CPA Practice Exam Set
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Test your readiness with this CPA Practice Exam. These questions mirror the format and difficulty of the actual exam to help you identify weak areas. Covers core topics from AUD, FAR, and REG.

CPA Practice Exam Set
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25 Questions

1. Which of the following is required of an accountant in reviewing a company's financial statements under the Statements on Standards for Accounting and Review Services (SSARS)?

2. Completeness is one of the general assertions regarding a client's inventory balance. Which of the following is not a substantive auditing procedure related to this assertion?

3. Which of the following statements is false with respect to management representation letters on a review engagement?

4. The auditor's overall responses to address the assessed risks of material misstatement at the financial statement level may include all of the following except:

5. North Co., a privately held entity, asked its tax accountant, King, a CPA in public practice, to review and generate North's interim financial statements on King's microcomputer when King prepared North's quarterly tax return. King should not submit these financial statements to North unless, as a minimum, King complies with the provisions of:

6. An audit client failed to maintain copies of its procedures manuals and organizational flowcharts. What should the auditor do in an audit of financial statements?

7. The regulatory body that has the primary authority to develop requirements for performing federal program compliance audits in accordance with the Single Audit Act is:

8. The _______ requires a member to be honest and candid within the constraints of client confidentiality.

9. Analytical procedures are required for which of the following?

10. For which of the following audit tests would an auditor most likely use attribute sampling?

11. TWD's bank has a loan officer who meets regularly with TWD's CEO and controller to monitor TWD's financial performance. The audit risk would:

12. Valuation and allocation is one of the general assertions regarding a client's inventory balance. Which of the following is not a substantive auditing procedure related to this assertion?

13. Which of the following departments most likely would approve changes in pay rates and deductions from employee salaries?

14. Which of the following courses of action would an auditor most likely follow in planning a sample of cash disbursements if the auditor is aware of several unusually large cash disbursements?

15. An initial public offering of TWD's stock is planned for late 20X2. The audit risk would:

16. Russell CPA is auditing contingent liabilities. What generally is the primary risk of material misstatement related to related financial statement disclosures?

17. Which of the following procedures should an accountant perform during an engagement to review the financial statements of a nonissuer?

18. Which of the following audit procedures would an auditor most likely perform to test controls relating to management's assertion concerning the completeness of sales transactions?

19. Heath Co.'s current ratio is 4:1. Which of the following transactions would normally increase its current ratio?

20. An auditor determines that the entity is presenting certain supplementary financial disclosures of pension information that are required by the GASB. Under these circumstances, the auditor should:

21. During 20X1, TWD changed its method of preparing its financial statements from the cash basis to generally accepted accounting principles. The audit risk would:

22. In performing a financial statement audit in accordance with Government Auditing Standards, an auditor is required to report on the entity's compliance with laws and regulations. This report should:

23. The _______ requires that members accept the obligation to act in a way that will serve the clients, credit grantors, or employers; honor the clients, credit grantors, or employers; and demonstrate professionalism.

24. Which of the following titles would be considered suitable for financial statements that are prepared on a cash basis?

25. During December 20X1, TWD increased its casualty insurance coverage on several pieces of sophisticated machinery from historical cost to replacement cost. The audit risk would:

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