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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Financial Statements and Transactions | - Income statement and comprehensive income - Revenue recognition (ASC 606) - Balance sheet and statement of cash flows |
| Topic 2: Conceptual Framework and Financial Reporting | - FASB conceptual framework - Financial statement presentation - Disclosure requirements |
| Topic 3: Equity, Investments, and Business Combinations | - Business combinations and consolidations - Stockholders' equity - Bonds and debt instruments |
| Topic 4: Assets and Liabilities Accounting | - Leases (ASC 842) - Fixed assets and intangible assets - Cash, receivables, and inventory - Liabilities and contingencies |
| Topic 5: Governmental and Not-for-Profit Accounting | - Governmental fund accounting - Not-for-profit financial reporting |
| Topic 6: Specialized Accounting Topics | - Accounting changes and error corrections - Pensions and post-employment benefits - Foreign currency transactions |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
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 changed from LIFO to FIFO to account for its finished goods inventory.
List B (Select one)
- A. Retroactive or retrospective restatement approach.
- B. Cumulative effect approach.
- C. Prospective approach.
Correct Answer: A 🗳️
According to the FASB conceptual framework, the quality of information that helps users increase the likelihood of correctly forecasting the outcome of past or present events is called:
- A. Reliability.
- B. Predictive value.
- C. Representational faithfulness.
- D. Feedback value.
Correct Answer: B 🗳️
On January 1, 1991, Brecon Co. installed cabinets to display its merchandise in customers' stores. Brecon expects to use these cabinets for five years. Brecon's 1991 multi-step income statement should include:
- A. All of the cabinet costs in selling, general, and administrative expenses.
- B. All of the cabinet costs in cost of goods sold.
- C. One-fifth of the cabinet costs in cost of goods sold.
- D. One-fifth of the cabinet costs in selling, general, and administrative expenses.
Correct Answer: D 🗳️
In April 30, 20X4, Deer Corp. approved a plan to dispose of a component of its business. For the period January 1 through April 30, 20X4, the component had revenues of $500,000 and expenses of $800,000.
The assets of the component were sold on October 15, 20X4 at a loss. In its income statement for the year ended December 31, 20X4, how should Deer report the component's operations from January 1 to April 30, 20X4?
- A. $300,000 should be reported as an extraordinary loss.
- B. $300,000 should be reported as part of the loss on disposal of a component and included as part of continuing operations.
- C. $500,000 and $800,000 should be included with revenues and expenses, respectively, as part of continuing operations.
- D. $300,000 should be reported as a loss from operations of a component and included in loss from discontinued operations.
Correct Answer: D 🗳️
Kell Corp.'s $95,000 net income for the quarter ended September 30, 1990, included the following aftertax items:
* A $60,000 extraordinary gain, realized on April 30, 1990, was allocated equally to the second, third, and fourth quarters of 1990.
* A $16,000 cumulative-effect loss resulting from a change in inventory valuation method was recognized on August 2, 1990.
In addition, Kell paid $48,000 on February 1, 1990, for 1990 calendar-year property taxes. Of this amount, $12,000 was allocated to the third quarter of 1990.
For the quarter ended September 30, 1990, Kell should report net income of:
- A. $103,000
- B. $91,000
- C. $115,000
- D. $111,000
Correct Answer: B 🗳️
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