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

1. Opto Co. is a publicly-traded, consolidated enterprise reporting segment information. Which of the following items is a required enterprise-wide disclosure regarding external customers?

A) Information on major customers is not required in segment reporting.
B) The fact that transactions with a particular external customer constitute more than 10% of the total enterprise revenues.
C) The identity of any external customer providing 10% or more of a particular operating segment's revenue.
D) The identity of any external customer considered to be "major" by management.

2. In 1990, Teller Co. incurred losses arising from its guilty plea in its first antitrust action, and from a substantial increase in production costs caused when a major supplier's workers went on strike. Which of these losses should be reported as an extraordinary item?

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

3. Income tax-basis financial statements differ from those prepared under GAAP in that income tax-basis financial statements:

A) Include detailed information about current and deferred income tax liabilities.
B) Contain no disclosures about capital and operating lease transactions.
C) Do not include nontaxable revenues and nondeductible expenses in determining income.
D) Recognize certain revenues and expenses in different reporting periods.

4. Taft Corp. discloses supplemental industry segment information. The following information is available for 1992:

Additional 1992 expenses, not included above, are as follows:
Indirect operating expenses $7,200
General corporate expenses 4,800
Segment C's 1992 operating profit was:

A) $2,000
B) $2,600
C) $5,000
D) $3,200

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 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) Prospective approach.
B) Cumulative effect approach.
C) Retroactive or retrospective restatement approach.

Solutions: