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

1. If a company is not presenting comparative financial statements, the correction of an error in the financial statements of a prior period should be reported, net of applicable income taxes, in the current:

A) Income statement after income from continuing operations and after extraordinary items.
B) Retained earnings statement after net income but before dividends.
C) Income statement after income from continuing operations and before extraordinary items.
D) Retained earnings statement as an adjustment of the opening balance.

2. Which of the following should be disclosed in a summary of significant accounting policies?
I. Management's intention to maintain or vary the dividend payout ratio.
II. Criteria for determining which investments are treated as cash equivalents.
III. Composition of the sales order backlog by segment.

A) I and III.
B) II only.
C) I only.
D) II and III.

3. Which of the following is not a valuation technique that can be used to measure the fair value of an asset or liability?

A) The cost approach.
B) The income approach.
C) The market approach.
D) The impairment approach.

4. 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) $550,000
C) $260,000
D) $810,000

5. Lore Co. changed from the cash basis of accounting to the accrual basis of accounting during 1994. The cumulative effect of this change should be reported in Lore's 1994 financial statements as a:

A) Component of income after extraordinary item.
B) Prior period adjustment resulting from the correction of an error.
C) Prior period adjustment resulting from the change in accounting principle.
D) Component of income before extraordinary item.

Solutions: