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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Select Balance Sheet Accounts | 30% - 40% | - Assets, Liabilities and Equity
|
| Financial Reporting | 30% - 40% | - General Purpose Financial Reporting
|
| Select Transactions | 25% - 35% | - Accounting and Reporting Transactions
|
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
During the second quarter of 1988, Buzz Company sold a piece of equipment at a $12,000 gain. What portion of the gain should Buzz report in its income statement for the second quarter of 1988?
- A. $6,000
- B. $12,000
- C. $0
- D. $4,000
Correct Answer: B 🗳️
During 20X5, Dale Corp. made the following accounting changes:
What amount should be shown in the 20X5 retained earnings statement as an adjustment to the beginning balance?
- A. $30,000
- B. $128,000
- C. $0
- D. $98,000
Correct Answer: D 🗳️
On August 31, 1992, Harvey Co. decided to change from the FIFO periodic inventory system to the weighted average periodic inventory system. Harvey is on a calendar year basis. The cumulative effect of the change is determined:
- A. As of January 1, 1992.
- B. During 1992 by a weighted average of the purchases.
- C. During the eight months ending August 31, 1992, by a weighted average of the purchases.
- D. As of August 31, 1992.
Correct Answer: A 🗳️
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with Quo's president and outside accountants, made changes in accounting policies, corrected several errors dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List A represents possible clarifications of these transactions as: a change in accounting principle, a change in accounting estimate, a correction of an error in previously presented financial statements, or neither an accounting change nor an accounting error.
Item to Be Answered
Quo sells extended service contracts on its products. Because related services are performed over several years, in 1993 Quo changed from the cash method to the accrual method of recognizing income from these service contracts.
List A (Select one)
- A. Correction of an error in previously presented financial statements.
- B. Neither an accounting change nor an accounting error.
- C. Change in accounting estimate.
- D. Change in accounting principal.
Correct Answer: A 🗳️
Under FASB Statement of Financial Accounting Concepts #5, which of the following items would cause earnings to differ from comprehensive income for an enterprise in an industry not having specialized accounting principles?
- A. Loss on exchange of nonmonetary assets with commercial substance.
- B. Loss on exchange of nonmonetary assets without commercial substance.
- C. Unrealized loss on investments in current marketable equity securities held for trading.
- D. Unrealized loss on investments in noncurrent marketable equity securities available for sale.
Correct Answer: D 🗳️
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