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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 A represents possible clarifications of these transactions as: a change in accounting principle, a change in accounting estimate, a correction of an error in previously presented financial statements, or neither an accounting change nor an accounting error.
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 A (Select one)

A) Correction of an error in previously presented financial statements.
B) Neither an accounting change nor an accounting error.
C) Change in accounting principal.
D) Change in accounting estimate.

2. In 1992, hail damaged several of Toncan Co.'s vans. Hailstorms had frequently inflicted similar damage to Toncan's vans. Over the years, Toncan had saved money by not buying hail insurance and either paying for repairs, or selling damaged vans and then replacing them. In 1992, the damaged vans were sold for less than their carrying amount. How should the hail damage cost be reported in Toncan's 1992 financial statements?

A) The expected average hail damage loss in continuing operations, with separate disclosure.
B) The expected average hail damage loss in continuing operations, with no separate disclosure.
C) The actual 1992 hail damage loss as an extraordinary loss, net of income taxes.
D) The actual 1992 hail damage loss in continuing operations, with no separate disclosure.

3. Which of the following should be disclosed for each reportable operating segment of an enterprise?

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

4. Envoy Co. manufactures and sells household products. Envoy experienced losses associated with its small appliance group. Operations and cash flows for this group can be clearly distinguished from the rest of Envoy's operations. Envoy plans to sell the small appliance group with its operations. What is the earliest point at which Envoy should report the small appliance group as a discontinued operation?

A) When Envoy first sells any of the assets of the segment.
B) When Envoy receives an offer for the segment.
C) When Envoy classifies it as held for sale.
D) When Envoy sells the majority of the assets of the segment.

5. The summary of significant accounting policies should disclose the:

A) Concentration of credit risk of all financial instruments by geographical region.
B) Criteria for determining which investments are treated as cash equivalents.
C) Terms for convertible debt to be exchanged for common stock.
D) Maturity dates of noncurrent debts.

Solutions: