Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
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Corresponding Certification: CPA Certification
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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Select Transactions | 25% - 35% | - Accounting and Reporting Transactions
|
| Financial Reporting | 30% - 40% | - General Purpose Financial Reporting
|
| Select Balance Sheet Accounts | 30% - 40% | - Assets, Liabilities and Equity
|
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
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 August 31, 1992.
- B. During the eight months ending August 31, 1992, by a weighted average of the purchases.
- C. During 1992 by a weighted average of the purchases.
- D. As of January 1, 1992.
FASB's conceptual framework explains both financial and physical capital maintenance concepts. Which capital maintenance concept is applied to currently reported net income, and which is applied to comprehensive income?
- A. Option B
- B. Option C
- C. Option A
- D. Option D
Kell Corp.'s $95,000 net income for the quarter ended September 30, 1990, included the following aftertax items:
* A $60,000 extraordinary gain, realized on April 30, 1990, was allocated equally to the second, third, and fourth quarters of 1990.
* A $16,000 cumulative-effect loss resulting from a change in inventory valuation method was recognized on August 2, 1990.
In addition, Kell paid $48,000 on February 1, 1990, for 1990 calendar-year property taxes. Of this amount, $12,000 was allocated to the third quarter of 1990.
For the quarter ended September 30, 1990, Kell should report net income of:
- A. $115,000
- B. $111,000
- C. $103,000
- D. $91,000
In general, an enterprise preparing interim financial statements should:
- A. Allocate revenues and expenses evenly over the quarters, regardless of when they actually occurred.
- B. Disregard permanent decreases in the market value of its inventory.
- C. Defer recognition of seasonal revenue.
- D. Use the same accounting principles followed in preparing its latest annual financial statements.
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 LIFO to FIFO to account for its finished goods inventory.
List A (Select one)
- A. Change in accounting estimate.
- B. Correction of an error in previously presented financial statements.
- C. Change in accounting principal.
- D. Neither an accounting change nor an accounting error.
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