Admission Test Financial-Accounting-Reporting

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

Question #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
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
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 estimate.
D. Change in accounting principal.

Question #2
Financial reporting by a development stage enterprise differs from financial reporting for an established operating enterprise in regard to footnote disclosures:

A. And expense recognition principles only.
B. Only.
C. And revenue and expense recognition principles.
D. And revenue recognition principles only.

Question #3
Taft Corp. discloses supplemental industry segment information. The following information is available for 1992:

Additional 1992 expenses, not included above, are as follows:
Indirect operating expenses $7,200
General corporate expenses 4,800
Segment C's 1992 operating profit was:

A. $2,600
B. $5,000
C. $3,200
D. $2,000

Question #4
During 20X5, Dale Corp. made the following accounting changes:

What amount should be shown in the 20X5 retained earnings statement as an adjustment to the beginning balance?

A. $30,000
B. $0
C. $98,000
D. $128,000

Question #5
Which of the following assumptions means that money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis?

A. Periodicity.
B. Economic entity.
C. Going concern.
D. Monetary unit.

Solutions: