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

1. Which of the following types of entities are required to report on business segments?

A) Joint ventures.
B) Publicly-traded enterprises.
C) Nonpublic business enterprises.
D) Not-for-profit enterprises.

2. If a company is not presenting comparative financial statements, the correction of an error in the financial statements of a prior period should be reported, net of applicable income taxes, in the current:

A) Income statement after income from continuing operations and before extraordinary items.
B) Retained earnings statement after net income but before dividends.
C) Income statement after income from continuing operations and after extraordinary items.
D) Retained earnings statement as an adjustment of the opening balance.

3. Conceptually, interim financial statements can be described as emphasizing:

A) Comparability over neutrality.
B) Relevance over comparability.
C) Timeliness over reliability.
D) Reliability over relevance.

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.
During 1993, Quo increased its investment in Worth, Inc. from a 10% interest, purchased in 1992, to 30%, and acquired a seat on Worth's board of directors. As a result of its increased investment, Quo changed its method of accounting for investment in Worth, Inc. from the cost method to the equity method.
List B

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

5. On June 30, 1991, Mill Corp. incurred a $100,000 net loss from disposal of a component of a business. Also, on June 30, 1991, Mill paid $40,000 for property taxes assessed for the calendar year 1991. What amount of the foregoing items should be included in the determination of Mill's net income or loss for the six-month interim period ended June 30, 1991?

A) $90,000
B) $120,000
C) $70,000
D) $140,000

Solutions: