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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Assets and Liabilities Accounting | - Leases (ASC 842) - Fixed assets and intangible assets - Liabilities and contingencies - Cash, receivables, and inventory |
| Conceptual Framework and Financial Reporting | - Disclosure requirements - FASB conceptual framework - Financial statement presentation |
| Equity, Investments, and Business Combinations | - Bonds and debt instruments - Business combinations and consolidations - Stockholders' equity |
| Specialized Accounting Topics | - Foreign currency transactions - Pensions and post-employment benefits - Accounting changes and error corrections |
| Governmental and Not-for-Profit Accounting | - Governmental fund accounting - Not-for-profit financial reporting |
| Financial Statements and Transactions | - Balance sheet and statement of cash flows - Revenue recognition (ASC 606) - Income statement and comprehensive income |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
Which of the following is correct concerning financial statement disclosure of accounting policies?
- A. Disclosure of accounting policies is an integral part of the financial statements.
- B. Disclosures should be limited to principles and methods peculiar to the industry in which the company operates.
- C. Disclosures should duplicate details disclosed elsewhere in the financial statements.
- D. The format and location of accounting policy disclosures are fixed by generally accepted accounting principles.
Correct Answer: A 🗳️
What is the purpose of information presented in notes to the financial statements?
- A. To provide disclosures required by generally accepted accounting principles.
- B. To correct improper presentation in the financial statements.
- C. To present management's responses to auditor comments.
- D. To provide recognition of amounts not included in the totals of the financial statements.
Correct Answer: A 🗳️
On January 2, 1991, Air, Inc. agreed to pay its former president $300,000 under a deferred compensation arrangement. Air should have recorded this expense in 1990 but did not do so. Air's reported income tax expense would have been $70,000 lower in 1990 had it properly accrued this deferred compensation in its December 31,1991, financial statements, Air should adjust the beginning balance of its retained earnings by a:
- A. $300,000 credit.
- B. $230,000 debit.
- C. $230,000 credit.
- D. $370,000 debit.
Correct Answer: B 🗳️
Thorpe Co.'s income statement for the year ended December 31, 1990, reported net income of $74,100. The auditor raised questions about the following amounts that had been included in net income:
The loss from the fire was an infrequent but not unusual occurrence in Thorpe's line of business.
Thorpe's December 31, 1990, income statement should report net income of:
- A. $87,000
- B. $81,600
- C. $66,100
- D. $65,000
Correct Answer: A 🗳️
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
The equipment that Quo manufactures is sold with a five-year warranty. Because of a production breakthrough, Quo reduced its computation of warranty costs from 3% of sales to 1% of sales.
List B (Select one)
- A. Prospective approach.
- B. Cumulative effect approach.
- C. Retroactive or retrospective restatement approach.
Correct Answer: A 🗳️
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