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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
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 A (Select one)

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

2. 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) $410,000
B) $500,000
C) $290,000
D) $325,000

3. Several sources of GAAP consulted by an auditor are in conflict as to the application of an accounting principle. Which of the following should the auditor consider the most authoritative?

A) FASB Technical Bulletins.
B) FASB Statements of Financial Accounting Concepts.
C) AICPA Accounting Interpretations.
D) AICPA Technical Practice Aids.

4. According to the FASB conceptual framework, which of the following is an essential characteristic of an asset?

A) An asset is obtained at a cost.
B) An asset provides future benefits.
C) An asset is tangible.
D) The claims to an asset's benefits are legally enforceable.

5. 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
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 A (Select one)

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

Solutions: