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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. Which of the following describes how comprehensive income should be reported?

A) May be reported in a separate statement, in a combined statement of income and comprehensive income, or within a statement of stockholders' equity.
B) Should not be reported in the financial statements but should only be disclosed in the footnotes.
C) Must be reported in a separate statement, as part of a complete set of financial statements.
D) May be reported in a combined statement of income and comprehensive income or disclosed within a statement of stockholders' equity; separate statements of comprehensive income are not permitted.

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 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) Change in accounting principal.
C) Change in accounting estimate.
D) Neither an accounting change nor an accounting error.

3. On January 2, 1991, Air, Inc. agreed to pay its former president $300,000 under a deferred compensation arrangement. Air should have recorded this expense in 1990 but did not do so. Air's reported income tax expense would have been $70,000 lower in 1990 had it properly accrued this deferred compensation in its December 31,1991, financial statements, Air should adjust the beginning balance of its retained earnings by a:

A) $230,000 credit.
B) $370,000 debit.
C) $230,000 debit.
D) $300,000 credit.

4. According to the FASB conceptual framework, which of the following statements conforms to the realization concept?

A) Cash was collected on accounts receivable.
B) Product unit costs were assigned to cost of goods sold when the units were sold.
C) Depreciated equipment was sold in exchange for a note receivable.
D) Equipment depreciation was assigned to a production department and then to product unit costs.

5. APB Opinion No. 28, Interim Financial Reporting, concluded that interim financial reporting should be viewed primarily in which of the following ways?

A) As useful only if activity is spread evenly throughout the year.
B) As if the interim period were an annual accounting period.
C) As reporting under a comprehensive basis of accounting other than GAAP.
D) As reporting for an integral part of an annual period.

Solutions: