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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Select Balance Sheet Accounts | 30% - 40% | - Assets, Liabilities and Equity
|
| Financial Reporting | 30% - 40% | - General Purpose Financial Reporting
|
| Select Transactions | 25% - 35% | - Accounting and Reporting Transactions
|
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
On January 2, 20X5, to better reflect the variable use of its only machine, Holly, Inc. elected to change its method of depreciation from the straight-line method to the units of production method. The original cost of the machine on January 2, 20X3, was $50,000, and its estimated life was 10 years. Holly estimates that the machine's total life is 50,000 machine hours. Machine hours usage was 8,500 during 20X4 and 3,500 during 20X3.
Holly's income tax rate is 30%. Holly should report the accounting change in its 20X5 financial statements as a(n):
- A. Cumulative effect of a change in accounting principle of $2,000 in its income statement.
- B. None of the above.
- C. Adjustment to beginning retained earnings of $2,000.
- D. Cumulative effect of a change in accounting principle of $1,400 in its income statement.
Correct Answer: B 🗳️
According to the FASB conceptual framework, the process of reporting an item in the financial statements of an entity is:
- A. Matching.
- B. Recognition.
- C. Allocation.
- D. Realization.
Correct Answer: B 🗳️
On January 2, 1991, Air, Inc. agreed to pay its former president $300,000 under a deferred compensation arrangement. Air should have recorded this expense in 1990 but did not do so. Air's reported income tax expense would have been $70,000 lower in 1990 had it properly accrued this deferred compensation in its December 31,1991, financial statements, Air should adjust the beginning balance of its retained earnings by a:
- A. $300,000 credit.
- B. $230,000 credit.
- C. $230,000 debit.
- D. $370,000 debit.
Correct Answer: C 🗳️
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.
During 1993, Quo increased its investment in Worth, Inc. from a 10% interest, purchased in 1992, to 30%, and acquired a seat on Worth's board of directors. As a result of its increased investment, Quo changed its method of accounting for investment in Worth, Inc. from the cost method to the equity method.
List B
- A. Prospective approach.
- B. Retroactive or retrospective restatement approach.
- C. Cumulative effect approach.
Correct Answer: B 🗳️
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. $5,000
- B. $2,600
- C. $3,200
- D. $2,000
Correct Answer: A 🗳️
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