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

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

Question #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.
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 A

A. Change in accounting principle.
B. Change in accounting estimate.
C. Correction of an error in previously presented financial statements.
D. Neither an accounting change nor an accounting error.

Question #2
According to the FASB conceptual framework, the process of reporting an item in the financial statements of an entity is:

A. Realization.
B. Allocation.
C. Recognition.
D. Matching.

Question #3
YIV, Inc. is a multidivisional corporation, which has both intersegment sales and sales to unaffiliated customers. YIV should report segment financial information for each division meeting which of the following criteria?

A. Segment operating profit or loss is 10% or more of combined operating profit or loss of all company segments.
B. Segment revenue is 10% or more of combined revenue of all the company segments.
C. Segment revenue is 10% or more of consolidated revenue.
D. Segment operating profit or loss is 10% or more of consolidated profit or loss.

Question #4
In open market transactions, Gold Corp. simultaneously sold its long-term investment in Iron Corp. bonds and purchased its own outstanding bonds. The broker remitted the net cash from the two transactions.
Gold's gain on the purchase of its own bonds exceeded its loss on the sale of the Iron bonds. Assume the transaction to purchase its own outstanding bonds is unusual in nature and has occurred infrequently.
Gold should report the:

A. Effect of its own bond transaction gain in income before extraordinary items, and report the Iron bond transaction as an extraordinary loss.
B. Net effect of the two transactions in income before extraordinary items.
C. Effect of its own bond transaction as an extraordinary gain, and report the Iron bond transaction loss in income before extraordinary items.
D. Net effect of the two transactions as an extraordinary gain.

Question #5
Is the cumulative effect of an inventory pricing change on prior years earnings reported on the financial statements for

A. Option D
B. Option B
C. Option C
D. Option A

Solutions: