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

1. Which of the following should be disclosed in a summary of significant accounting policies?
I. Management's intention to maintain or vary the dividend payout ratio.
II. Criteria for determining which investments are treated as cash equivalents.
III. Composition of the sales order backlog by segment.

A) I only.
B) I and III.
C) II and III.
D) II only.

2. Is the cumulative effect of an inventory pricing change on prior years earnings reported on the financial statements for

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

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 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
Quo sells extended service contracts on its products. Because related services are performed over several years, in 1993 Quo changed from the cash method to the accrual method of recognizing income from these service contracts.
List A (Select one)

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

4. During the first quarter of the calendar year, Worth Co. had income before taxes of $100,000, and its effective income tax rate was 15%. Worth's effective annual income tax rate for the previous year was 30%. Worth expects that its effective annual income tax rate for the current year will be 25%. The statutory tax rate for the current year is 35%. In its first quarter interim income statement, what amount of income tax expense should Worth report?

A) $30,000
B) $25,000
C) $15,000
D) $35,000

5. Which of the following is correct concerning financial statement disclosure of accounting policies?

A) Disclosures should duplicate details disclosed elsewhere in the financial statements.
B) The format and location of accounting policy disclosures are fixed by generally accepted accounting principles.
C) Disclosures should be limited to principles and methods peculiar to the industry in which the company operates.
D) Disclosure of accounting policies is an integral part of the financial statements.

Solutions: