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

1. While preparing its 1991 financial statements, Dek Corp. discovered computational errors in its 1990 and 1989 depreciation expense. These errors resulted in overstatement of each year's income by $25,000, net of income taxes. The following amounts were reported in the previously issued financial statements:

Dek's 1991 net income is correctly reported at $180,000. Which of the following amounts should be reported as prior period adjustments and net income in Dek's 1991 and 1990 comparative financial statements?

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

2. Lore Co. changed from the cash basis of accounting to the accrual basis of accounting during 1994. The cumulative effect of this change should be reported in Lore's 1994 financial statements as a:

A) Prior period adjustment resulting from the correction of an error.
B) Component of income after extraordinary item.
C) Component of income before extraordinary item.
D) Prior period adjustment resulting from the change in accounting principle.

3. Gown, Inc. sold a warehouse and used the proceeds to acquire a new warehouse. The excess of the proceeds over the carrying amount of the warehouse sold should be reported as a(an):

A) Part of continuing operations.
B) Reduction of the cost of the new warehouse.
C) Extraordinary gain, net of income taxes.
D) Gain from discontinued operations, net of income taxes.

4. 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.
Item to Be Answered
The equipment that Quo manufactures is sold with a five-year warranty. Because of a production breakthrough, Quo reduced its computation of warranty costs from 3% of sales to 1% of sales.
List A (Select one)

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

5. The following costs were incurred by Griff Co., a manufacturer, during 1992:

What amount of these costs should be reported as general and administrative expenses for 1992?

A) $810,000
B) $260,000
C) $635,000
D) $550,000

Solutions: