Admission Test Certified Public Accountant (Financial Accounting & Reporting) - Financial-Accounting-Reporting certification

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:

1. According to the FASB conceptual framework, which of the following situations violates the concept of reliability?

A) Financial statements include property with a carrying amount increased to management's estimate of market value.
B) Data on segments having the same expected risks and growth rates are reported to analysts estimating future profits.
C) Financial statements are issued nine months late.
D) Management reports to stockholders regularly refer to new projects undertaken, but the financial statements never report project results.

2. 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 B represents the general accounting treatment required for these transactions. These treatments are:
* Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
* Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust 1992 beginning retained earnings if the error or change affects a period prior to 1992.
* Prospective approach - Report 1993 and future financial statements on the new basis but do not restate 1992 financial statements.
Item to Be Answered
Quo changed from LIFO to FIFO to account for its finished goods inventory.
List B (Select one)

A) Cumulative effect approach.
B) Retroactive or retrospective restatement approach.
C) Prospective approach.

3. Reclassification adjustments must be shown in the financial statement that discloses comprehensive income:

A) To show what portion of comprehensive income is from the realization of current assets.
B) To show the tax effect of items of comprehensive income.
C) To avoid including transactions with shareholders in items of comprehensive income.
D) To avoid double counting in comprehensive income items, which are currently displayed in net income.

4. A transaction that is unusual, but not infrequent, should be reported separately as a(an):

A) Component of income from continuing operations, but not net of applicable income taxes.
B) Extraordinary item, net of applicable income taxes.
C) Component of income from continuing operations, net of applicable income taxes.
D) Extraordinary item, but not net of applicable income taxes.

5. On June 30, 1991, Mill Corp. incurred a $100,000 net loss from disposal of a component of a business. Also, on June 30, 1991, Mill paid $40,000 for property taxes assessed for the calendar year 1991. What amount of the foregoing items should be included in the determination of Mill's net income or loss for the six-month interim period ended June 30, 1991?

A) $120,000
B) $70,000
C) $90,000
D) $140,000

Solutions: