Page 1 of 235
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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,Page 2 of 235
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?
4
SUCCESS!
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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,Page 2 of 235
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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,Page 3 of 235
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).
3
SUCCESS!
, Page 4 of 235
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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SUCCESS!
