Admission Test Financial-Accounting-Reporting Exam : Certified Public Accountant (Financial Accounting & Reporting)
- Exam Code: Financial-Accounting-Reporting
- Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
- Updated: Sep 07, 2026
- Q & A: 161 Questions and Answers
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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Financial Statements and Transactions | - Revenue recognition (ASC 606) - Balance sheet and statement of cash flows - Income statement and comprehensive income |
| Topic 2: Conceptual Framework and Financial Reporting | - Disclosure requirements - FASB conceptual framework - Financial statement presentation |
| Topic 3: Specialized Accounting Topics | - Pensions and post-employment benefits - Foreign currency transactions - Accounting changes and error corrections |
| Topic 4: Assets and Liabilities Accounting | - Leases (ASC 842) - Liabilities and contingencies - Fixed assets and intangible assets - Cash, receivables, and inventory |
| Topic 5: Equity, Investments, and Business Combinations | - Bonds and debt instruments - Business combinations and consolidations - Stockholders' equity |
| Topic 6: Governmental and Not-for-Profit Accounting | - Governmental fund accounting - Not-for-profit financial reporting |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
APB Opinion No. 28, Interim Financial Reporting, concluded that interim financial reporting should be viewed primarily in which of the following ways?
- A. As reporting for an integral part of an annual period.
- B. As reporting under a comprehensive basis of accounting other than GAAP.
- C. As if the interim period were an annual accounting period.
- D. As useful only if activity is spread evenly throughout the year.
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. Change in accounting estimate.
- B. Neither an accounting change nor an accounting error.
- C. Correction of an error in previously presented financial statements.
- D. Change in accounting principal.
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.
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 B
- A. Prospective approach.
- B. Retroactive or retrospective restatement approach.
- C. Cumulative effect approach.
In which of the following situations should a company report a prior-period adjustment?
- A. A change in the estimated useful lives of fixed assets purchased in prior years.
- B. A switch from the straight-line to double-declining balance method of depreciation.
- C. The scrapping of an asset prior to the end of its expected useful life.
- D. The correction of a mathematical error in the calculation of prior years' depreciation.
An inventory loss from a permanent market decline of $360,000 occurred in May 1989. Cox Co. appropriately recorded this loss in May 1989 after its March 31, 1989 quarterly report was issued. What amount of inventory loss should be reported in Cox's quarterly income statement for the three months ended June 30, 1989?
- A. $180,000
- B. $360,000
- C. $0
- D. $90,000
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