These CPA Exam practice questions mimic the actual CPA Exam Sections and feature the latest topics you’ll see on exam day. Please take note that although the questions provided by the AICPA do offer the correct answer choice, they do not provide an answer explanation. You can download your free additional AICPA questions at the AICPA website, or you could practice with them buy trying our free CPA test bank products. Gleim CPA Review also supplies candidates with free practice questions for each exam section.
- In this scenario, the partnership has elected to amortize (not capitalize) the organizational costs.
- Expect a few questions over accounting for not-for-profit entities and governmental entities.
- It also includes detailed answer explanations to help you understand your areas of weakness.
- You’ll also be able to review detailed answer explanations for both the correct and incorrect answer choices.
- You can download your free additional AICPA questions at the AICPA website, or you could practice with them buy trying our free CPA test bank products.
But, the AICPA does not include answers to these free CPA questions. Second, the opportunity to interact with the most realistic replica of the CPA Exam available is invaluable. So, you should probably work through the AICPA’s tutorial and sample tests both at the start of your CPA journey and before you sit for a particular exam section. But still, I recommend reviewing the AICPA’s tutorial before your exam. After all, it will save you from any surprises on the big exam day.
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Accrual accounting requires five-step revenue recognition, under which timing of cash receipts is not considered. (Choices A) The inventory turnover ratio measures the number of times inventory is sold and replaced within a period and is calculated as COGS / Average inventory. The city should report $0 as expenditure under the general fund since the payment for the expenditures was made from the debt service fund. Interest of $5,000 and principal of $20,000 should both be reported in the debt service fund for a total of $25,000. An amount of $0 should be reported under permanent fund (like an endowment) since there is no restriction on the principal. In this scenario, the partnership has elected to amortize (not capitalize) the organizational costs.
- Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years.
- Please note that these are generally intermediate to advanced exercises.
- We’ll explain the components and uses of these materials so you can make the most of them.
- During an audit, client management asserts that the financial statements are complete, clear, correct, and in compliance with GAAP or an acceptable financial reporting framework.
It grants 18 months of unlimited access to an entire study unit in one exam section of Gleim Premium CPA Review. As soon as you log in, our SmartAdaptTM technology starts assessing your strengths and weaknesses with a quick study session. SmartAdaptTM then recommends a personalized path toward mastering each of your troublesome exam topics. Our comprehensive content outlines, video lectures, and audio lectures join forces with the largest test bank on the market to prepare you for every type of exam question. With this eye-opening glimpse into the best adaptive exam prep available, you’ll see for yourself how Gleim has helped CPAs pass over one million exams. The New Jersey Society of Certified Public Accountants, or NJCPA, has some publicly available CPA resources and free CPA questions.
How do I study for the CPA Exam sections?
The AICPA sample tests only include answer explanations for the task-based simulations or TBSs. Therefore, as you answer the TBS questions, you can see the correct answers. Each answer explanation links to a specific AICPA Blueprint, which outlines the exam topics.
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Also, NINJA CPA is popular with candidates because the materials are comprehensive yet easy to understand. Most importantly, NINJA CPA review is one of the more affordable providers of CPA review on the market. Their courses come with 7,700+ MCQs and 400 TBSs, so you’ll get access to lots of extra free CPA questions.
The Enterprise Fund should record an increase in expense at the time the reimbursement is made. With changes to the CPA Evolution scores and new CPA Exam content, it’s more important than ever to be prepared. When you’re ready to embark on your career as a CPA, Becker is here to help with a comprehensive CPA Exam review that is updated for CPA Evolution and includes access to all three Disciplines. You can even take us for a test drive with our free 14-day trial to our CPA Exam Review. After all, each section tests different material, and each CPA candidate has their own strengths and weaknesses. So, a hard CPA Exam section for someone else might seem easy to you.
CPA Review Courses
Over time, you should see your weak areas improve and your scores increase. Ready to skip the piecemeal approach and start studying using a comprehensive course? This way, you can get a quick introduction to the CPA Exam and know what you’re getting into before you even apply. You can acquaint yourself with the look and layout of the exam in the last few days before your testing appointment. Instead, this short video (6.5 minutes) walks you through the exam experience. Also, it discusses how to use Microsoft Excel, the Authoritative Literature, and the cut, copy, paste, and highlight functions on the exam.
(Choice D) The desired or acceptable level of detection risk might decrease when there is greater risk of material misstatement. This action would occur after the auditor obtains evidence that refutes management’s assertions. Use our CPA practice exams below to get a better idea of what you will be tested on. The exams are split up into the 4 different sections, just like the actual exam. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years.
The task-based simulations will be based on “real-world” problems and candidates will have to type in their answers. The written communication tasks will require candidates to write their answers and their communication skills will be tested. These CPA test questions include detailed answer explanations, so be sure to pay special attention to those at the end of your exam. Universal CPA Review also offers an additional the premium tax credit 5,000 CPA test-bank questions and over 200 never before seen task-based simulations. There is an enormous amount of information that needs to be absorbed in order to pass the CPA exam, so sometimes the best approach for studying just requires more repetition. In this example, the General Fund paid and recorded as an expenditure all of an invoice that included a portion that pertained to another fund.
CPA Exam Blueprints
Therefore, costs for promoting and selling partnership interests are not deductible. The two types of employee stock options are qualified, known as incentive stock options (ISOs), and nonqualified (NQSOs). On the grant date, neither type requires income to be recognized by an option recipient (Choice D). General controls over access to computers and files are particularly important for sensitive data, such as payroll information.
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