CPA (Certified Public Accountant) Practice Exam WITH COMPLETE QUESTIONS AND CORRECT VERIFIED ANS WERS LATEST UPDATE JUST RELEASED THIS YEAR

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CPA (Certified Public Accountant) Practice Exam
WITH COMPLETE QUESTIONS AND CORRECT
VERIFIED ANS WERS LATEST UPDATE JUST
RELEASED THIS YEAR


Question: Which of the following is not a part of a multi-level regulatory framework for quality

assurance? p19


A. Monitoring


B. Firm regulation


C. Standard setting


D. Practice reviews - ANSWER✔✔A. Monitoring




Question: Which one of the following is not traditionally recognised as being an attribute of a

profession?


A. The service ideal


B. Extensive preparatory education


C. Substantial financial remuneration



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D. Application of professional judgment - ANSWER✔✔C. Substantial financial remuneration




Question: Which one of the following features is not included in the concept of 'service ideal'?


A. The efficient and effective use of society's resources


B. The provision of accounting-related services as cheaply as possible


C. The pursuit of excellence in accounting practice by the individual professional accountant


D. The responsibility to behave in a manner that maintains the good reputation of the

profession - ANSWER✔✔B. The provision of accounting-related services as cheaply as possible




Question: Which one of the following describes the way that accounting interacts with society

and organisations?


A. Accounting can change society's behaviour through changes in accounting policy.


B. Accounting responds to the needs of society and as such reacts to change rather than

creating change.


C. Accounting is not appropriately placed to make changes in society because accountants are

more interested in making money than in seeking what


is best for society.


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D. Accounting involves recording and reporting useful information, and, as such, it should

remain impartial and objective and not be concerned about people, organisations and societies.

- ANSWER✔✔A is correct because accounting policies will influence how information is

recorded, reported and analysed. This in turn will affect important and


significant decisions about resource allocation by a variety of stakeholders including investors,

governments, lenders and managers. As such, the


way we use and implement accounting influence how societies behave.




Question: Which one of the following best describes professional judgment?


A. The acquisition of knowledge through a formal educational process


B. The ability to diagnose and solve complex, unstructured 'values-based' problems


C. Practical experience that ensures the accounting role can be completed in a professional

manner


D. Problem solving and the ability to apply the right technical solution despite pressure or social

ideals - ANSWER✔✔B is correct as this description of professional judgment is provided in the

materials and attributed to Becker (1982).




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Question: Which one of the following was an implication for the accounting profession

following the collapse of large companies such as Enron, HIH Insurance and Lehman Brothers?


A. An increase in the profession's autonomy


B. Increased regulation and greater scrutiny by the regulators


C. A tendency for the community to have more faith in the accounting profession


D. A further reduction in the number of large accounting firms resulting from a merger process -

ANSWER✔✔B. Increased regulation and greater scrutiny by the regulators




Q:Which of the following is not an attribute of a profession?


A. Extensive education process


B. Existence of a governing body


C. Application of professional scepticism


D. Systematic body of theory and knowledge - ANSWER✔✔C. Application of professional

scepticism




Question: Which of the following best describes the 'traditional' or 'functional' view of a

professional?


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