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

1. According to the FASB conceptual framework, which of the following is an essential characteristic of an asset?

A) An asset is obtained at a cost.
B) An asset provides future benefits.
C) An asset is tangible.
D) The claims to an asset's benefits are legally enforceable.

2. In financial reporting of segment data, which of the following must be considered in determining if an industry segment is a reportable segment?

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

3. During 1994, Orca Corp. decided to change from the FIFO method of inventory valuation to the weightedaverage method. Inventory balances under each method were as follows:

Orca's income tax rate is 30%.
Orca should report the cumulative effect of this accounting change as a(n):

A) Component of income from continuing operations.
B) Component of income after extraordinary items.
C) Extraordinary item.
D) Adjustment to beginning retained earnings.

4. In Yew Co.'s 1992 annual report, Yew described its social awareness expenditures during the year as follows:
"The Company contributed $250,000 in cash to youth and educational programs. The Company also gave $140,000 to health and human-service organizations, of which $80,000 was contributed by employees through payroll deductions. In addition, consistent with the Company's commitment to the environment, the Company spent $100,000 to redesign product packaging."
What amount of the above should be included in Yew's income statement as charitable contributions expense?

A) $310,000
B) $490,000
C) $410,000
D) $390,000

5. 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
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 B (Select one)

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

Solutions: