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CPFO Accounting exam Questions with 100% Correct Answers | Latest Version (2024/2025) Expert Verified
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CPFO Accounting exam Questions with 100% Correct Answers | Latest Version (2024/2025) Expert Verified

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  • November 20, 2024
  • 116
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • cpfo accounting exam questions with 100 correct a
  • which of the following groups normally would not b
  • which of the following groups took the lead in set
  • which organization appoints the members of the g

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  • CPFO - Certified Public Finance Officer
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CPFO Accounting exam Questions with
100% Correct Answers | Latest Version
(2024/2025) Expert Verified

WhichiofitheifollowingigroupsinormallyiwouldiNOTibeiconsiderediaiprim
aryiuseriofistateiorilocaligovernment'sigeneral-
purposeiexternalifinancialistatements?
A.iCitizens
B.iLegislativeiandioversightibodies
C.iManagement
D.iInvestorsiandicreditorsi-iCorrectiAnswer-Ci-
iTheiprimaryiusersiofigeneral-

purposeiexternalifinancialistatementsiareithoseiwho,iunlikeimanageme
nt,idoinotihaveidirectiaccessitoiaccountingiinformation.i(pagei6)i(Chapte
ri1)


Whichiofitheifollowingigroupsitookitheileadiinisettingigenerallyiaccepted
iaccountingiprinciplesi(GAAP)iforibusinessienterprises?


A.iBusinessesithemselves
B.iStateigovernments
C.iFederaligovernment
D.iIndependentiauditorsi-iCorrectiAnswer-Di-
iIndependentiauditorsitookitheileadiinicodifyingiGAAPiinitheiprivateisect

or,iwhereasifinancialistatementipreparersitookitheileadiinicodifyingiGA
APiinitheipublicisector.i(pagei6)i(Chapteri1)

,WhichiorganizationiappointsitheimembersiofitheiGovernmentaliAccoun
tingiStandardsiBoardi(GASB)
A.iFinancialiAccountingiFoundationi(FAF)
B.iGovernmentaliAccountingiStandardsiAdvisoryiCouncili(GASAC)
C.iAmericaniInstituteiofiCertifiediPubliciAccountantsi(AICPA)
D.iSecuritiesiandiExchangeiCommissioni(SEC)i-iCorrectiAnswer-Ai-
iTheiFAFiappointsitheimembersiofibothitheiFASBianditheiGASBi(pagei7)i(

Chapteri1)


WhichiofitheifollowingihasitheiLOWESTiauthoritativeistatusionitheiGAAP
ihierarchy?


A.iWidelyirecognizediandiprevalentipractices
B.iNCGAiinterpretations
C.iGASBiConceptiStatements
D.iTheiAICPA'siauditiandiaccountingiguideiforiStateiandiLocaliGovernme
ntsi-iCorrectiAnswer-Ci-
iAiGASBiConceptsiStatementiisinotipartiofitheiGAAPihierarchyiasisuch,ibu

tirathericonstitutesiani"otherisource"iofiGAAP.i(pagei14)i(Chapteri1)


WhichiofitheifollowingientitiesiisiNEVERisubjectitoiGASBijurisdiction?
A.iAihospital
B.iAicollegeioriuniversity
C.iAiutility

,D.iNoneiofitheiabovei-iCorrectiAnswer-Di-
iIni1989,itheiFAFicategoricallyiaffirmeditheiGASB'sijurisdictionioveriallien

titiesioperatingiinitheipublicisector,iincludingiutilities,ihospitals,icolleges
,iandiuniversitiesi(pagei9)i(Chapteri1)


WhichiofitheifollowingitypesiofiguidanceihasitheiHIGHESTistandionitheiG
AAPihierarchy
A.iGASBiTechnicaliBulletins
B.iGASBiConceptiStatements
C.iGASBiimplementationiGuides
D.iGASBiInterpretationsi-iCorrectiAnswer-Di-
iGASBiInterpretationsiqualifyiasi"leveli1"iGAAPionitheiGAAPihierarchy.i(

pagei14)i(Chapteri1)


WhichiofitheifollowingistatementsiisiTRUE?
A.iBothitheiFinancialiAccountingiStandardsiBoardi(FASB)ianditheiGASBia
reisupportediinitheiriworkibyiadvisoryicouncils
B.iBothitheiFASBianditheiGASBihavei7imembers
C.iBothitheiFASBianditheiGASBicaniapproveipronouncementsibyiaisimple
imajorityivote


D.iAlliofitheiabovei-iCorrectiAnswer-Di-
iAllifouristatementsiareitrue.i(pagei7)i(Chapteri1)




WhichiofitheifollowingisetsiGAAPiforinonprofitiorganizations?
A.iFAF

, B.iAICPA
C.iGASB
D.iFASBi-iCorrectiAnswer-Di-
iTheijurisdictioniofitheiFASBicoversibothiprivate-

sectoribusinessesiandinonprofitiorganizationsi(pagei8)i(Chapteri1)


WhichiofitheifollowingiorganizationsihasidesignateditheiGASBiasitheiaut
horitativeistandard-settingibodyiforistateiandilocaligovernments?
A.iFAF
B.iAICPA
C.iGAO
D.iSECi-iCorrectiAnswer-Bi-
iTheiAICPA,iwhichirepresentsitheiindependentiauditingiprofession,ihasio

fficiallyidesignateditheiFASB,itheiGASB,ianditheiFASABiasitheiauthoritati
veistandard-
settingibodiesiforiGAAPiinitheirirespectiveisectors.i(pagei9)i(Chapteri1)


WhichiofitheifollowingiBESTidescribesitheipurposeiofiGASB'si"dueiproce
ss"iprocedures?
A.iObtainiapprovaliforiproposediguidanceifromikeyiconstituents
B.iPersuadeiconstituentsiofitheisoundnessiofiproposediguidance
C.iPermitioversightiandiregulatoryibodiesitoivetoioriamendiproposedigui
dance
D.iEnsureitheiboardihasiconsiderediallirelevantifactsiandipointsiofiviewib
eforeiissuingifinaliguidancei-iCorrectiAnswer-Di-

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