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

1. The following items were among those that were reported on Lee Co.'s income statement for the year ended December 31, 1989:

The office space is used equally by Lee's sales and accounting departments. What amount of the abovelisted items should be classified as general and administrative expenses in Lee's multiple-step income statement?

A) $500,000
B) $290,000
C) $325,000
D) $410,000

2. Which of the following is true regarding the presentation of "comprehensive income."

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

3. 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.

4. 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 manufactures heavy equipment to customer specifications on a contract basis. On the basis that it is preferable, accounting for these long-term contracts was switched from the completed-contract method to the percentage-of-completion method.
List B (Select one)

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

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

Solutions: