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CPA EXAM REVIEW QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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CPA EXAM REVIEW QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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CPA EXAM REVIEW QUESTIONS ANDANSWERS WITH SOLUTIONS 2024
Managerial Accounting deals with _____ accounting, while Financial Accounting deals with _____. -
ANSWER Internal; External
True or False:
Managerial accounting must follow GAAP. - ANSWER False; Internal accounting so it does not have to
follow GAAP.
The assumption that a company or other entity will be able to continue operating for a time that is
sufficient to carry out its commitments and obligations. - ANSWER Going Concern
The assumption that a company's business cycle can be broken into periods (i.e. one year, one quarter,
etc.) - ANSWER Periodicity
Accounting is reported as units of currency (i.e. dollars and cents); not indexed for inflation - ANSWER
Monetary Unit
An accounting principle that allows the accountant to keep business separate from personal (excludes
legal) - ANSWER Economic Entity
What is the general rule for capitalization of Research & Development costs? - ANSWER You can't
capitalize R&D
True or False:
You accrue a contingency deemed to be reasonably possible - ANSWER False: you accrue contingencies
deemed to be probable.
FASB ASC includes guidance for the _____. - ANSWER SEC
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