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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. 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
Quo changed from LIFO to FIFO to account for its finished goods inventory.
List A (Select one)

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

2. Which of the following describes how comprehensive income should be reported?

A) May be reported in a separate statement, in a combined statement of income and comprehensive income, or within a statement of stockholders' equity.
B) Should not be reported in the financial statements but should only be disclosed in the footnotes.
C) May be reported in a combined statement of income and comprehensive income or disclosed within a statement of stockholders' equity; separate statements of comprehensive income are not permitted.
D) Must be reported in a separate statement, as part of a complete set of financial statements.

3. According to the FASB conceptual framework, which of the following relates to both relevance and reliability?

A) Feedback value.
B) Verifiability.
C) Comparability.
D) Timeliness.

4. Financial reporting by a development stage enterprise differs from financial reporting for an established operating enterprise in regard to footnote disclosures:

A) And revenue and expense recognition principles.
B) And revenue recognition principles only.
C) And expense recognition principles only.
D) Only.

5. According to the FASB conceptual framework, what does the concept of reliability in financial reporting include?

A) Neutrality.
B) Precision.
C) Effectiveness.
D) Certainty.

Solutions: