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

1. According to the FASB conceptual framework, the objectives of financial reporting for business enterprises are based on:

A) The need for conservatism.
B) The needs of the users of the information.
C) Reporting on management's stewardship.
D) Generally accepted accounting principles.

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

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

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

4. Mellow Co. depreciated a $12,000 asset over five years, using the straight-line method with no salvage value. At the beginning of the fifth year, it was determined that the asset will last another four years. What amount should Mellow report as depreciation expense for year 5?

A) $900
B) $600
C) $1,500
D) $2,400

5. Opto Co. is a publicly-traded, consolidated enterprise reporting segment information. Which of the following items is a required enterprise-wide disclosure regarding external customers?

A) Information on major customers is not required in segment reporting.
B) The identity of any external customer considered to be "major" by management.
C) The identity of any external customer providing 10% or more of a particular operating segment's revenue.
D) The fact that transactions with a particular external customer constitute more than 10% of the total enterprise revenues.

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