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

1. What are the Statements of Financial Accounting Concepts intended to establish?

A) Generally accepted accounting principles in financial reporting by business enterprises.
B) The hierarchy of sources of generally accepted accounting principles.
C) The objectives and concepts for use in developing standards of financial accounting and reporting.
D) The meaning of "Present fairly in accordance with generally accepted accounting principles."

2. 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 D
B) Option A
C) Option C
D) Option B

3. During 1992, Krey Co. increased the estimated quantity of copper recoverable from its mine. Krey uses the units of production depletion method. As a result of the change, which of the following should be reported in Krey's 1992 financial statements?

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

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 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
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
List B (Select one)

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

5. Gown, Inc. sold a warehouse and used the proceeds to acquire a new warehouse. The excess of the proceeds over the carrying amount of the warehouse sold should be reported as a(an):

A) Part of continuing operations.
B) Extraordinary gain, net of income taxes.
C) Gain from discontinued operations, net of income taxes.
D) Reduction of the cost of the new warehouse.

Solutions: