Admission Test CPA Certification Financial-Accounting-Reporting

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

1. The following question is based on the following:
Vane Co.'s trial balance of income statement accounts for the year ended December 31, 2002, included the following:

Vane's income tax rate is 30%.
In Vane's 2002 multiple-step income statement, what amount should Vane report as income from continuing operations?

A) $147,000
B) $126,000
C) $129,500
D) $140,000

2. A transaction that is unusual, but not infrequent, should be reported separately as a(an):

A) Component of income from continuing operations, net of applicable income taxes.
B) Component of income from continuing operations, but not net of applicable income taxes.
C) Extraordinary item, net of applicable income taxes.
D) Extraordinary item, but not net of applicable income taxes.

3. 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.
During 1993, Quo increased its investment in Worth, Inc. from a 10% interest, purchased in 1992, to 30%, and acquired a seat on Worth's board of directors. As a result of its increased investment, Quo changed its method of accounting for investment in Worth, Inc. from the cost method to the equity method.
List A

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

4. During a period when an enterprise is under the direction of a particular management, its financial statements will directly provide information about:

A) Neither enterprise performance nor management performance.
B) Management performance but not directly provide information about enterprise performance.
C) Enterprise performance but not directly provide information about management performance.
D) Both enterprise performance and management performance.

5. 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 change in accounting principle.
B) Prior period adjustment resulting from the correction of an error.
C) Component of income before extraordinary item.
D) Component of income after extraordinary item.

Solutions: