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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. Tack, Inc. reported a retained earnings balance of $150,000 at December 31,1990. In June 1991, Tack discovered that merchandise costing $40,000 had not been included in inventory in its 1990 financial statements. Tack has a 30% tax rate. What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, 1991?

A) $122,000
B) $178,000
C) $190,000
D) $150,000

2. 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 manufactures heavy equipment to customer specifications on a contract basis. On the basis that it is preferable, accounting for these long-term contracts was switched from the completed-contract method to the percentage-of-completion method.
List A (Select one)

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

3. 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) $65,000
D) $66,100

4. A material loss should be presented separately as a component of income from continuing operations when it is:

A) An extraordinary item.
B) Not unusual in nature but infrequent in occurrence.
C) A cumulative effect type change in accounting principle.
D) Unusual in nature and infrequent in occurrence.

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

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

Solutions: