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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 B represents the general accounting treatment required for these transactions. These treatments are:
* Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
* Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust 1992 beginning retained earnings if the error or change affects a period prior to 1992.
* Prospective approach - Report 1993 and future financial statements on the new basis but do not restate 1992 financial statements.
During 1993, Quo increased its investment in Worth, Inc. from a 10% interest, purchased in 1992, to 30%, and acquired a seat on Worth's board of directors. As a result of its increased investment, Quo changed its method of accounting for investment in Worth, Inc. from the cost method to the equity method.
List B

A) Cumulative effect approach.
B) Prospective approach.
C) Retroactive or retrospective restatement approach.

2. Is the cumulative effect of an inventory pricing change on prior years earnings reported on the financial statements for

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

3. Which of the following accounting pronouncements is the most authoritative?

A) FASB Technical Bulletin.
B) AICPA Accounting Principles Board Opinion.
C) AICPA Statement of Position.
D) FASB Statement of Financial Accounting Concepts.

4. During 20X5, Dale Corp. made the following accounting changes:

What amount should be shown in the 20X5 retained earnings statement as an adjustment to the beginning balance?

A) $0
B) $30,000
C) $128,000
D) $98,000

5. Earnings per share data should be reported on the income statement for:

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

Solutions: