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

1. Advertising costs may be accrued or deferred to provide an appropriate expense in each period for:

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

2. Which of the following describes how comprehensive income should be reported?

A) Should not be reported in the financial statements but should only be disclosed in the footnotes.
B) Must be reported in a separate statement, as part of a complete set of financial statements.
C) May be reported in a combined statement of income and comprehensive income or disclosed within a statement of stockholders' equity; separate statements of comprehensive income are not permitted.
D) May be reported in a separate statement, in a combined statement of income and comprehensive income, or within a statement of stockholders' equity.

3. 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.
Item to Be Answered
Quo manufactures heavy equipment to customer specifications on a contract basis. On the basis that it is preferable, accounting for these long-term contracts was switched from the completed-contract method to the percentage-of-completion method.
List A (Select one)

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

4. On December 31, 20X2, the Board of Directors of Maxy Manufacturing, Inc. committed to a plan to discontinue the operations of its Alpha division. Maxy estimated that Alpha's 20X3 operating loss would be $500,000 and that the fair value of Alpha's facilities was $300,000 less than their carrying amounts.
Alpha's 20X2 operating loss was $1,400,000, and the division was actually sold for $400,000 less than its carrying amount in 20X3. Maxy's effective tax rate is 30%.
In its 20X2 income statement, what amount should Maxy report as loss from discontinued operations?

A) $1,190,000
B) $1,700,000
C) $1,400,000
D) $980,000

5. While preparing its 1991 financial statements, Dek Corp. discovered computational errors in its 1990 and 1989 depreciation expense. These errors resulted in overstatement of each year's income by $25,000, net of income taxes. The following amounts were reported in the previously issued financial statements:

Dek's 1991 net income is correctly reported at $180,000. Which of the following amounts should be reported as prior period adjustments and net income in Dek's 1991 and 1990 comparative financial statements?

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

Solutions: