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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. Which of the following information should be included in Melay, Inc.'s 1992 summary of significant accounting policies?

A) During 1992, the Delay component was sold.
B) Property, plant, and equipment is recorded at cost with depreciation computed principally by the straight-line method.
C) Future common share dividends are expected to approximate 60% of earnings.
D) Business segment 1992 sales are Alay $1M, Belay $2M, and Celay $3M.

2. While preparing its 1991 financial statements, Dek Corp. discovered computational errors in its 1990 and 1989 depreciation expense. These errors resulted in overstatement of each year's income by $25,000, net of income taxes. The following amounts were reported in the previously issued financial statements:

Dek's 1991 net income is correctly reported at $180,000. Which of the following amounts should be reported as prior period adjustments and net income in Dek's 1991 and 1990 comparative financial statements?

A) Option A
B) Option D
C) Option B
D) Option C

3. How should the effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate be reported?

A) As a correction of an error.
B) By footnote disclosure only.
C) As a component of income from continuing operations.
D) By restating the financial statements of all prior periods presented.

4. A transaction that is unusual in nature and infrequent in occurrence should be reported separately as a component of income:

A) After cumulative effect of accounting changes and after discontinued operations of a segment of a business.
B) After cumulative effect of accounting changes and before discontinued operations of a segment of a business.
C) After discontinued operations of a segment of a business.
D) Before cumulative effect of accounting changes and before discontinued operations of a segment of a business.

5. For interim financial reporting, the computation of a company's second quarter provision for income taxes uses an effective tax rate expected to be applicable for the full fiscal year. The effective tax rate should reflect anticipated:

A) Option A
B) Option D
C) Option B
D) Option C

Solutions: