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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 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
The equipment that Quo manufactures is sold with a five-year warranty. Because of a production breakthrough, Quo reduced its computation of warranty costs from 3% of sales to 1% of sales.
List B (Select one)

A) Retroactive or retrospective restatement approach.
B) Cumulative effect approach.
C) Prospective approach.

2. Terra Co.'s total revenues from its three operating segments were as follows:

Which operating segment(s) is (are) deemed to be reportable segments?

A) Lion and Monk only.
B) Lion, Monk, and Nevi.
C) Lion only.
D) None.

3. How should the effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate be reported?

A) By restating the financial statements of all prior periods presented.
B) By footnote disclosure only.
C) As a component of income from continuing operations.
D) As a correction of an error.

4. Which of the following is true regarding the presentation of "comprehensive income."

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

5. According to the FASB conceptual framework, which of the following relates to both relevance and reliability?

A) Verifiability.
B) Timeliness.
C) Comparability.
D) Feedback value.

Solutions: