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

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

1. What is the purpose of information presented in notes to the financial statements?

A) To provide disclosures required by generally accepted accounting principles.
B) To provide recognition of amounts not included in the totals of the financial statements.
C) To correct improper presentation in the financial statements.
D) To present management's responses to auditor comments.

2. In open market transactions, Gold Corp. simultaneously sold its long-term investment in Iron Corp. bonds and purchased its own outstanding bonds. The broker remitted the net cash from the two transactions.
Gold's gain on the purchase of its own bonds exceeded its loss on the sale of the Iron bonds. Assume the transaction to purchase its own outstanding bonds is unusual in nature and has occurred infrequently.
Gold should report the:

A) Effect of its own bond transaction gain in income before extraordinary items, and report the Iron bond transaction as an extraordinary loss.
B) Net effect of the two transactions in income before extraordinary items.
C) Effect of its own bond transaction as an extraordinary gain, and report the Iron bond transaction loss in income before extraordinary items.
D) Net effect of the two transactions as an extraordinary gain.

3. On March 15, 1992, Krol Co. paid property taxes of $90,000 on its office building for the calendar year 1992. On April 1, 1992, Krol paid $150,000 for unanticipated repairs to its office equipment. The repairs will benefit operations for the remainder of 1992. What is the total amount of these expenses that Krol should include in its quarterly income statement for the three months ended June 30, 1992?

A) $97,500
B) $172,500
C) $72,500
D) $37,500

4. 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 sells extended service contracts on its products. Because related services are performed over several years, in 1993 Quo changed from the cash method to the accrual method of recognizing income from these service contracts.
List B (Select one)

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

5. Which of the following statements best describes an operating procedure for issuing a new Financial Accounting Standards Board (FASB) statement?

A) The exposure draft is modified per public opinion before issuing the discussion memorandum.
B) The emerging issues task force must approve a discussion memorandum before it is disseminated to the public.
C) A new FASB statement can be rescinded by a majority vote of the AICPA membership.
D) A new statement is issued only after a majority vote by the members of the FASB.

Solutions: