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CPA FR Exam With Confidence Using Practice Dumps

Exam Code:
FR
Exam Name:
Financial Reporting
Certification:
CPA Other Certification
Vendor:
CPA
Questions:
80
Last Updated:
Apr 30, 2025
Exam Status:
Stable
CPA FR

FR: CPA Other Certification Exam 2025 Study Guide Pdf and Test Engine

Are you worried about passing the CPA FR (Financial Reporting) exam? Download the most recent CPA FR braindumps with answers that are 100% real. After downloading the CPA FR exam dumps training , you can receive 99 days of free updates, making this website one of the best options to save additional money. In order to help you prepare for the CPA FR exam questions and verified answers by IT certified experts, CertsTopics has put together a complete collection of dumps questions and answers. To help you prepare and pass the CPA FR exam on your first attempt, we have compiled actual exam questions and their answers. 

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Financial Reporting Questions and Answers

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Question 1

Rochester pIc has entered into a fixed price contract for the provision of services to Adele Ltd. The contract commenced in September 2012 and will be completed in 2013. The contract price is $2 million and costs are recoverable as incurred. At 31 December 2012, Rochester plc's year ends, costs of $500,000 have been incurred.

The contract has been assessed as 30% complete; however, costs to complete cannot be estimated reliably.

In accordance with IAS 18 Revenue, how much revenue should be included in Rochester plc's statement of comprehensive income for the year ended 31 December 2012 in respect of this contract?

Options:

A.

Nil

B.

$500,000

C.

$600,000

D.

$2 million

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Question 2

Debra Ltd. has the following loan finance in place during the year ended 31 December 2012:

$2 million of 6% loan finance

$4 million of 8% loan finance

It constructed a new factory which cost $900,000 and this was funded out of the existing loan finance.

The factory took eight months to complete.

What borrowing costs should be capitalised in the year ended 31 December 2012?

Options:

A.

$65,970

B.

$43,980

C.

$36,000

D.

$30,000

Question 3

IAS 17 Leasesstandardizesthe accounting treatment and disclosure of assets held under lease. IAS 17 Leases requires a lessee tocapitalizea finance lease at the amount of the

Options:

A.

Fair value

B.

Present value of the minimum lease payments

C.

Higher of fair value or present value of minimum lease payments

D.

Lower of fair value or present value of minimum lease payments

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