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

1. What is the purpose of information presented in notes to the financial statements?

A) To provide recognition of amounts not included in the totals of the financial statements.
B) To provide disclosures required by generally accepted accounting principles.
C) To present management's responses to auditor comments.
D) To correct improper presentation in the financial statements.

2. Thorpe Co.'s income statement for the year ended December 31, 1990, reported net income of $74,100. The auditor raised questions about the following amounts that had been included in net income:

The loss from the fire was an infrequent but not unusual occurrence in Thorpe's line of business.
Thorpe's December 31, 1990, income statement should report net income of:

A) $65,000
B) $87,000
C) $81,600
D) $66,100

3. 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) Prospective approach.
C) Cumulative effect approach.

4. Which of the following is a generally accepted accounting principle that illustrates the practice of conservatism during a particular reporting period?

A) Capitalization of research and development costs.
B) Reporting inventory at the lower of cost or market value.
C) Accrual of a contingency deemed to be reasonably possible.
D) Reporting investments with appreciated market values at market value.

5. A development stage enterprise should use the same generally accepted accounting principles that apply to established operating enterprises for:

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

Solutions: