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

1. APB Opinion No. 28, Interim Financial Reporting, concluded that interim financial reporting should be viewed primarily in which of the following ways?

A) As useful only if activity is spread evenly throughout the year.
B) As reporting under a comprehensive basis of accounting other than GAAP.
C) As reporting for an integral part of an annual period.
D) As if the interim period were an annual accounting period.

2. The effect of a material transaction that is infrequent in occurrence but not unusual in nature should be presented separately as a component of income from continuing operations when the transaction results in a:

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

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
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
List A (Select one)

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

4. During 1990, Fuqua Steel Co. had the following unusual financial events occur:
* Bonds payable were retired five years before their scheduled maturity, resulting in a $260,000 gain. Fuqua has frequently retired bonds early when interest rates declined significantly.
* A steel forming segment suffered $255,000 in losses due to hurricane damage. This was the fourth similar loss sustained in a 5-year period at that location.
* A component of Fuqua's operations, steel transportation, was sold at a net loss of $350,000.
This was Fuqua's first divestiture of one of its operating segments.
Before income taxes, what amount should be disclosed as the gain (loss) from extraordinary items in 1990?

A) $0
B) $5,000
C) $(90,000)
D) $(350,000)

5. According to the FASB conceptual framework, which of the following is an essential characteristic of an asset?

A) An asset is tangible.
B) The claims to an asset's benefits are legally enforceable.
C) An asset provides future benefits.
D) An asset is obtained at a cost.

Solutions: