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

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. According to the FASB conceptual framework, an entity's revenue may result from:

A) A decrease in an asset from primary operations.
B) An increase in an asset from incidental transactions.
C) A decrease in a liability from primary operations.
D) An increase in a liability from incidental transactions.

2. Which of the following should be disclosed in a summary of significant accounting policies?

A) Basis of profit recognition on long-term construction contracts.
B) Composition of sales by segment.
C) Future minimum lease payments in the aggregate and for each of the five succeeding fiscal years.
D) Depreciation expense.

3. According to the FASB conceptual framework, the process of reporting an item in the financial statements of an entity is:

A) Recognition.
B) Matching.
C) Allocation.
D) Realization.

4. Which of the following should be disclosed for each reportable operating segment of an enterprise?

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

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

Solutions: