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

1. Grum Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 1991, Grum reported revenues of $50,000,000, operating expenses of $47,000,000, and net income of $3,000,000. Operating expenses include payroll costs of $ 15,000,000. Grum's combined identifiable assets of all industry segments at December 31, 1991, were $40,000,000.
Cott Co.'s four business segments have revenues and identifiable assets expressed as percentages of Cott's total revenues and total assets as follows:

Which of these business segments are deemed to be reportable segments?

A) Ebon, Fair, and Gel only.
B) Ebon, Fair, Gel, and Hak.
C) Ebon only.
D) Ebon and Fair only.

2. According to the FASB's conceptual framework, the process of reporting an item in the financial statements of an entity is:

A) Recognition.
B) Allocation.
C) Matching.
D) Realization.

3. Under FASB Statement of Financial Accounting Concepts #5, which of the following items would cause earnings to differ from comprehensive income for an enterprise in an industry not having specialized accounting principles?

A) Unrealized loss on investments in noncurrent marketable equity securities available for sale.
B) Loss on exchange of nonmonetary assets with commercial substance.
C) Loss on exchange of nonmonetary assets without commercial substance.
D) Unrealized loss on investments in current marketable equity securities held for trading.

4. Conceptually, interim financial statements can be described as emphasizing:

A) Timeliness over reliability.
B) Relevance over comparability.
C) Comparability over neutrality.
D) Reliability over relevance.

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

Solutions: