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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Conceptual Framework and Financial Reporting | - Disclosure requirements - FASB conceptual framework - Financial statement presentation |
| Topic 2: Financial Statements and Transactions | - Revenue recognition (ASC 606) - Balance sheet and statement of cash flows - Income statement and comprehensive income |
| Topic 3: Specialized Accounting Topics | - Accounting changes and error corrections - Foreign currency transactions - Pensions and post-employment benefits |
| Topic 4: Governmental and Not-for-Profit Accounting | - Governmental fund accounting - Not-for-profit financial reporting |
| Topic 5: Assets and Liabilities Accounting | - Leases (ASC 842) - Fixed assets and intangible assets - Liabilities and contingencies - Cash, receivables, and inventory |
| Topic 6: Equity, Investments, and Business Combinations | - Stockholders' equity - Business combinations and consolidations - Bonds and debt instruments |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
According to the FASB's conceptual framework, the process of reporting an item in the financial statements of an entity is:
- A. Realization.
- B. Allocation.
- C. Recognition.
- D. Matching.
Correct Answer: C 🗳️
Chester Corp. was a development stage enterprise from its inception on September 1, 1987 to December 31, 1988. The following information was taken from Chester's accounting records for the above period:
For the period September 1, 1987 to December 31, 1988, what amount should Chester report as net loss?
- A. $350,000
- B. $150,000
- C. $ 50,000
- D. $450,000
Correct Answer: D 🗳️
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. Prior period adjustment resulting from the correction of an error.
- B. Component of income after extraordinary item.
- C. Component of income before extraordinary item.
- D. Prior period adjustment resulting from the change in accounting principle.
Correct Answer: A 🗳️
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 B represents the general accounting treatment required for these transactions. These treatments are:
* Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
* Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust 1992 beginning retained earnings if the error or change affects a period prior to 1992.
* Prospective approach - Report 1993 and future financial statements on the new basis but do not restate 1992 financial statements.
Item to Be Answered
The equipment that Quo manufactures is sold with a five-year warranty. Because of a production breakthrough, Quo reduced its computation of warranty costs from 3% of sales to 1% of sales.
List B (Select one)
- A. Retroactive or retrospective restatement approach.
- B. Cumulative effect approach.
- C. Prospective approach.
Correct Answer: C 🗳️
Which of the following statements regarding fair value is/are correct?
I. The fair value of an asset or liability is specific to the entity making the fair value measurement.
II. Fair value is the price to acquire an asset or assume a liability.
III. Fair value includes transportation costs, but not transaction costs.
IV. The price in the principal market for an asset or liability will be the fair value measurement.
- A. I & II
- B. III & IV
- C. II & III
- D. I & IV
Correct Answer: B 🗳️
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