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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Reporting | 30-40% | - Special Purpose Frameworks - Financial Reporting for Nonprofits - State and Local Government Reporting - General Purpose Financial Statements - Conceptual Framework and Standard-Setting |
| Topic 2: Select Financial Statement Accounts | 30-40% | - Assets - Equity - Expenses and Other Items - Revenue Recognition - Liabilities |
| Topic 3: Select Transactions | 25-35% | - Fair Value Measurements - Subsequent Events and Fair Value Disclosures - Business Combinations and Consolidations - Leases - Derivatives and Hedge Accounting |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
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 changed from FIFO to average cost to account for its raw materials and work in process inventories.
List B (Select one)
- A. Prospective approach.
- B. Cumulative effect approach.
- C. Retroactive or retrospective restatement approach.
Correct Answer: C 🗳️
If a company is not presenting comparative financial statements, the correction of an error in the financial statements of a prior period should be reported, net of applicable income taxes, in the current:
- A. Income statement after income from continuing operations and before extraordinary items.
- B. Retained earnings statement as an adjustment of the opening balance.
- C. Retained earnings statement after net income but before dividends.
- D. Income statement after income from continuing operations and after extraordinary items.
Correct Answer: B 🗳️
In 1990, Brighton Co. changed from the individual item approach to the aggregate approach in applying the lower of FIFO cost or market to inventories. The cumulative effect of this change should be reported in Brighton's financial statements as a:
- A. Component of income from continuing operations, without separate disclosure.
- B. Component of income from continuing operations, with separate disclosure.
- C. Component of income after continuing operations, with separate disclosure.
- D. Retrospective adjustment on the retained earnings statement, with separate disclosure.
Correct Answer: D 🗳️
Grum Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 1991, Grum reported revenues of $50,000,000, operating expenses of $47,000,000, and net income of $3,000,000. Operating expenses include payroll costs of $ 15,000,000. Grum's combined identifiable assets of all industry segments at December 31, 1991, were $40,000,000.
In its 1991 financial statements, Grum should disclose major customer data if sales to any single customer amount to at least:
- A. $5,000,000
- B. $300,000
- C. $1,500,000
- D. $4,000,000
Correct Answer: A 🗳️
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
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 A (Select one)
- A. Change in accounting estimate.
- B. Change in accounting principal.
- C. Neither an accounting change nor an accounting error.
- D. Correction of an error in previously presented financial statements.
Correct Answer: B 🗳️
