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

1. Reclassification adjustments must be shown in the financial statement that discloses comprehensive income:

A) To avoid double counting in comprehensive income items, which are currently displayed in net income.
B) To avoid including transactions with shareholders in items of comprehensive income.
C) To show what portion of comprehensive income is from the realization of current assets.
D) To show the tax effect of items of comprehensive income.

2. 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.
Item to Be Answered
During 1993, Quo determined that an insurance premium paid and entirely expensed in 1992 was for the period January 1, 1992, through January 1, 1994.
List B (Select one)

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

3. Wilson Corp. experienced a $50,000 decline in the market value of its inventory in the first quarter of its fiscal year. Wilson had expected this decline to reverse in the third quarter, and in fact, the third quarter recovery exceeded the previous decline by $10,000. Wilson's inventory did not experience any other declines in market value during the fiscal year. What amounts of loss and/or gain should Wilson report in its interim financial statements for the first and third quarters?

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

4. Coffey Corp.'s trial balance of Income Statement Accounts for the year ended December 31, 1988 as follows:

Coffey's income tax rate is 30%. The gain on debt extinguishment is considered a usual and recurring part of Coffey's operations. Coffey prepares a multiple-step income statement for 1988.
Income from operations before income tax is:

A) $230,000
B) $200,000
C) $190,000
D) $240,000

5. 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) $30,000
B) $0
C) $128,000
D) $98,000

Solutions: