Certified Public Accountant (CPA) Exam 1 with Answers

Free Certified Public Accountant (CPA) Questions And Answers

Practice the Certified Public Accountant (CPA) Exam 1 past questions and answers. Our experts have answered the questions and you will get the correct answers to the Certified Public Accountant (CPA) Exam 1 questions. Prepare yourself for the exam ahead and test your knowledge and readiness..

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Certified Public Accountant (CPA) Exam 1

Certified Public Accountant (CPA)

Free Certified Public Accountant (CPA) Exam 1

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1 / 40

What does the term "marketable securities" refer to?

2 / 40

Which of the following is not included in the calculation of net income?

3 / 40

What is the purpose of closing entries?

4 / 40

What is the effect of a stock dividend on total stockholders' equity?

5 / 40

Which inventory costing method results in the highest ending inventory value during periods of rising prices?

6 / 40

Which of the following costs are included in the cost of goods sold?

7 / 40

What is the definition of revenue recognition?

8 / 40

Which of the following methods is used for calculating depreciation under GAAP?

9 / 40

Which of the following best describes the term "liquidity"?

10 / 40

What is the purpose of adjusting entries?

11 / 40

Which of the following is an example of a capital expenditure?

12 / 40

What is the primary purpose of an audit?

13 / 40

What does the debt-to-equity ratio measure?

14 / 40

What is goodwill?

15 / 40

Which of the following is not a qualitative characteristic of financial information according to the FASB conceptual framework?

16 / 40

Which inventory costing method matches recent costs with current revenues?

17 / 40

Which of the following transactions would not be reported in the operating activities section of the statement of cash flows?

18 / 40

Which of the following is true about preferred stock?

19 / 40

Which of the following statements about depreciation is true?

20 / 40

In which section of the statement of cash flows would you find cash flows from issuing common stock?

21 / 40

Which of the following statements about the accrual basis of accounting is true?

22 / 40

Which accounting concept requires that expenses be reported in the same period as the revenues they help to generate?

23 / 40

Which accounting concept requires expenses to be reported in the same period as the revenues they help to generate?

24 / 40

Which of the following is not a component of internal control?

25 / 40

In a manufacturing company, which of the following costs would be classified as a period cost?

26 / 40

What is the purpose of the Sarbanes-Oxley Act (SOX)?

27 / 40

Which of the following is considered a financing activity in the statement of cash flows?

28 / 40

What does the current ratio measure?

29 / 40

Which of the following statements is true regarding a classified balance sheet?

30 / 40

What is a contingent asset?

31 / 40

Which of the following is not a principle of internal control?

32 / 40

Which accounting principle states that revenue should be recognized when it is earned?

33 / 40

What is the primary purpose of financial accounting?

34 / 40

When using the allowance method, which account is credited to recognize estimated uncollectible accounts?

35 / 40

Which of the following describes a contingent liability?

36 / 40

Which financial statement shows the changes in retained earnings?

37 / 40

Which of the following is not an example of a cash equivalent?

38 / 40

What is an example of a contra asset account?

39 / 40

What is the purpose of a trial balance?

40 / 40

Which of the following would not be considered an intangible asset?

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