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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. A segment of Ace Inc. was discontinued during 1992. Ace's loss from discontinued operations should not:

A) Include operating losses of the current period up to the date the decision to dispose of the segment was made.
B) Include employee relocation costs associated with the decision to dispose.
C) Include additional pension costs associated with the decision to dispose.
D) Exclude operating losses from the date the decision to dispose of the segment was made until the end of 1992.

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

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

3. Financial reporting by a development stage enterprise differs from financial reporting for an established operating enterprise in regard to footnote disclosures:

A) And revenue recognition principles only.
B) And revenue and expense recognition principles.
C) Only.
D) And expense recognition principles only.

4. 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.

5. Which of the following should be disclosed for each reportable operating segment of an enterprise?

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

Solutions: