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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. Is the cumulative effect of an inventory pricing change on prior years earnings reported on the financial statements for

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

2. The cumulative effect of a change in accounting estimate should be shown separately:

A) On the retained earnings statement as an adjustment to the beginning balance.
B) On the income statement after income from continuing operations and before extraordinary items.
C) It should not be recorded separately on any financial statement.
D) On the income statement above income from continuing operations.

3. Brock Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative.
The adjusted trial balance at December 31, 1989 included the following expense and loss accounts:

One-half of the rented premises is occupied by the sales department. Brock's total selling expenses for 1989 are:

A) $370,000
B) $360,000
C) $400,000
D) $480,000

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

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

5. 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) $635,000
B) $260,000
C) $810,000
D) $550,000

Solutions: