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

1. According to the FASB conceptual framework, which of the following statements conforms to the realization concept?

A) Product unit costs were assigned to cost of goods sold when the units were sold.
B) Depreciated equipment was sold in exchange for a note receivable.
C) Cash was collected on accounts receivable.
D) Equipment depreciation was assigned to a production department and then to product unit costs.

2. 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
During 1993, Quo determined that an insurance premium paid and entirely expensed in 1992 was for the period January 1, 1992, through January 1, 1994.
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.

3. During 1990, Fuqua Steel Co. had the following unusual financial events occur:
* Bonds payable were retired five years before their scheduled maturity, resulting in a $260,000 gain. Fuqua has frequently retired bonds early when interest rates declined significantly.
* A steel forming segment suffered $255,000 in losses due to hurricane damage. This was the fourth similar loss sustained in a 5-year period at that location.
* A component of Fuqua's operations, steel transportation, was sold at a net loss of $350,000.
This was Fuqua's first divestiture of one of its operating segments.
Before income taxes, what amount of gain (loss) should be reported separately as a component of income from continuing operations in 1990?

A) $260,000
B) $(350,000)
C) $(255,000)
D) $5,000

4. In which of the following situations should a company report a prior-period adjustment?

A) A change in the estimated useful lives of fixed assets purchased in prior years.
B) The scrapping of an asset prior to the end of its expected useful life.
C) The correction of a mathematical error in the calculation of prior years' depreciation.
D) A switch from the straight-line to double-declining balance method of depreciation.

5. According to the FASB conceptual framework, which of the following situations violates the concept of reliability?

A) Financial statements include property with a carrying amount increased to management's estimate of market value.
B) Financial statements are issued nine months late.
C) Data on segments having the same expected risks and growth rates are reported to analysts estimating future profits.
D) Management reports to stockholders regularly refer to new projects undertaken, but the financial statements never report project results.

Solutions: