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CPA FR Exam With Confidence Using Practice Dumps

Exam Code:
FR
Exam Name:
Financial Reporting
Certification:
CPA Other Certification
Vendor:
CPA
Questions:
80
Last Updated:
Apr 11, 2025
Exam Status:
Stable
CPA FR

FR: CPA Other Certification Exam 2025 Study Guide Pdf and Test Engine

Are you worried about passing the CPA FR (Financial Reporting) exam? Download the most recent CPA FR braindumps with answers that are 100% real. After downloading the CPA FR exam dumps training , you can receive 99 days of free updates, making this website one of the best options to save additional money. In order to help you prepare for the CPA FR exam questions and verified answers by IT certified experts, CertsTopics has put together a complete collection of dumps questions and answers. To help you prepare and pass the CPA FR exam on your first attempt, we have compiled actual exam questions and their answers. 

Our (Financial Reporting) Study Materials are designed to meet the needs of thousands of candidates globally. A free sample of the CompTIA FR test is available at CertsTopics. Before purchasing it, you can also see the CPA FR practice exam demo.

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Financial Reporting Questions and Answers

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Question 1

One plc has owned 100% of Ten Ltd and 60% of Six Ltd for many years. At 31 December 2012 the trade receivables and trade payables shown in the individual company statements of financial position were as follows.

One plcTen LtdSix Ltd

$000$000$000

Trade receivable 503040

Trade payable 301520

Trade payable are made up as follows

Amount owning to

One---

Ten 2-4

Six 3--

Other suppliers251516

301520

The intra-group accounts agreed after taking into account the following.

1)An invoice for $3,000 posted by Ten Ltd on 31 December 2012 was not received by One pIc until 2 January 2013

2)A cheque for $2,000 posted by One pIc on 30 December 2012 was not received by Six Ltd until 4 January 2013.

What amount should be shown as trade receivables in the consolidated statement of financial position of One plc for the year ended 31 December 2012?

Options:

A.

$56,000

B.

$106,000

C.

$109,000

D.

$111,000

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Question 2

Measurement of the elements of financial position is the process of determining the monetary amounts at which the elements of the financial statements are to berecognizedand carried in the statement of financial position and statement of comprehensive income. There are number of basis of measurement that companies use in preparing financial statements.

Which of the following best explains the ‘current cost accounting’?

Options:

A.

Assets are recorded at the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire them at the time of their acquisition.

B.

The amount of cash or cash equivalents that would have to be paid if an equivalent asset was acquired currently.

C.

The amount of cash or cash equivalents that was paid if an equivalent asset was acquired currently.

D.

The amount of cash or cash equivalents that could currently be obtained by selling an asset in an orderly disposal.

Question 3

A conceptual framework is a statement of generally accepted theoretical principles which form the frame of reference for financial reporting.

Which of the following is NOT a disadvantage of conceptual framework?

Options:

A.

Standards are developed on patchwork basis.

B.

Conceptual frameworks are developed for preparing financial statements that is intended for wide range of users.

C.

Financial statements are used for variety of purposes.

D.

The task of preparation and implementation of standards.

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