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

1. Thorpe Co.'s income statement for the year ended December 31, 1990, reported net income of $74,100. The auditor raised questions about the following amounts that had been included in net income:

The loss from the fire was an infrequent but not unusual occurrence in Thorpe's line of business.
Thorpe's December 31, 1990, income statement should report net income of:

A) $81,600
B) $65,000
C) $87,000
D) $66,100

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. 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.

4. During a period when an enterprise is under the direction of a particular management, its financial statements will directly provide information about:

A) Management performance but not directly provide information about enterprise performance.
B) Enterprise performance but not directly provide information about management performance.
C) Neither enterprise performance nor management performance.
D) Both enterprise performance and management performance.

5. During the first quarter of 1993, Tech Co. had income before taxes of $200,000, and its effective income tax rate was 15%. Tech's 1992 effective annual income tax rate was 30%, but Tech expects its 1993 effective annual income tax rate to be 25%. In its first quarter interim income statement, what amount of income tax expense should Tech report?

A) $50,000
B) $0
C) $60,000
D) $30,000

Solutions: