AICPA-Financial Exam Questions

AICPA-Financial Exam Topics - You’ll Be Tested On

The AICPA-Financial exam is a comprehensive assessment designed to evaluate your expertise in financial accounting and reporting. It covers a broad range of topics, including financial statement assertions, which involve understanding and identifying assertions related to transactions and events presented in financial statements, such as occurrence, completeness, accuracy, cut-off, classification, rights and obligations, and valuation or allocation. Additionally, the exam delves into revenue recognition, exploring the complex process of identifying and recognizing revenue from contracts with customers, considering factors like performance obligations, transaction price allocation, and recognizing revenue over time. It also assesses your grasp of balance sheet classifications, which involves understanding the classification and presentation of assets, liabilities, and equity on the balance sheet, ensuring compliance with accounting standards. Furthermore, the exam tests your knowledge of financial statement analysis, encompassing the evaluation of financial statements to assess a company's financial health, performance, and prospects, utilizing various techniques and ratios. Another critical area is accounting for income taxes, which involves understanding the accounting treatment of income taxes, including deferred tax assets and liabilities, temporary differences, and the calculation of current and deferred tax expenses. Additionally, the exam covers business combinations and consolidation, exploring the accounting treatment of business combinations, including the acquisition method and the preparation of consolidated financial statements. It also delves into accounting for leases, addressing the classification and accounting for leases, distinguishing between operating and finance leases, and recognizing lease liabilities and right-of-use assets. Moreover, the exam assesses your understanding of investments, including the accounting for investments in debt and equity securities, evaluating factors like cost, fair value, and the use of equity method accounting. Lastly, it covers accounting for pensions and other post-retirement benefits, focusing on the accounting treatment of defined benefit pension plans and other post-retirement benefit plans, considering factors like actuarial gains and losses, service costs, and interest costs.