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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. According to the FASB conceptual framework, predictive value is an ingredient of:

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

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

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

3. According to the FASB conceptual framework, which of the following attributes would not be used to measure inventory?

A) Replacement cost.
B) Historical cost.
C) Net realizable value.
D) Present value of future cash flows.

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.
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 B (Select one)

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

5. In the hierarchy of generally accepted accounting principles, APB Opinions have the same authority as AICPA:

A) Industry Audit and Accounting Guides.
B) Issues Papers.
C) Statements of Position.
D) Accounting Research Bulletins.

Solutions: