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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. Which of the following facts concerning fixed assets should be included in the summary of significant accounting policies?

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

2. Which of the following statements is incorrect regarding the inputs that can be used to measure fair value?
I. Level I inputs are the most reliable fair value measurements and Level III inputs are the least reliable.
II. Level I measurements are quoted prices in active markets for identical or similar assets or liabilities.
III. A fair value measurement based on management assumptions only (no market data) would not be acceptable per GAAP.
IV. The level in the fair value hierarchy of a fair value measurement is determined by the level of the highest level significant input.

A) I, II, III, IV.
B) II, III, IV.
C) I, II, IV.
D) I only.

3. According to the FASB conceptual framework, comprehensive income includes which of the following?

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

4. 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) 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.

5. On August 31, 1992, Harvey Co. decided to change from the FIFO periodic inventory system to the weighted average periodic inventory system. Harvey is on a calendar year basis. The cumulative effect of the change is determined:

A) As of January 1, 1992.
B) During 1992 by a weighted average of the purchases.
C) During the eight months ending August 31, 1992, by a weighted average of the purchases.
D) As of August 31, 1992.

Solutions: