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

1. On August 31, 1992, Harvey Co. decided to change from the FIFO periodic inventory system to the weighted average periodic inventory system. Harvey is on a calendar year basis. The cumulative effect of the change is determined:

A) During 1992 by a weighted average of the purchases.
B) During the eight months ending August 31, 1992, by a weighted average of the purchases.
C) As of January 1, 1992.
D) As of August 31, 1992.

2. How should the effect of a change in accounting estimate be accounted for?

A) By reporting pro forma amounts for prior periods.
B) In the period of change and future periods if the change affects both.
C) As a prior period adjustment to beginning retained earnings.
D) By restating amounts reported in financial statements of prior periods.

3. Which of the following describes how comprehensive income should be reported?

A) Should not be reported in the financial statements but should only be disclosed in the footnotes.
B) May be reported in a separate statement, in a combined statement of income and comprehensive income, or within a statement of stockholders' equity.
C) May be reported in a combined statement of income and comprehensive income or disclosed within a statement of stockholders' equity; separate statements of comprehensive income are not permitted.
D) Must be reported in a separate statement, as part of a complete set of financial statements.

4. Which of the following assumptions means that money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis?

A) Periodicity.
B) Going concern.
C) Economic entity.
D) Monetary unit.

5. Opto Co. is a publicly-traded, consolidated enterprise reporting segment information. Which of the following items is a required enterprise-wide disclosure regarding external customers?

A) Information on major customers is not required in segment reporting.
B) The fact that transactions with a particular external customer constitute more than 10% of the total enterprise revenues.
C) The identity of any external customer providing 10% or more of a particular operating segment's revenue.
D) The identity of any external customer considered to be "major" by management.

Solutions: