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Exam (elaborations)

CPA FAR EXAM 2026 COMPLETE EXAM QUESTIONS AND ANSWERS 100% VERIFIED A+ GRADE ASSURED!!!!! NEW LATEST UPDATE!!!!

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2025/2026 Written for academic year
Institution CPA FAR
Course CPA FAR
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CPA FAR EXAM 2026 COMPLETE EXAM QUESTIONS AND ANSWERS 100% VERIFIED A+ GRADE ASSURED!!!!! NEW LATEST UPDATE!!!!!

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FINAL EXAMINATION PAPER dd dd




CPA EXAM FAR FINANCIAL ACCOUNTING REPORTING QUESTIONS ANSWE
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RS

STUDENT NAME: ________________________________
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COURSE: Financial Accounting Final Exam
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EXAM CODE: CPA EXAM FAR FINANCIAL ACCOUNTING
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REPORTING QUESTIONS ANSWERS-101
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EXAM INSTRUCTIONS:
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1. Print your full name and date clearly in the header above.
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2. This exam booklet contains both Test Questions (Part I) and Verified Solutions (Part II).
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3. Answer all multiple-choice questions clearly. Double-check your work.
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4. Do not break the seal or open this booklet until instructed to do so by the proctor.
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Q1. Natural Balances
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[Verified Solution]: Assets - Debit Liabilities - Credit Stockholder's Equity - Credit Revenue -
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Credit Expense - Debit Dividends - Debit
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Q2. Assets
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[Verified Solution]: things we own (cash, accounts receivable, supplies, inventory, land, buildings, equ
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ipment)




Q3. Liabilities
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[Verified Solution]: things we owe (accounts payable, notes payable, salaries payable, deferred revenu
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e)




Q4. Stockholder's Equity
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[Verified Solution]: ownership (common stock, retained earnings)
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Q5. Order of Statements
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[Verified Solution]: Income Statement Statement of Stockholder's Equity Statement of Cash Flows Bal
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ance Sheet dd

, Q6. Net Income
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[Verified Solution]: Revenue - Expenses = NI or EB - BB + D = NI
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Q7. Liquidity
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[Verified Solution]: turning something into cash
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Q8. Cash Equivalent
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[Verified Solution]: short term investment with original maturity of 3 months or less (91 days or less)
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Q9. Items Classified as Cash
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[Verified Solution]: Coins & currency Checks Customer's payment using credit card Customer's paym
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ent using debit card Company balances in banking accounts
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Q10. Items Classified as Cash Equivalents
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[Verified Solution]: Company money market account US Treasury Bills (T-
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bills) Commercial paper Certificates of Deposits (CD)
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Q11. Contra Revenues
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[Verified Solution]: Sales Returns Sales Allowances Sales Discounts (Debit Balances)
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Q12. Net Revenue / Net Sales
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[Verified Solution]: Revenue (Sales) - Sales Returns & Allowances -
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Sales Discounts = Net Sales or Revenue - Contra Revenues = Net Revenue
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Q13. Goods Available for Sale
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[Verified Solution]: Beginning Inventory + Purchases = GAFS or Ending Inventory + COGS = GAFS
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Q14. Cost of Goods Sold
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[Verified Solution]: GAFS - Ending Inventory = COGS
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