AICPA CPA-Financial Quiz 1 Topic 2 Questions 1-5

Question: 1

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

q1_CPA-Financial

AOption A

BOption B

COption C

DOption D

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Question: 2

FASB's conceptual framework explains both financial and physical capital maintenance concepts. Which capital maintenance concept is applied to currently reported net income, and which is applied to comprehensive income?

q2_CPA-Financial

AOption A

BOption B

COption C

DOption D

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Question: 3

Which of the following is correct concerning financial statement disclosure of accounting policies?

ADisclosures should be limited to principles and methods peculiar to the industry in which the company operates.

BDisclosure of accounting policies is an integral part of the financial statements.

CThe format and location of accounting policy disclosures are fixed by generally accepted accounting principles.

DDisclosures should duplicate details disclosed elsewhere in the financial statements.

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Question: 4

An extraordinary gain should be reported as a direct increase to which of the following?

ANet income.

BComprehensive income.

CIncome from continuing operations, net of tax.

DIncome from discontinued operations, net of tax.

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Question: 5

Which of the following is true regarding the presentation of "comprehensive income."

q5_CPA-Financial

AOption A

BOption B

COption C

DOption D

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AICPA CPA-Financial Quiz:1 Topic:2 Questions:1-5