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

1. 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 manufactures heavy equipment to customer specifications on a contract basis. On the basis that it is preferable, accounting for these long-term contracts was switched from the completed-contract method to the percentage-of-completion method.
List A (Select one)

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

2. Wilson Corp. experienced a $50,000 decline in the market value of its inventory in the first quarter of its fiscal year. Wilson had expected this decline to reverse in the third quarter, and in fact, the third quarter recovery exceeded the previous decline by $10,000. Wilson's inventory did not experience any other declines in market value during the fiscal year. What amounts of loss and/or gain should Wilson report in its interim financial statements for the first and third quarters?

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

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

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

4. The following question is based on the following:
Vane Co.'s trial balance of income statement accounts for the year ended December 31, 2002, included the following:

Vane's income tax rate is 30%.
In Vane's 2002 multiple-step income statement, what amount should Vane report as income from continuing operations?

A) $140,000
B) $129,500
C) $126,000
D) $147,000

5. During the second quarter of 1988, Buzz Company sold a piece of equipment at a $12,000 gain. What portion of the gain should Buzz report in its income statement for the second quarter of 1988?

A) $12,000
B) $6,000
C) $4,000
D) $0

Solutions: