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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:
Jun 16, 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

Jamal Co buys some goods from SA of France on 30 September (year end is 31 December). The invoice value is €40,000 and is due for settlement in equalinstallmentson 30 November and 31 January. The exchange rate moved as follows:

€ = $1

30-Sep1.60

30-Nov1.80

31-Dec1.90

31-Jan1.85

What are the total exchange gains / (losses) that will be included in the operating profit of Jamal Co for the year ended 31 December 2012?

Options:

A.

A gain of $1,389

B.

A loss of $1,689

C.

A gain of $3,078

D.

A gain of $3,363

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Question 2

View-Find Inc. manufactures and sells complex electronic microscope for scientific research projects. It usually produces standard type andcustomizedmicroscope. The sale contract states that View-find Inc. will undertake the entire installation process. During December 2012, View-find Inc. undertakes acustomizedoffer from State Metallurgical Engineering University of Nowhere. The contract states that View-Find Inc. will manufacture, install and maintain the whole consignment for a period of one year. The total cost of making the changes during the maintenance period cannot be reasonably estimated at the time of the installation.

When should the revenue from sale of this special machine berecognized?

Options:

A.

When the machinery is produced.

B.

When the machinery is produced and delivered.

C.

When the installation is complete.

D.

When the maintenance period as per the contract of sale expires.

Question 3

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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