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Only need to practice for 20 to 30 hours

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

1. Earnings per share data should be reported on the income statement for:

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

2. What is the underlying concept that supports the immediate recognition of a contingent loss?

A) Conservatism.
B) Matching.
C) Consistency.
D) Substance over form.

3. A segment of Ace Inc. was discontinued during 1992. Ace's loss from discontinued operations should not:

A) Exclude operating losses from the date the decision to dispose of the segment was made until the end of 1992.
B) Include employee relocation costs associated with the decision to dispose.
C) Include operating losses of the current period up to the date the decision to dispose of the segment was made.
D) Include additional pension costs associated with the decision to dispose.

4. 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 changed from FIFO to average cost to account for its raw materials and work in process inventories.
List A (Select one)

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

5. During the second quarter of 1988, Buzz Company sold a piece of equipment at a $12,000 gain. What portion of the gain should Buzz report in its income statement for the second quarter of 1988?

A) $4,000
B) $0
C) $12,000
D) $6,000

Solutions: