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

1. For interim financial reporting, the computation of a company's second quarter provision for income taxes uses an effective tax rate expected to be applicable for the full fiscal year. The effective tax rate should reflect anticipated:

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

2. A planned volume variance in the first quarter, which is expected to be absorbed by the end of the fiscal period, ordinarily should be deferred at the end of the first quarter if it is:

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

3. According to the FASB conceptual framework, which of the following situations violates the concept of reliability?

A) Management reports to stockholders regularly refer to new projects undertaken, but the financial statements never report project results.
B) Financial statements are issued nine months late.
C) Financial statements include property with a carrying amount increased to management's estimate of market value.
D) Data on segments having the same expected risks and growth rates are reported to analysts estimating future profits.

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

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 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
The equipment that Quo manufactures is sold with a five-year warranty. Because of a production breakthrough, Quo reduced its computation of warranty costs from 3% of sales to 1% of sales.
List A (Select one)

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

Solutions: