100% Free AICPA CPA-Financial Practice Test Questions and Answers 2026

Start Learning with the Latest and Real 100% Free AICPA CPA-Financial Exam Questions

Page: 1 / 33

Total 165 Questions | Updated On: May 23, 2026

Add To Cart

Question 1

Which of the following facts concerning fixed assets should be included in the summary of significant accounting policies?

A : Option A

B : Option B

C : Option C

D : Option D

Answer: C

Question 2

What information should a public company present about revenues from its reporting segments?

A : Disclose separately the amount of sales to unaffiliated customers and the amount of intracompany sales.

B : Disclose as a combined amount sales to unaffiliated customers and intracompany sales between geographic areas.

C : Disclose separately the amount of sales to unaffiliated customers but not the amount of intracompany sales between geographic areas.

D : No disclosure of revenues from foreign operations need be reported.

Answer: A

Question 3

In financial reporting of segment data, which of the following must be considered in determining if an industry segment is a reportable segment?

A : Option A

B : Option B

C : Option C

D : Option D

Answer: A

Question 4

What is the purpose of information presented in notes to the financial statements?

A : To provide disclosures required by generally accepted accounting principles.

B : To correct improper presentation in the financial statements.

C : To provide recognition of amounts not included in the totals of the financial statements.

D : To present management's responses to auditor comments.

Answer: A

Question 5

Which of the following should be disclosed in a summary of significant accounting policies?I. Management's intention to maintain or vary the dividend payout ratio.II. Criteria for determining which investments are treated as cash equivalents.III. Composition of the sales order backlog by segment.

A : I only.

B : I and III.

C : II only.

D : II and III.

Answer: C

Page: 1 / 33

Total 165 Questions | Updated On: May 23, 2026

Add To Cart