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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Select Balance Sheet Accounts | 30% - 40% | - Assets, Liabilities and Equity
|
| Topic 2: Financial Reporting | 30% - 40% | - General Purpose Financial Reporting
|
| Topic 3: Select Transactions | 25% - 35% | - Accounting and Reporting Transactions
|
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
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. Retroactive or retrospective restatement approach.
- B. Prospective approach.
- C. Cumulative effect approach.
Correct Answer: A 🗳️
A development stage enterprise should use the same generally accepted accounting principles that apply to established operating enterprises for:
- A. Option C
- B. Option A
- C. Option B
- D. Option D
Correct Answer: B 🗳️
The following question is based on the following:
Vane Co.'s trial balance of income statement accounts for the year ended December 31, 2002, included the following:
Vane's income tax rate is 30%.
In Vane's 2002 multiple-step income statement, what amount should Vane report as income from continuing operations?
- A. $129,500
- B. $140,000
- C. $147,000
- D. $126,000
Correct Answer: B 🗳️
Which of the following is true regarding the comparison of managerial to financial accounting?
- A. Managerial accounting is generally more precise.
- B. Managerial accounting need not follow generally accepted accounting principles (GAAP) while financial accounting must follow them.
- C. The emphasis on managerial accounting is relevance and the emphasis on financial accounting is timeliness.
- D. Managerial accounting has a past focus and financial accounting has a future focus.
Correct Answer: B 🗳️
An inventory loss from a market price decline occurred in the first quarter, and the decline was not expected to reverse during the fiscal year. However, in the third quarter the inventory's market price recovery exceeded the market decline that occurred in the first quarter. For interim financial reporting, the dollar amount of net inventory should:
- A. Decrease in the first quarter by the amount of the market price decline and increase in the third quarter by the amount of the market price recovery.
- B. Not be affected in either the first quarter or the third quarter.
- C. Decrease in the first quarter by the amount of the market price decline and increase in the third quarter by the amount of the decrease in the first quarter.
- D. Decrease in the first quarter by the amount of the market price decline and not be affected in the third quarter.
Correct Answer: D 🗳️
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