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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. Which of the following statements regarding fair value is/are correct?
I. The fair value of an asset or liability is specific to the entity making the fair value measurement.
II. Fair value is the price to acquire an asset or assume a liability.
III. Fair value includes transportation costs, but not transaction costs.
IV. The price in the principal market for an asset or liability will be the fair value measurement.

A) I & II
B) II & III
C) I & IV
D) III & IV

2. How should the effect of a change in accounting estimate be accounted for?

A) By restating amounts reported in financial statements of prior periods.
B) In the period of change and future periods if the change affects both.
C) By reporting pro forma amounts for prior periods.
D) As a prior period adjustment to beginning retained earnings.

3. In 1992, hail damaged several of Toncan Co.'s vans. Hailstorms had frequently inflicted similar damage to Toncan's vans. Over the years, Toncan had saved money by not buying hail insurance and either paying for repairs, or selling damaged vans and then replacing them. In 1992, the damaged vans were sold for less than their carrying amount. How should the hail damage cost be reported in Toncan's 1992 financial statements?

A) The actual 1992 hail damage loss in continuing operations, with no separate disclosure.
B) The expected average hail damage loss in continuing operations, with separate disclosure.
C) The actual 1992 hail damage loss as an extraordinary loss, net of income taxes.
D) The expected average hail damage loss in continuing operations, with no separate disclosure.

4. A development stage enterprise should use the same generally accepted accounting principles that apply to established operating enterprises for:

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

5. In which of the following situations should a company report a prior-period adjustment?

A) The scrapping of an asset prior to the end of its expected useful life.
B) The correction of a mathematical error in the calculation of prior years' depreciation.
C) A switch from the straight-line to double-declining balance method of depreciation.
D) A change in the estimated useful lives of fixed assets purchased in prior years.

Solutions: