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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Conceptual Framework and Financial Reporting | - Disclosure requirements - Financial statement presentation - FASB conceptual framework |
| Topic 2: Specialized Accounting Topics | - Pensions and post-employment benefits - Accounting changes and error corrections - Foreign currency transactions |
| Topic 3: Equity, Investments, and Business Combinations | - Business combinations and consolidations - Bonds and debt instruments - Stockholders' equity |
| Topic 4: Financial Statements and Transactions | - Income statement and comprehensive income - Revenue recognition (ASC 606) - Balance sheet and statement of cash flows |
| Topic 5: Governmental and Not-for-Profit Accounting | - Not-for-profit financial reporting - Governmental fund accounting |
| Topic 6: Assets and Liabilities Accounting | - Cash, receivables, and inventory - Liabilities and contingencies - Leases (ASC 842) - Fixed assets and intangible assets |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
The summary of significant accounting policies should disclose the:
- A. Maturity dates of noncurrent debts.
- B. Criteria for determining which investments are treated as cash equivalents.
- C. Terms for convertible debt to be exchanged for common stock.
- D. Concentration of credit risk of all financial instruments by geographical region.
Correct Answer: B 🗳️
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.
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 A
- A. Neither an accounting change nor an accounting error.
- B. Change in accounting principle.
- C. Correction of an error in previously presented financial statements.
- D. Change in accounting estimate.
Correct Answer: A 🗳️
Gown, Inc. sold a warehouse and used the proceeds to acquire a new warehouse. The excess of the proceeds over the carrying amount of the warehouse sold should be reported as a(an):
- A. Part of continuing operations.
- B. Extraordinary gain, net of income taxes.
- C. Reduction of the cost of the new warehouse.
- D. Gain from discontinued operations, net of income taxes.
Correct Answer: A 🗳️
An inventory loss from a market price decline occurred in the first quarter, and the decline was not expected to reverse during the fiscal year. However, in the third quarter the inventory's market price recovery exceeded the market decline that occurred in the first quarter. For interim financial reporting, the dollar amount of net inventory should:
- A. Decrease in the first quarter by the amount of the market price decline and increase in the third quarter by the amount of the market price recovery.
- B. Not be affected in either the first quarter or the third quarter.
- C. Decrease in the first quarter by the amount of the market price decline and not be affected in the third quarter.
- D. Decrease in the first quarter by the amount of the market price decline and increase in the third quarter by the amount of the decrease in the first quarter.
Correct Answer: C 🗳️
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. $810,000
- B. $635,000
- C. $260,000
- D. $550,000
Correct Answer: C 🗳️
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