Financial Accounting and Reporting

Practice Questions

CPA Exam › Financial Accounting and Reporting

Page 1 of 2
10 of 12
1

Which of the following could be considered as enhancing qualitative characteristics of financial reporting?

2

Which of the following could be considered as enhancing qualitative characteristics of financial reporting?

3

Zeta Automotive ordered transmissions from the Alpha Transmission Company on May 7, 1990. The terms of sale were FOB destination. The Alpha Company shipped the transmissions on May 22, 1990, and Zeta Automotive received them on June 1, 1990. When should Zeta Automotive record the account payable?

4

Zeta Automotive ordered transmissions from the Alpha Transmission Company on May 7, 1990. The terms of sale were FOB destination. The Alpha Company shipped the transmissions on May 22, 1990, and Zeta Automotive received them on June 1, 1990. When should Zeta Automotive record the account payable?

5

The Beta Company—consignee—paid the freight costs for goods shipped from the Foxtrot Incorporated—consigner. The freight costs are to be deducted from the Beta Company's payment to the Foxtrot Incorporated when the goods are sold. Until the Beta Company sells the goods, the freight costs should be included in which of the following?

6

The Beta Company—consignee—paid the freight costs for goods shipped from the Foxtrot Incorporated—consigner. The freight costs are to be deducted from the Beta Company's payment to the Foxtrot Incorporated when the goods are sold. Until the Beta Company sells the goods, the freight costs should be included in which of the following?

7

All of the following conditions except which of the following must be met in order for an employer to accrue liability for employee compensation for future absences?

8

All of the following conditions except which of the following must be met in order for an employer to accrue liability for employee compensation for future absences?

9

Which of the following are considered to be cash equivalents?

10

Which of the following are considered to be cash equivalents?

Page 1 of 2
Return to subject