Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
Certification Provider: Admission Test
Corresponding Certification: CPA Certification
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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Select Balance Sheet Accounts | 30% - 40% | - Assets, Liabilities and Equity
|
| Select Transactions | 25% - 35% | - Accounting and Reporting Transactions
|
| Financial Reporting | 30% - 40% | - General Purpose Financial Reporting
|
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
On January 2, 1991, Air, Inc. agreed to pay its former president $300,000 under a deferred compensation arrangement. Air should have recorded this expense in 1990 but did not do so. Air's reported income tax expense would have been $70,000 lower in 1990 had it properly accrued this deferred compensation in its December 31,1991, financial statements, Air should adjust the beginning balance of its retained earnings by a:
- A. $230,000 debit.
- B. $370,000 debit.
- C. $230,000 credit.
- D. $300,000 credit.
Correct Answer: A 🗳️
In single period statements, which of the following should not be reflected as an adjustment to the opening balance of retained earnings?
- A. Effect of a failure to provide for uncollectible accounts in the previous period.
- B. Cumulative effect of a change from the percentage of completion to the completed contract method of accounting for long-term construction projects.
- C. Cumulative effect of a change from LIFO to FIFO in valuing merchandise inventory.
- D. Effect of a decrease in the estimated useful life of depreciable equipment.
Correct Answer: D 🗳️
At December 31, 1998, Off-Line Co. changed its method of accounting for demo costs from writing off the costs over two years to expensing the costs immediately. Off-Line made the change in recognition of an increasing number of demos placed with customers that did not result in sales. Off-Line had deferred demo costs of $500,000 at December 31, 1997, $300,000 of which were to be written off in 1998 and the remainder in 1999. Off-Line's income tax rate is 30%. In its 1998 financial statements, what amount should Off-Line report as cumulative effect of change in accounting principle?
- A. $500,000
- B. $350,000
- C. $0
- D. $200,000
Correct Answer: C 🗳️
During 20X5, Dale Corp. made the following accounting changes:
What amount should be shown in the 20X5 retained earnings statement as an adjustment to the beginning balance?
- A. $30,000
- B. $128,000
- C. $98,000
- D. $0
Correct Answer: C 🗳️
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. $(350,000)
- B. $5,000
- C. $260,000
- D. $(255,000)
Correct Answer: B 🗳️
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