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

1. 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) $550,000
B) $260,000
C) $810,000
D) $635,000

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 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
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 B (Select one)

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

3. Advertising costs may be accrued or deferred to provide an appropriate expense in each period for:

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

4. In April 30, 20X4, Deer Corp. approved a plan to dispose of a component of its business. For the period January 1 through April 30, 20X4, the component had revenues of $500,000 and expenses of $800,000.
The assets of the component were sold on October 15, 20X4 at a loss. In its income statement for the year ended December 31, 20X4, how should Deer report the component's operations from January 1 to April 30, 20X4?

A) $500,000 and $800,000 should be included with revenues and expenses, respectively, as part of continuing operations.
B) $300,000 should be reported as part of the loss on disposal of a component and included as part of continuing operations.
C) $300,000 should be reported as an extraordinary loss.
D) $300,000 should be reported as a loss from operations of a component and included in loss from discontinued operations.

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

Solutions: