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:

1. According to the FASB conceptual framework, which of the following relates to both relevance and reliability?

A) Verifiability.
B) Comparability.
C) Feedback value.
D) Timeliness.

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

3. On November 1, 20X2, Smith Co. contracted to dispose of an industry segment. Throughout 20X2 the segment had operating losses. These losses were expected to continue until the segment's disposition.
If a loss is projected on final disposition, how much of the operating losses should be included in the loss from discontinued operations reported in Smith's 20X2 income statement?
I. Operating losses for the period January 1 to October 31, 20X2.
II. Operating losses for the period November 1 to December 31, 20X2.
III. Estimated operating losses for the period January 1 to February 28, 20X3.

A) II and III only.
B) II only.
C) I and III only.
D) I and II only.

4. In the hierarchy of generally accepted accounting principles, APB Opinions have the same authority as AICPA:

A) Industry Audit and Accounting Guides.
B) Issues Papers.
C) Statements of Position.
D) Accounting Research Bulletins.

5. Due to a decline in market price in the second quarter, Petal Co. incurred an inventory loss. The market price is expected to return to previous levels by the end of the year. At the end of the year the decline had not reversed. When should the loss be reported in Petal's interim income statements?

A) In the fourth quarter only.
B) Ratably over the third and fourth quarters.
C) Ratably over the second, third, and forth [sic] quarters.
D) In the second quarter only.

Solutions: