[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-179719-105":59,"doc-detail-179719-en":130},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":123,"head_meta":125,"extra_data":127,"updated_unix":129},105,"en","free-questions-for-cpa-financial-accounting-and-reporting-exam","Free Questions for CPA - Financial Accounting and Reporting Exam","","A set of CPA-Financial Accounting and Reporting exam practice questions focused on U.S. GAAP classification and disclosure rules. Questions cover whether losses qualify as extraordinary items, how to separately report components of income from continuing operations, requirements for development stage enterprises to follow established GAAP with added disclosures, and fair value measurement inputs under the fair value hierarchy. The material also addresses what information must be disclosed in a summary of significant accounting policies, emphasizing correct treatment of items such as debt retirements, hurricane damages, and divestitures.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/free-questions-for-cpa-financial-accounting-and-reporting-exam/179719/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/free-questions-for-cpa-financial-accounting-and-reporting-exam/179719.png","ImageObject",300,407,{"name":92,"@type":93},"Olivia Brown","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-21","2026-09-02",true,{"@type":102,"interactionType":103,"userInteractionCount":34},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"When are losses reported as an extraordinary item under the exam rules?","Question",{"text":112,"@type":113},"Losses from unusual and extraordinary events such as the company’s first antitrust action qualify, while additional costs from strikes at a major supplier are not extraordinary and should be disclosed separately within income from continuing operations.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How should gains or losses from early bond retirement and recurring hurricane damage be classified?",{"text":117,"@type":113},"A gain from retiring bonds early does not qualify as extraordinary if the company frequently does similar retirements. Hurricane losses are not extraordinary when the losses are unusual in nature but occur infrequently are evaluated; the example treats the hurricane damage as not extraordinary due to recurrence and reports it separately as a component of income from continuing operations.",{"name":119,"@type":110,"acceptedAnswer":120},"What inputs determine the level in the fair value hierarchy for a fair value measurement?",{"text":121,"@type":113},"The level is determined by the lowest (or highest level significant) input that is most significant in the measurement hierarchy rule; the question’s explanation concludes the level depends on the level of the lowest level significant input, and contrasts Level I quoted prices with Level II/III assumptions and use of management estimates.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},179719,1790653372,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":34,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145},16904993612988,"https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd","# exams\n\nFree Questions for CPA-Financial  \nShared by Howell on 04-10-2024  \nFor More Free Questions and Preparation ResourcesCheck the Links on Last Page  \nQuestion 1                       \nQuestion Type:MultipleChoice                              \nIn 1990,Teller Co.incurred losses arising from its guilty plea in its first antitrust action,and froma substantial increase in production costs caused when a major supplier's workers went on strike.Which of these losses should be reported as an extraordinary item?  \nAntitrust action  \nNo  \nA.  \nNo  \nOptions:                                \nA-Option A  \nB-Option B  \nC-Option C  \nD-Option D  \nAnswer:                                      \nC  \nExplanation:                             \nChoice 'c'is correct.Yes-No.  \nRule:Losses arising from a company's first(and probably 'last')'anti-trust'action are unusual andextraordinary and should be reported as an extraordinary item.Losses resulting from additionalcosts caused by a strike at a major supplier or even at one's own company are not extraordinaryand should be disclosed as a separate component of 'income from continuing operations.  \nQuestion 2                      \nQuestion Type:MultipleChoice                            \nDuring 1990,Fuqua Steel Co.had the following unusual financial events occur:  \n*Bonds payable were retired five years before their scheduled maturity,resulting in a $260,000gain.Fuqua has frequently retired bonds early when interest rates declined significantly.  \n*A steel forming segment suffered $255,000 in losses due to hurricane damage.This was thefourth similar loss sustained in a 5-year period at that location.  \n*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.  \nBefore income taxes,what amount of gain(loss)should be reported separately as a componentof income from continuing operations in 1990?  \nOptions:                               \nA-$260,000  \nB-$5,000  \nC-$(255,000)  \nD-$(350,000)  \nAnswer:  \nB  \nExplanation:                             \nChoice 'b'is correct.$5,000.  \nThe steel forming segment's hurricane damage(4th in 5 years)of $255,000 is only 'unusual innature'and does not occur infrequently,therefore,it is not an 'extraordinary item,'and should bereported separately as a component of 'income from continuing operations.'  \nThe retirement of debt,although unusual,is not infrequent for the company;therefore,the gaindoes not qualify for classification as an extraordinary item per APBO No.30(and SFAS No.145).  \n## Question 3                     \n\nQuestion Type:MultipleChoice                               \nA development stage enterprise should use the same generally accepted accounting principlesthat apply to established operating enterprises for:  \nRevenueDeferral ofrecognitionexpensesYesYes  \nA.  \nB.YesNoC.NoNoNoYes  \nD.  \nOptions:                                \nA-Option A  \nB-Option B  \nC-Option C  \nD-Option D  \nAnswer:  \nA  \nExplanation:                              \nChoice 'a'is correct.Development stage enterprises must use all the same principles asestablished enterprises including those of revenue recognition and deferral of expenses.Theprimary difference is that development stage enterprises must provide additional disclosures notrequired of established operating enterprises.SFAS\\#7,para.10  \nQuestion 4                       \nQuestion Type:MultipleChoice                              \nWhich of the following statements is incorrect regarding the inputs that can be used to measurefair value?  \ni.Level l inputs are the most reliable fair value measurements and Level IIlinputs are the leastreliable.  \nii.Level I measurements are quoted prices in active markets for identical or similar assets orliabilities.  \niii.A fair value measurement based on management assumptions only(no market data)wouldnot be acceptable per GAAP.  \nIV.The level in the fair value hierarchy of a fair value measurement is ","cbCais6IpjbzQkhz","https://ap.wps.com/l/cbCais6IpjbzQkhz","pdf",582354,13,"English","# exams\n## Question 1\n## Question 2\n## Question 3\n## Question 4\n## Question 5\n## Question 6","[{\"question\":\"When are losses reported as an extraordinary item under the exam rules?\",\"answer\":\"Losses from unusual and extraordinary events such as the company’s first antitrust action qualify, while additional costs from strikes at a major supplier are not extraordinary and should be disclosed separately within income from continuing operations.\"},{\"question\":\"How should gains or losses from early bond retirement and recurring hurricane damage be classified?\",\"answer\":\"A gain from retiring bonds early does not qualify as extraordinary if the company frequently does similar retirements. Hurricane losses are not extraordinary when the losses are unusual in nature but occur infrequently are evaluated; the example treats the hurricane damage as not extraordinary due to recurrence and reports it separately as a component of income from continuing operations.\"},{\"question\":\"What inputs determine the level in the fair value hierarchy for a fair value measurement?\",\"answer\":\"The level is determined by the lowest (or highest level significant) input that is most significant in the measurement hierarchy rule; the question’s explanation concludes the level depends on the level of the lowest level significant input, and contrasts Level I quoted prices with Level II/III assumptions and use of management estimates.\"}]","Free Questions for CPA - Financial Accounting and Reporting Exam | PDF",1788337971,33]