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

1. Reclassification adjustments must be shown in the financial statement that discloses comprehensive income:

A) To show the tax effect of items of comprehensive income.
B) To avoid double counting in comprehensive income items, which are currently displayed in net income.
C) To show what portion of comprehensive income is from the realization of current assets.
D) To avoid including transactions with shareholders in items of comprehensive income.

2. Adam Corp. had the following infrequent transactions during 1989:
* A $190,000 gain on reacquisition and retirement of bonds. This material event is also considered unusual for Adam Corp.
* A $260,000 gain on the disposal of a component of a business. Adam continues similar operations at another location.
* A $90,000 loss on the abandonment of equipment.
In its 1989 income statement, what amount should Adam report as total infrequent net gains that are not considered extraordinary?

A) $170,000
B) $450,000
C) $100,000
D) $360,000

3. Due to a decline in market price in the second quarter, Petal Co. incurred an inventory loss. The market price is expected to return to previous levels by the end of the year. At the end of the year the decline had not reversed. When should the loss be reported in Petal's interim income statements?

A) In the second quarter only.
B) Ratably over the third and fourth quarters.
C) In the fourth quarter only.
D) Ratably over the second, third, and forth [sic] quarters.

4. 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 B represents the general accounting treatment required for these transactions. These treatments are:
* Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
* Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust 1992 beginning retained earnings if the error or change affects a period prior to 1992.
* Prospective approach - Report 1993 and future financial statements on the new basis but do not restate 1992 financial statements.
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 B

A) Prospective approach.
B) Cumulative effect approach.
C) Retroactive or retrospective restatement approach.

5. FASB Interpretations of Statements of Financial Accounting Standards have the same authority as the FASB:

A) Technical Bulletins.
B) Emerging Issues Task Force Consensus.
C) Statements of Financial Accounting Concepts.
D) Statements of Financial Accounting Standards.

Solutions: