Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
Certification Provider: Admission Test
Corresponding Certification: CPA Certification
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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Select Financial Statement Accounts | 30-40% | - Equity - Liabilities - Assets - Expenses and Other Items - Revenue Recognition |
| Select Transactions | 25-35% | - Leases - Business Combinations and Consolidations - Subsequent Events and Fair Value Disclosures - Derivatives and Hedge Accounting - Fair Value Measurements |
| Financial Reporting | 30-40% | - Special Purpose Frameworks - State and Local Government Reporting - Financial Reporting for Nonprofits - General Purpose Financial Statements - Conceptual Framework and Standard-Setting |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
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. $635,000
- B. $810,000
- C. $550,000
- D. $260,000
Correct Answer: D 🗳️
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 sells extended service contracts on its products. Because related services are performed over several years, in 1993 Quo changed from the cash method to the accrual method of recognizing income from these service contracts.
List B (Select one)
- A. Cumulative effect approach.
- B. Prospective approach.
- C. Retroactive or retrospective restatement approach.
Correct Answer: C 🗳️
Tanker Oil Co., a development stage enterprise, incurred the following costs during its first year of operations:
Tanker had no revenue during its first year of operation. What amount may Tanker capitalize as organizational costs?
- A. $0
- B. $115,000
- C. $95,000
- D. $55,000
Correct Answer: A 🗳️
An extraordinary gain should be reported as a direct increase to which of the following?
- A. Net income.
- B. Income from discontinued operations, net of tax.
- C. Income from continuing operations, net of tax.
- D. Comprehensive income.
Correct Answer: A 🗳️
According to the FASB conceptual framework, predictive value is an ingredient of:
- A. Option A
- B. Option C
- C. Option D
- D. Option B
Correct Answer: C 🗳️
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