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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Select Financial Statement Accounts | 30-40% | - Equity - Assets - Expenses and Other Items - Revenue Recognition - Liabilities |
| Topic 2: Financial Reporting | 30-40% | - General Purpose Financial Statements - Conceptual Framework and Standard-Setting - Special Purpose Frameworks - Financial Reporting for Nonprofits - State and Local Government Reporting |
| Topic 3: Select Transactions | 25-35% | - Subsequent Events and Fair Value Disclosures - Derivatives and Hedge Accounting - Fair Value Measurements - Leases - Business Combinations and Consolidations |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
According to the FASB conceptual framework, comprehensive income includes which of the following?
- A. Option C
- B. Option B
- C. Option D
- D. Option A
Correct Answer: B 🗳️
Lore Co. changed from the cash basis of accounting to the accrual basis of accounting during 1994. The cumulative effect of this change should be reported in Lore's 1994 financial statements as a:
- A. Prior period adjustment resulting from the correction of an error.
- B. Component of income after extraordinary item.
- C. Component of income before extraordinary item.
- D. Prior period adjustment resulting from the change in accounting principle.
Correct Answer: A 🗳️
The effect of a material transaction that is infrequent in occurrence but not unusual in nature should be presented separately as a component of income from continuing operations when the transaction results in a:
- A. Option C
- B. Option B
- C. Option D
- D. Option A
Correct Answer: D 🗳️
Goddard has used the FIFO method of inventory valuation since it began operations in 1987. Goddard decided to change to the weighted-average method for determining inventory costs at the beginning of 1990. The following schedule shows year-end inventory balances under the FIFO and weighted-average methods:
What amount, before income taxes, should be reported in the 1990 retained earnings statement as the cumulative effect of the change in accounting principle?
- A. $2,000 increase.
- B. $5,000 decrease.
- C. $3,000 decrease.
- D. $0.
Correct Answer: B 🗳️
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 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 B (Select one)
- A. Retroactive or retrospective restatement approach.
- B. Cumulative effect approach.
- C. Prospective approach.
Correct Answer: A 🗳️
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