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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. APB Opinion No. 28, Interim Financial Reporting, concluded that interim financial reporting should be viewed primarily in which of the following ways?

A) As useful only if activity is spread evenly throughout the year.
B) As if the interim period were an annual accounting period.
C) As reporting under a comprehensive basis of accounting other than GAAP.
D) As reporting for an integral part of an annual period.

2. On August 31, 1992, Harvey Co. decided to change from the FIFO periodic inventory system to the weighted average periodic inventory system. Harvey is on a calendar year basis. The cumulative effect of the change is determined:

A) As of January 1, 1992.
B) During 1992 by a weighted average of the purchases.
C) As of August 31, 1992.
D) During the eight months ending August 31, 1992, by a weighted average of the purchases.

3. FASB Interpretations of Statements of Financial Accounting Standards have the same authority as the FASB:

A) Emerging Issues Task Force Consensus.
B) Statements of Financial Accounting Concepts.
C) Statements of Financial Accounting Standards.
D) Technical Bulletins.

4. According to the FASB conceptual framework, which of the following situations violates the concept of reliability?

A) Management reports to stockholders regularly refer to new projects undertaken, but the financial statements never report project results.
B) Data on segments having the same expected risks and growth rates are reported to analysts estimating future profits.
C) Financial statements are issued nine months late.
D) Financial statements include property with a carrying amount increased to management's estimate of market value.

5. 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.
During 1993, Quo increased its investment in Worth, Inc. from a 10% interest, purchased in 1992, to 30%, and acquired a seat on Worth's board of directors. As a result of its increased investment, Quo changed its method of accounting for investment in Worth, Inc. from the cost method to the equity method.
List A

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

Solutions: