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

1. In financial reporting of segment data, which of the following items is always used in determining a segment's operating income?

A) Gain or loss on discontinued operations.
B) General corporate expense.
C) Income tax expense.
D) Sales to other segments.

2. On August 31, 1992, Harvey Co. decided to change from the FIFO periodic inventory system to the weighted average periodic inventory system. Harvey is on a calendar year basis. The cumulative effect of the change is determined:

A) During 1992 by a weighted average of the purchases.
B) As of August 31, 1992.
C) During the eight months ending August 31, 1992, by a weighted average of the purchases.
D) As of January 1, 1992.

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 manufactures heavy equipment to customer specifications on a contract basis. On the basis that it is preferable, accounting for these long-term contracts was switched from the completed-contract method to the percentage-of-completion method.
List B (Select one)

A) Retroactive or retrospective restatement approach.
B) Cumulative effect approach.
C) Prospective approach.

4. Arpco, Inc., a for-profit provider of healthcare services, recently purchased two smaller companies and is researching accounting issues arising from the two business combinations. Which of the following accounting pronouncements are the most authoritative?

A) FASB Statements of Financial Accounting Concepts.
B) AICPA Industry and Audit Guides.
C) FASB Statements of Financial Accounting Standards.
D) AICA Statements of Position.

5. Which of the following should be disclosed in a summary of significant accounting policies?
I. Management's intention to maintain or vary the dividend payout ratio.
II. Criteria for determining which investments are treated as cash equivalents.
III. Composition of the sales order backlog by segment.

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

Solutions: