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

1. Conn Co. reported a retained earnings balance of $400,000 at December 31, 1991. In August 1992, Conn determined that insurance premiums of $60,000 for the three-year period beginning January 1, 1991, had been paid and fully expensed in 1991. Conn has a 30% income tax rate. What amount should Conn report as adjusted beginning retained earnings in its 1992 statement of retained earnings?

A) $428,000
B) $442,000
C) $420,000
D) $440,000

2. The summary of significant accounting policies should disclose the:

A) Maturity dates of noncurrent debts.
B) Criteria for determining which investments are treated as cash equivalents.
C) Concentration of credit risk of all financial instruments by geographical region.
D) Terms for convertible debt to be exchanged for common stock.

3. On November 1, 20X2, Smith Co. contracted to dispose of an industry segment. Throughout 20X2 the segment had operating losses. These losses were expected to continue until the segment's disposition.
If a loss is projected on final disposition, how much of the operating losses should be included in the loss from discontinued operations reported in Smith's 20X2 income statement?
I. Operating losses for the period January 1 to October 31, 20X2.
II. Operating losses for the period November 1 to December 31, 20X2.
III. Estimated operating losses for the period January 1 to February 28, 20X3.

A) II only.
B) II and III only.
C) I and III only.
D) I and II only.

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

5. A transaction that is unusual in nature and infrequent in occurrence should be reported separately as a component of income:

A) After discontinued operations of a segment of a business.
B) After cumulative effect of accounting changes and after discontinued operations of a segment of a business.
C) Before cumulative effect of accounting changes and before discontinued operations of a segment of a business.
D) After cumulative effect of accounting changes and before discontinued operations of a segment of a business.

Solutions: