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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Select Transactions | 25-35% | - Leases - Derivatives and Hedge Accounting - Fair Value Measurements - Business Combinations and Consolidations - Subsequent Events and Fair Value Disclosures |
| Topic 2: Select Financial Statement Accounts | 30-40% | - Expenses and Other Items - Revenue Recognition - Equity - Assets - Liabilities |
| Topic 3: Financial Reporting | 30-40% | - General Purpose Financial Statements - Special Purpose Frameworks - State and Local Government Reporting - Financial Reporting for Nonprofits - Conceptual Framework and Standard-Setting |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
The following question is based on the following:
Vane Co.'s trial balance of income statement accounts for the year ended December 31, 2002, included the following:
Vane's income tax rate is 30%.
In Vane's 2002 multiple-step income statement, what amount should Vane report as income from continuing operations?
- A. $140,000
- B. $147,000
- C. $126,000
- D. $129,500
How should the effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate be reported?
- A. By footnote disclosure only.
- B. As a correction of an error.
- C. As a component of income from continuing operations.
- D. By restating the financial statements of all prior periods presented.
While preparing its 1991 financial statements, Dek Corp. discovered computational errors in its 1990 and 1989 depreciation expense. These errors resulted in overstatement of each year's income by $25,000, net of income taxes. The following amounts were reported in the previously issued financial statements:
Dek's 1991 net income is correctly reported at $180,000. Which of the following amounts should be reported as prior period adjustments and net income in Dek's 1991 and 1990 comparative financial statements?
- A. Option A
- B. Option B
- C. Option D
- D. Option C
Tack, Inc. reported a retained earnings balance of $150,000 at December 31,1990. In June 1991, Tack discovered that merchandise costing $40,000 had not been included in inventory in its 1990 financial statements. Tack has a 30% tax rate. What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, 1991?
- A. $150,000
- B. $190,000
- C. $122,000
- D. $178,000
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 and Fair only.
- B. Ebon only.
- C. Ebon, Fair, Gel, and Hak.
- D. Ebon, Fair, and Gel only.
