Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
Certification Provider: Admission Test
Corresponding Certification: CPA Certification
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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Assets and Liabilities Accounting | - Fixed assets and intangible assets - Cash, receivables, and inventory - Liabilities and contingencies - Leases (ASC 842) |
| Governmental and Not-for-Profit Accounting | - Governmental fund accounting - Not-for-profit financial reporting |
| Conceptual Framework and Financial Reporting | - Financial statement presentation - Disclosure requirements - FASB conceptual framework |
| Equity, Investments, and Business Combinations | - Stockholders' equity - Business combinations and consolidations - Bonds and debt instruments |
| Financial Statements and Transactions | - Revenue recognition (ASC 606) - Income statement and comprehensive income - Balance sheet and statement of cash flows |
| Specialized Accounting Topics | - Pensions and post-employment benefits - Foreign currency transactions - Accounting changes and error corrections |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
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. Feedback value.
- B. Predictive value.
- C. Reliability.
- D. Representational faithfulness.
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 changed from FIFO to average cost to account for its raw materials and work in process inventories.
List B (Select one)
- A. Cumulative effect approach.
- B. Retroactive or retrospective restatement approach.
- C. Prospective approach.
According to the FASB conceptual framework, the process of reporting an item in the financial statements of an entity is:
- A. Matching.
- B. Allocation.
- C. Recognition.
- D. Realization.
Foy Corp. failed to accrue warranty costs of $50,000 in its December 31, 1992, financial statements. In addition, a $30,000 change from straight-line to accelerated depreciation was made at the beginning of 1993. Both the $50,000 and the $30,000 are net of related income taxes. What amount should Foy report as prior period adjustments in 1993?
- A. $30,000
- B. $0
- C. $80,000
- D. $50,000
Advertising costs may be accrued or deferred to provide an appropriate expense in each period for:
- A. Option A
- B. Option B
- C. Option D
- D. Option C
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