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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Select Transactions | 25-35% | - Leases - Fair Value Measurements - Derivatives and Hedge Accounting - Subsequent Events and Fair Value Disclosures - Business Combinations and Consolidations |
| Financial Reporting | 30-40% | - Financial Reporting for Nonprofits - State and Local Government Reporting - Conceptual Framework and Standard-Setting - General Purpose Financial Statements - Special Purpose Frameworks |
| Select Financial Statement Accounts | 30-40% | - Revenue Recognition - Liabilities - Equity - Assets - Expenses and Other Items |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
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. $161,000
- B. $168,000
- C. $200,000
- D. $140,000
Correct Answer: D 🗳️
The following question is based on the following:
Vane Co.'s trial balance of income statement accounts for the year ended December 31, 2002, included the following:
Vane's income tax rate is 30%.
In Vane's 2002 multiple-step income statement, what amount should Vane report as income from continuing operations?
- A. $147,000
- B. $126,000
- C. $140,000
- D. $129,500
Correct Answer: C 🗳️
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
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
List A (Select one)
- A. Correction of an error in previously presented financial statements.
- B. Neither an accounting change nor an accounting error.
- C. Change in accounting estimate.
- D. Change in accounting principal.
Correct Answer: C 🗳️
The cumulative effect of a change in accounting estimate should be shown separately:
- A. On the retained earnings statement as an adjustment to the beginning balance.
- B. It should not be recorded separately on any financial statement.
- C. On the income statement after income from continuing operations and before extraordinary items.
- D. On the income statement above income from continuing operations.
Correct Answer: B 🗳️
Goddard has used the FIFO method of inventory valuation since it began operations in 1987. Goddard decided to change to the weighted-average method for determining inventory costs at the beginning of 1990. The following schedule shows year-end inventory balances under the FIFO and weighted-average methods:
What amount, before income taxes, should be reported in the 1990 retained earnings statement as the cumulative effect of the change in accounting principle?
- A. $0.
- B. $3,000 decrease.
- C. $2,000 increase.
- D. $5,000 decrease.
Correct Answer: D 🗳️
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