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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:

A) As a separate disclosure after income from continuing operations, in the period of change and future periods if the change affects both.
B) By restating the financial statements of all prior periods presented.
C) As a correction of an error.
D) As a component of income from continuing operations, in the period of change and future periods if the change affects both.

2. During 1994, Orca Corp. decided to change from the FIFO method of inventory valuation to the weightedaverage method. Inventory balances under each method were as follows:

Orca's income tax rate is 30%.
Orca should report the cumulative effect of this accounting change as a(n):

A) Extraordinary item.
B) Component of income after extraordinary items.
C) Adjustment to beginning retained earnings.
D) Component of income from continuing operations.

3. Grum Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 1991, Grum reported revenues of $50,000,000, operating expenses of $47,000,000, and net income of $3,000,000. Operating expenses include payroll costs of $ 15,000,000. Grum's combined identifiable assets of all industry segments at December 31, 1991, were $40,000,000.
Cott Co.'s four business segments have revenues and identifiable assets expressed as percentages of Cott's total revenues and total assets as follows:

Which of these business segments are deemed to be reportable segments?

A) Ebon only.
B) Ebon, Fair, Gel, and Hak.
C) Ebon and Fair only.
D) Ebon, Fair, and Gel only.

4. In Yew Co.'s 1992 annual report, Yew described its social awareness expenditures during the year as follows:
"The Company contributed $250,000 in cash to youth and educational programs. The Company also gave $140,000 to health and human-service organizations, of which $80,000 was contributed by employees through payroll deductions. In addition, consistent with the Company's commitment to the environment, the Company spent $100,000 to redesign product packaging."
What amount of the above should be included in Yew's income statement as charitable contributions expense?

A) $310,000
B) $390,000
C) $490,000
D) $410,000

5. On January 2, 1991, Air, Inc. agreed to pay its former president $300,000 under a deferred compensation arrangement. Air should have recorded this expense in 1990 but did not do so. Air's reported income tax expense would have been $70,000 lower in 1990 had it properly accrued this deferred compensation in its December 31,1991, financial statements, Air should adjust the beginning balance of its retained earnings by a:

A) $230,000 debit.
B) $230,000 credit.
C) $300,000 credit.
D) $370,000 debit.

Solutions: