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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Reporting | 30-40% | - General Purpose Financial Statements - Conceptual Framework and Standard-Setting - State and Local Government Reporting - Special Purpose Frameworks - Financial Reporting for Nonprofits |
| Topic 2: Select Financial Statement Accounts | 30-40% | - Assets - Expenses and Other Items - Liabilities - Equity - Revenue Recognition |
| Topic 3: Select Transactions | 25-35% | - Subsequent Events and Fair Value Disclosures - Business Combinations and Consolidations - Fair Value Measurements - Leases - Derivatives and Hedge Accounting |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
The following question is based on the following:
Vane Co.'s trial balance of income statement accounts for the year ended December 31, 2002, included the following:
Vane's income tax rate is 30%.
In Vane's 2002 multiple-step income statement, what amount should Vane report as income from continuing operations?
- A. $129,500
- B. $140,000
- C. $147,000
- D. $126,000
Correct Answer: B 🗳️
According to the FASB conceptual framework, what does the concept of reliability in financial reporting include?
- A. Neutrality.
- B. Effectiveness.
- C. Certainty.
- D. Precision.
Correct Answer: A 🗳️
In Baer Food Co.'s 1990 single-step income statement, the section titled "Revenues" consisted of the following:
In the revenues section of its 1990 income statement, Baer Food should have reported total revenues of:
- A. $203,700
- B. $216,300
- C. $201,900
- D. $215,400
Correct Answer: C 🗳️
During 1994, Orca Corp. decided to change from the FIFO method of inventory valuation to the weightedaverage method. Inventory balances under each method were as follows:
Orca's income tax rate is 30%.
Orca should report the cumulative effect of this accounting change as a(n):
- A. Component of income after extraordinary items.
- B. Component of income from continuing operations.
- C. Extraordinary item.
- D. Adjustment to beginning retained earnings.
Correct Answer: D 🗳️
During 1990, Fuqua Steel Co. had the following unusual financial events occur:
* Bonds payable were retired five years before their scheduled maturity, resulting in a $260,000 gain. Fuqua has frequently retired bonds early when interest rates declined significantly.
* A steel forming segment suffered $255,000 in losses due to hurricane damage. This was the fourth similar loss sustained in a 5-year period at that location.
* A component of Fuqua's operations, steel transportation, was sold at a net loss of $350,000.
This was Fuqua's first divestiture of one of its operating segments.
Before income taxes, what amount should be disclosed as the gain (loss) from extraordinary items in 1990?
- A. $0
- B. $(350,000)
- C. $5,000
- D. $(90,000)
Correct Answer: A 🗳️
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