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

1. In financial reporting of segment data, which of the following items is always used in determining a segment's operating income?

A) Gain or loss on discontinued operations.
B) Sales to other segments.
C) General corporate expense.
D) Income tax expense.

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

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

3. Goddard has used the FIFO method of inventory valuation since it began operations in 1987. Goddard decided to change to the weighted-average method for determining inventory costs at the beginning of 1990. The following schedule shows year-end inventory balances under the FIFO and weighted-average methods:

What amount, before income taxes, should be reported in the 1990 retained earnings statement as the cumulative effect of the change in accounting principle?

A) $0.
B) $5,000 decrease.
C) $2,000 increase.
D) $3,000 decrease.

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 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
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
List A (Select one)

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

5. An extraordinary item should be reported separately on the income statement as a component of income:

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

Solutions: