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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. Gown, Inc. sold a warehouse and used the proceeds to acquire a new warehouse. The excess of the proceeds over the carrying amount of the warehouse sold should be reported as a(an):

A) Gain from discontinued operations, net of income taxes.
B) Extraordinary gain, net of income taxes.
C) Part of continuing operations.
D) Reduction of the cost of the new warehouse.

2. What is the underlying concept that supports the immediate recognition of a contingent loss?

A) Matching.
B) Conservatism.
C) Substance over form.
D) Consistency.

3. Which of the following must be included in a company's summary of significant accounting policies in the notes to the financial statements?

A) Revenue recognition policies.
B) Summary of long-term debt outstanding.
C) Schedule of fixed assets.
D) Description of current year equity transactions.

4. An extraordinary gain should be reported as a direct increase to which of the following?

A) Income from continuing operations, net of tax.
B) Income from discontinued operations, net of tax.
C) Net income.
D) Comprehensive income.

5. 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 changed from FIFO to average cost to account for its raw materials and work in process inventories.
List A (Select one)

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

Solutions: