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

1. In open market transactions, Gold Corp. simultaneously sold its long-term investment in Iron Corp. bonds and purchased its own outstanding bonds. The broker remitted the net cash from the two transactions.
Gold's gain on the purchase of its own bonds exceeded its loss on the sale of the Iron bonds. Assume the transaction to purchase its own outstanding bonds is unusual in nature and has occurred infrequently.
Gold should report the:

A) Net effect of the two transactions in income before extraordinary items.
B) Effect of its own bond transaction gain in income before extraordinary items, and report the Iron bond transaction as an extraordinary loss.
C) Net effect of the two transactions as an extraordinary gain.
D) Effect of its own bond transaction as an extraordinary gain, and report the Iron bond transaction loss in income before extraordinary items.

2. According to the FASB conceptual framework, the process of reporting an item in the financial statements of an entity is:

A) Matching.
B) Recognition.
C) Allocation.
D) Realization.

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 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
Quo sells extended service contracts on its products. Because related services are performed over several years, in 1993 Quo changed from the cash method to the accrual method of recognizing income from these service contracts.
List B (Select one)

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

4. Dean Co. acquired 100% of Morey Corp. prior to 1989. During 1989, the individual companies included in their financial statements the following:

What amount should be reported as related party disclosures in the notes to Dean's 1989 consolidated financial statements?

A) $175,000
B) $150,000
C) $330,000
D) $155,000

5. In single period statements, which of the following should not be reflected as an adjustment to the opening balance of retained earnings?

A) Cumulative effect of a change from LIFO to FIFO in valuing merchandise inventory.
B) Effect of a failure to provide for uncollectible accounts in the previous period.
C) Cumulative effect of a change from the percentage of completion to the completed contract method of accounting for long-term construction projects.
D) Effect of a decrease in the estimated useful life of depreciable equipment.

Solutions: