AICPA Exam CPA-Financial Topic 1 Question 77 Discussion

Actual exam question for AICPA's CPA-Financial exam

Question #: 77
Topic #: 1

[All CPA-Financial Questions]

Conceptually, interim financial statements can be described as emphasizing:

ATimeliness over reliability.

BReliability over relevance.

CRelevance over comparability.

DComparability over neutrality.

Show Suggested Answer

Suggested Answer: B

Choice 'b' is correct. Change in lives of fixed assets is a change in accounting estimate.

by Josphine at Nov 26, 2023, 09:42 PM

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3 days ago

I disagree, I believe reliability should be prioritized over relevance.

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4 days ago

I think interim financial statements should emphasize timeliness over reliability.

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