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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. 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
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
List A (Select one)

A) Correction of an error in previously presented financial statements.
B) Change in accounting estimate.
C) Neither an accounting change nor an accounting error.
D) Change in accounting principal.

2. Which of the following is a generally accepted accounting principle that illustrates the practice of conservatism during a particular reporting period?

A) Accrual of a contingency deemed to be reasonably possible.
B) Capitalization of research and development costs.
C) Reporting investments with appreciated market values at market value.
D) Reporting inventory at the lower of cost or market value.

3. Due to a decline in market price in the second quarter, Petal Co. incurred an inventory loss. The market price is expected to return to previous levels by the end of the year. At the end of the year the decline had not reversed. When should the loss be reported in Petal's interim income statements?

A) Ratably over the third and fourth quarters.
B) In the fourth quarter only.
C) In the second quarter only.
D) Ratably over the second, third, and forth [sic] quarters.

4. Grum Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 1991, Grum reported revenues of $50,000,000, operating expenses of $47,000,000, and net income of $3,000,000. Operating expenses include payroll costs of $ 15,000,000. Grum's combined identifiable assets of all industry segments at December 31, 1991, were $40,000,000.
In its 1991 financial statements, Grum should disclose major customer data if sales to any single customer amount to at least:

A) $4,000,000
B) $5,000,000
C) $1,500,000
D) $300,000

5. Which of the following facts concerning fixed assets should be included in the summary of significant accounting policies?

A) Option B
B) Option D
C) Option C
D) Option A

Solutions: