  • 90 Days Free Updates

Discount Offer (Bundle pack)

$80.00
$48.00
  • Discount Offer
  • 163 Actual Exam Questions
  • Both PDF & Online Practice Test
  • Free 90 Days Updates
  • No Download Limits
  • No Practice Limits
  • 24/7 Customer Support

Online Practice Test

$50.00
$30.00
  • 163 Actual Exam Questions
  • Actual Exam Environment
  • 90 Days Free Updates
  • Browser Based Software
  • Compatibility:
    supported Browsers

Pass Your AICPA CPA-Financial Certification Exam Easily!

Looking for a hassle-free way to pass the AICPA CPA Financial Accounting and Reporting exam? DumpsProvider provides the most reliable Dumps Questions and Answers, designed by AICPA certified experts to help you succeed in record time. Available in both PDF and Online Practice Test formats, our study materials cover every major exam topic, making it possible for you to pass potentially within just one day!

DumpsProvider is a leading provider of high-quality exam dumps, trusted by professionals worldwide. Our AICPA CPA-Financial exam questions give you the knowledge and confidence needed to succeed on the first attempt.

Train with our AICPA CPA-Financial exam practice tests, which simulate the actual exam environment. This real-test experience helps you get familiar with the format and timing of the exam, ensuring you're 100% prepared for exam day.

Your success is our commitment! That's why DumpsProvider offers a 100% money-back guarantee. If you don’t pass the AICPA CPA-Financial exam, we’ll refund your payment within 24 hours no questions asked.
 

Why Choose DumpsProvider for Your AICPA CPA-Financial Exam Prep?

  • Verified & Up-to-Date Materials: Our AICPA experts carefully craft every question to match the latest AICPA exam topics.
  • Free 90-Day Updates: Stay ahead with free updates for three months to keep your questions & answers up to date.
  • 24/7 Customer Support: Get instant help via live chat or email whenever you have questions about our AICPA CPA-Financial exam dumps.

Don’t waste time with unreliable exam prep resources. Get started with DumpsProvider’s AICPA CPA-Financial exam dumps today and achieve your certification effortlessly!

Free AICPA CPA-Financial Exam Actual Questions

Question No. 1

What is the purpose of information presented in notes to the financial statements?

Show Answer Hide Answer
Correct Answer: A

Choice 'a' is correct. Information presented in notes to the financial statements have the purpose of providing disclosures required by generally accepted accounting principles. SFAC 5 para. 7


Question No. 2

On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with Quo's president and outside accountants, made changes in accounting policies, corrected several errors dating from 1992 and before, and instituted new accounting policies.

Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.

This question represents one of Quo's transactions. List A represents possible clarifications of these transactions as: a change in accounting principle, a change in accounting estimate, a correction of an error in previously presented financial statements, or neither an accounting change nor an accounting error.

Item to Be Answered

Quo changed from LIFO to FIFO to account for its finished goods inventory.

List A (Select one)

Show Answer Hide Answer
Correct Answer: A

Choice 'a' is correct. Change from LIFO to FIFO is a change in accounting principle.


Question No. 3

Which of the following factors determines whether an identified segment of an enterprise should be reported in the enterprise's financial statements under SFAS No. 131, Disclosures about Segments of an Enterprise and Related Information?

1. The segment's assets constitute more than 10% of the combined assets of all operating segments.

2. The segment's liabilities constitute more than 10% of the combined liabilities of all operating segments.

Show Answer Hide Answer
Correct Answer: A

Choice 'a' is correct. For segment reporting, if an identified segment's assets constitute more than 10% of the combined assets of all operating segments, the segment should be reported. The same rule does not apply for the segment's liabilities. The candidate does have to remember the 10% and also the 10% of 'what.'

Choice 'b' is incorrect. For segment reporting, if an identified segment's assets constitute more than 10% of the combined assets of all operating segments, the segment should be reported. The same rule does not apply for the segment's liabilities.

Choice 'c' is incorrect. For segment reporting, if an identified segment's assets constitute more than 10% of the combined assets of all operating segments, the segment should be reported. The same rule does not apply for the segment's liabilities, so the correct answer cannot be 'Both.'

Choice 'd' is incorrect. For segment reporting, if an identified segment's assets constitute more than 10% of the combined assets of all operating segments, the segment should be reported. The correct answer cannot be 'Neither.'


Question No. 4

Is the cumulative effect of an inventory pricing change on prior years earnings reported on the financial statements for

Show Answer Hide Answer
Correct Answer: B

Choice 'b' is correct. The cumulative effect of a change in accounting principle is now reported as an adjustment to beginning retained earnings when it is considered practicable to calculate the cumulative effect. When making a change to LIFO, it is generally considered impracticable to calculate the cumulative effect of the change (in most cases, data on the historical LIFO layers in not available). In a change to LIFO, the beginning inventory dollar amount becomes the first LIFO layer. No cumulative effect adjustment is made. The change is accounted for prospectively.

A change from LIFO to weighted average, there is no such impracticability. The cumulative effect is computed and the change is handled retrospectively.

Choices 'a', 'c', and 'd' are incorrect, per the above Explanation: .


Question No. 5

During 1990, Fuqua Steel Co. had the following unusual financial events occur:

* Bonds payable were retired five years before their scheduled maturity, resulting in a $260,000 gain. Fuqua has frequently retired bonds early when interest rates declined significantly.

* A steel forming segment suffered $255,000 in losses due to hurricane damage. This was the fourth similar loss sustained in a 5-year period at that location.

* A component of Fuqua's operations, steel transportation, was sold at a net loss of $350,000.

This was Fuqua's first divestiture of one of its operating segments.

Before income taxes, what amount of gain (loss) should be reported separately as a component of income from continuing operations in 1990?

Show Answer Hide Answer
Correct Answer: B

Choice 'b' is correct. $5,000.

The steel forming segment's hurricane damage (4th in 5 years) of $255,000 is only 'unusual in nature' and does not occur infrequently, therefore, it is not an 'extraordinary item,' and should be reported separately as a component of 'income from continuing operations.'

The retirement of debt, although unusual, is not infrequent for the company; therefore, the gain does not qualify for classification as an extraordinary item per APBO No. 30 (and SFAS No. 145).


Get All 163 Questions & Answers Explore Other AICPA Exam Dumps

100%

Security & Privacy

10000+

Satisfied Customers

24/7

Committed Service

100%

Money Back Guranteed