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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. Conceptually, interim financial statements can be described as emphasizing:

A) Timeliness over reliability.
B) Relevance over comparability.
C) Comparability over neutrality.
D) Reliability over relevance.

2. On December 31, 20X2, the Board of Directors of Maxy Manufacturing, Inc. committed to a plan to discontinue the operations of its Alpha division. Maxy estimated that Alpha's 20X3 operating loss would be $500,000 and that the fair value of Alpha's facilities was $300,000 less than their carrying amounts.
The estimate for 20X3 turned out to be correct. Alpha's 20X2 operating loss was $1,400,000, and the division was actually sold for $400,000 less than its carrying amount. Maxy's effective tax rate is 30%.
In its 20X3 income statement, what amount should Maxy report as loss from discontinued operations?

A) $350,000
B) $420,000
C) $600,000
D) $500,000

3. According to the FASB conceptual framework, the quality of information that helps users increase the likelihood of correctly forecasting the outcome of past or present events is called:

A) Reliability.
B) Representational faithfulness.
C) Feedback value.
D) Predictive value.

4. According to the FASB conceptual framework, which of the following statements conforms to the realization concept?

A) Equipment depreciation was assigned to a production department and then to product unit costs.
B) Product unit costs were assigned to cost of goods sold when the units were sold.
C) Cash was collected on accounts receivable.
D) Depreciated equipment was sold in exchange for a note receivable.

5. Goddard has used the FIFO method of inventory valuation since it began operations in 1987. Goddard decided to change to the weighted-average method for determining inventory costs at the beginning of 1990. The following schedule shows year-end inventory balances under the FIFO and weighted-average methods:

What amount, before income taxes, should be reported in the 1990 retained earnings statement as the cumulative effect of the change in accounting principle?

A) $5,000 decrease.
B) $3,000 decrease.
C) $0.
D) $2,000 increase.

Solutions: