AICPA-Financial Exam Questions - Navigate Your Path to Success

The AICPA CPA Financial Accounting and Reporting (CPA-Financial) exam is a good choice for for Account manager for Certified Public Accountant and if the candidate manages to pass AICPA CPA Financial Accounting and Reporting exam, he/she will earn AICPA Certified Public Accountant Certification. Below are some essential facts for AICPA CPA-Financial exam candidates:

In actual AICPA CPA Financial Accounting and Reporting (CPA-Financial) exam, a candidate can expect 120 Questions and the officially allowed time is expected to be around 180 Minutes.
TrendyCerts offers 163 Questions that are based on actual AICPA CPA-Financial syllabus.
Our AICPA CPA-Financial Exam Practice Questions were last updated on: Mar 10, 2025

Sample Questions for AICPA-Financial Exam Preparation

Question 1

Deficits accumulated during the development stage of a company should be:

AReported as organization costs.

BReported as a part of stockholders' equity.

CCapitalized and written off in the first year of principal operations.

DCapitalized and amortized over a five year period beginning when principal operations commence.

Correct : B

Choice 'b' is correct. Deficits accumulated during the development stage of a company should be reported as a part of stockholders' equity.

Rule: Development stage enterprises should present FS in accordance with GAAP and make additional disclosures such as: cumulative net losses, cumulative deficit (as part of equity), cumulative sales & expenses (part of I/S), cumulative statement of cash flows and supplementary 'shareholders equity.'

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

Options Selected by Other Users:

Question 2

Financial reporting by a development stage enterprise differs from financial reporting for an established operating enterprise in regard to footnote disclosures:

AOnly.

BAnd expense recognition principles only.

CAnd revenue recognition principles only.

DAnd revenue and expense recognition principles.

Correct : A

Choice 'a' is correct. Financial reporting by a development stage enterprise differs from financial reporting for an established operating enterprise in regard to (more extensive) footnote disclosures only.

Choices 'b', 'c', and 'd' are incorrect. Revenue and expense recognition principles are the same.

Rule: Development stage enterprises should present financial statements in accordance with GAAP and make additional disclosures such as: cumulative net losses, cumulative deficit (as part of equity), cumulative sales and expenses (as part of the income statement), cumulative statement of cash flows and supplementary 'shareholders equity.'