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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 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 sells extended service contracts on its products. Because related services are performed over several years, in 1993 Quo changed from the cash method to the accrual method of recognizing income from these service contracts.
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.

2. According to the FASB conceptual framework, the objectives of financial reporting for business enterprises are based on:

A) The need for conservatism.
B) Generally accepted accounting principles.
C) The needs of the users of the information.
D) Reporting on management's stewardship.

3. A planned volume variance in the first quarter, which is expected to be absorbed by the end of the fiscal period, ordinarily should be deferred at the end of the first quarter if it is:

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

4. Which of the following is correct concerning financial statement disclosure of accounting policies?

A) Disclosure of accounting policies is an integral part of the financial statements.
B) Disclosures should be limited to principles and methods peculiar to the industry in which the company operates.
C) Disclosures should duplicate details disclosed elsewhere in the financial statements.
D) The format and location of accounting policy disclosures are fixed by generally accepted accounting principles.

5. Coffey Corp.'s trial balance of Income Statement Accounts for the year ended December 31, 1988 as follows:

Coffey's income tax rate is 30%. The gain on debt extinguishment is considered a usual and recurring part of Coffey's operations. The hurricane is considered an unusual and infrequent event. Coffey prepares a multiple-step income statement for 1988.
Net income is:

A) $168,000
B) $161,000
C) $140,000
D) $200,000

Solutions: