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

1. Grum Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 1991, Grum reported revenues of $50,000,000, operating expenses of $47,000,000, and net income of $3,000,000. Operating expenses include payroll costs of $ 15,000,000. Grum's combined identifiable assets of all industry segments at December 31, 1991, were $40,000,000.
In its 1991 financial statements, Grum should disclose major customer data if sales to any single customer amount to at least:

A) $300,000
B) $4,000,000
C) $1,500,000
D) $5,000,000

2. In 1990, Brighton Co. changed from the individual item approach to the aggregate approach in applying the lower of FIFO cost or market to inventories. The cumulative effect of this change should be reported in Brighton's financial statements as a:

A) Retrospective adjustment on the retained earnings statement, with separate disclosure.
B) Component of income from continuing operations, with separate disclosure.
C) Component of income from continuing operations, without separate disclosure.
D) Component of income after continuing operations, with separate disclosure.

3. Grum Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 1991, Grum reported revenues of $50,000,000, operating expenses of $47,000,000, and net income of $3,000,000. Operating expenses include payroll costs of $ 15,000,000. Grum's combined identifiable assets of all industry segments at December 31, 1991, were $40,000,000.
Cott Co.'s four business segments have revenues and identifiable assets expressed as percentages of Cott's total revenues and total assets as follows:

Which of these business segments are deemed to be reportable segments?

A) Ebon, Fair, and Gel only.
B) Ebon, Fair, Gel, and Hak.
C) Ebon and Fair only.
D) Ebon only.

4. How should the effect of a change in accounting estimate be accounted for?

A) As a prior period adjustment to beginning retained earnings.
B) By reporting pro forma amounts for prior periods.
C) In the period of change and future periods if the change affects both.
D) By restating amounts reported in financial statements of prior periods.

5. In the hierarchy of generally accepted accounting principles, APB Opinions have the same authority as AICPA:

A) Statements of Position.
B) Issues Papers.
C) Industry Audit and Accounting Guides.
D) Accounting Research Bulletins.

Solutions: