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

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

Question #1
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 C
B. Option D
C. Option A
D. Option B

Question #2
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. As a component of income from continuing operations.
B. By footnote disclosure only.
C. By restating the financial statements of all prior periods presented.
D. As a correction of an error.

Question #3
Belle Co. determined after four years that the estimated useful life of its labeling machine should be 10 years rather than 12 years. The machine originally cost $46,000 and had an estimated salvage value of $1,000. Belle uses straight-line depreciation. What amount should Belle report as depreciation expense for the current year?

A. $3,750
B. $5,000
C. $3,200
D. $4,500

Question #4
In the hierarchy of generally accepted accounting principles, APB Opinions have the same authority as AICPA:

A. Accounting Research Bulletins.
B. Statements of Position.
C. Industry Audit and Accounting Guides.
D. Issues Papers.

Question #5
FASB's conceptual framework explains both financial and physical capital maintenance concepts. Which capital maintenance concept is applied to currently reported net income, and which is applied to comprehensive income?

A. Option C
B. Option D
C. Option A
D. Option B

Solutions: