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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
During 1993, Quo determined that an insurance premium paid and entirely expensed in 1992 was for the period January 1, 1992, through January 1, 1994.
List A (Select one)

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

2. Advertising costs may be accrued or deferred to provide an appropriate expense in each period for:

A) Option C
B) Option A
C) Option D
D) Option B

3. At December 31, 1998, Off-Line Co. changed its method of accounting for demo costs from writing off the costs over two years to expensing the costs immediately. Off-Line made the change in recognition of an increasing number of demos placed with customers that did not result in sales. Off-Line had deferred demo costs of $500,000 at December 31, 1997, $300,000 of which were to be written off in 1998 and the remainder in 1999. Off-Line's income tax rate is 30%. In its 1998 financial statements, what amount should Off-Line report as cumulative effect of change in accounting principle?

A) $0
B) $500,000
C) $350,000
D) $200,000

4. Which of the following is correct concerning financial statement disclosure of accounting policies?

A) The format and location of accounting policy disclosures are fixed by generally accepted accounting principles.
B) Disclosures should be limited to principles and methods peculiar to the industry in which the company operates.
C) Disclosure of accounting policies is an integral part of the financial statements.
D) Disclosures should duplicate details disclosed elsewhere in the financial statements.

5. Which of the following accounting pronouncements is the most authoritative?

A) FASB Technical Bulletin.
B) FASB Statement of Financial Accounting Concepts.
C) AICPA Statement of Position.
D) AICPA Accounting Principles Board Opinion.

Solutions: