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

1. Under FASB Statement of Financial Accounting Concepts #5, which of the following items would cause earnings to differ from comprehensive income for an enterprise in an industry not having specialized accounting principles?

A) Loss on exchange of nonmonetary assets without commercial substance.
B) Unrealized loss on investments in noncurrent marketable equity securities available for sale.
C) Unrealized loss on investments in current marketable equity securities held for trading.
D) Loss on exchange of nonmonetary assets with commercial substance.

2. According to the FASB conceptual framework, comprehensive income includes which of the following?

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

3. 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
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
List A (Select one)

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

4. Which of the following is correct concerning financial statement disclosure of accounting policies?

A) Disclosure of accounting policies is an integral part of the financial statements.
B) The format and location of accounting policy disclosures are fixed by generally accepted accounting principles.
C) Disclosures should be limited to principles and methods peculiar to the industry in which the company operates.
D) Disclosures should duplicate details disclosed elsewhere in the financial statements.

5. Gown, Inc. sold a warehouse and used the proceeds to acquire a new warehouse. The excess of the proceeds over the carrying amount of the warehouse sold should be reported as a(an):

A) Part of continuing operations.
B) Gain from discontinued operations, net of income taxes.
C) Reduction of the cost of the new warehouse.
D) Extraordinary gain, net of income taxes.

Solutions: