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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. During 20X5, Dale Corp. made the following accounting changes:

What amount should be shown in the 20X5 retained earnings statement as an adjustment to the beginning balance?

A) $128,000
B) $98,000
C) $0
D) $30,000

2. According to the FASB's conceptual framework, the process of reporting an item in the financial statements of an entity is:

A) Realization.
B) Recognition.
C) Allocation.
D) Matching.

3. During the first quarter of the calendar year, Worth Co. had income before taxes of $100,000, and its effective income tax rate was 15%. Worth's effective annual income tax rate for the previous year was 30%. Worth expects that its effective annual income tax rate for the current year will be 25%. The statutory tax rate for the current year is 35%. In its first quarter interim income statement, what amount of income tax expense should Worth report?

A) $35,000
B) $15,000
C) $25,000
D) $30,000

4. Which of the following is true regarding the comparison of managerial to financial accounting?

A) The emphasis on managerial accounting is relevance and the emphasis on financial accounting is timeliness.
B) Managerial accounting is generally more precise.
C) Managerial accounting has a past focus and financial accounting has a future focus.
D) Managerial accounting need not follow generally accepted accounting principles (GAAP) while financial accounting must follow them.

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

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

Solutions: