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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. 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.

2. What are the Statements of Financial Accounting Concepts intended to establish?

A) The meaning of "Present fairly in accordance with generally accepted accounting principles."
B) The hierarchy of sources of generally accepted accounting principles.
C) The objectives and concepts for use in developing standards of financial accounting and reporting.
D) Generally accepted accounting principles in financial reporting by business enterprises.

3. Which of the following is not a valuation technique that can be used to measure the fair value of an asset or liability?

A) The impairment approach.
B) The cost approach.
C) The market approach.
D) The income approach.

4. 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

5. For interim financial reporting, the computation of a company's second quarter provision for income taxes uses an effective tax rate expected to be applicable for the full fiscal year. The effective tax rate should reflect anticipated:

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

Solutions: