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

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

Question #1
Which of the following qualifies as an operating segment?

A. South American segment, whose results of operations are reported directly to the chief operating officer, and has 5% of the company's assets, 9% of revenues, and 8% of the profits.
B. Eastern Europe segment, which reports its results directly to the manager of the European division, and has 20% of the company's assets, 12% of revenues, and 11% of profits.
C. Corporate headquarters, which oversees $1 billion in sales for the entire company.
D. North American segment, whose assets are 12% of the company's assets of all segments, and management reports to the chief operating officer.

Question #2
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. $2,000 increase.
C. $5,000 decrease.
D. $3,000 decrease.

Question #3
A transaction that is unusual, but not infrequent, should be reported separately as a(an):

A. Component of income from continuing operations, net of applicable income taxes.
B. Extraordinary item, net of applicable income taxes.
C. Component of income from continuing operations, but not net of applicable income taxes.
D. Extraordinary item, but not net of applicable income taxes.

Question #4
Which of the following describes how comprehensive income should be reported?

A. May be reported in a combined statement of income and comprehensive income or disclosed within a statement of stockholders' equity; separate statements of comprehensive income are not permitted.
B. May be reported in a separate statement, in a combined statement of income and comprehensive income, or within a statement of stockholders' equity.
C. Must be reported in a separate statement, as part of a complete set of financial statements.
D. Should not be reported in the financial statements but should only be disclosed in the footnotes.

Question #5
FASB's conceptual framework explains both financial and physical capital maintenance concepts. Which capital maintenance concept is applied to currently reported net income, and which is applied to comprehensive income?

A. Option B
B. Option C
C. Option D
D. Option A

Solutions: