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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

Question 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 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 changed from LIFO to FIFO to account for its finished goods inventory.
List A (Select one)

A. Change in accounting estimate.
B. Neither an accounting change nor an accounting error.
C. Change in accounting principal.
D. Correction of an error in previously presented financial statements.

Question 2

YIV, Inc. is a multidivisional corporation, which has both intersegment sales and sales to unaffiliated customers. YIV should report segment financial information for each division meeting which of the following criteria?

A. Segment revenue is 10% or more of consolidated revenue.
B. Segment operating profit or loss is 10% or more of combined operating profit or loss of all company segments.
C. Segment operating profit or loss is 10% or more of consolidated profit or loss.
D. Segment revenue is 10% or more of combined revenue of all the company segments.

Question 3

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 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 A (Select one)

A. Change in accounting estimate.
B. Neither an accounting change nor an accounting error.
C. Change in accounting principal.
D. Correction of an error in previously presented financial statements.

Question 4

Which of the following factors determines whether an identified segment of an enterprise should be reported in the enterprise's financial statements under SFAS No. 131, Disclosures about Segments of an Enterprise and Related Information?
I. The segment's assets constitute more than 10% of the combined assets of all operating segments.
II. The segment's liabilities constitute more than 10% of the combined liabilities of all operating segments.

A. II only.
B. Neither I nor II.
C. I only.
D. Both I and II.

Question 5

A statement of cash flows for a development stage enterprise:

A. Is not presented.
B. Shows only cumulative amounts from the enterprise's inception.
C. Is the same as that of an established operating enterprise, but does not show cumulative amounts from the enterprise's inception.
D. Is the same as that of an established operating enterprise and, in addition, shows cumulative amounts from the enterprise's inception.

Solutions: