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Admission Test Financial-Accounting-Reporting : Certified Public Accountant (Financial Accounting & Reporting)
- Exam Code: Financial-Accounting-Reporting
- Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
- Updated: Sep 17, 2026 Q&As: 161 Questions and Answers
About Admission Test Financial-Accounting-Reporting Exam
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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Financial Reporting | 30-40% | - Special Purpose Frameworks - General Purpose Financial Statements - Conceptual Framework and Standard-Setting - State and Local Government Reporting - Financial Reporting for Nonprofits |
| Select Financial Statement Accounts | 30-40% | - Expenses and Other Items - Liabilities - Revenue Recognition - Assets - Equity |
| Select Transactions | 25-35% | - Derivatives and Hedge Accounting - Leases - Subsequent Events and Fair Value Disclosures - Fair Value Measurements - Business Combinations and Consolidations |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
Question #1
Kell Corp.'s $95,000 net income for the quarter ended September 30, 1990, included the following aftertax items:
* A $60,000 extraordinary gain, realized on April 30, 1990, was allocated equally to the second, third, and fourth quarters of 1990.
* A $16,000 cumulative-effect loss resulting from a change in inventory valuation method was recognized on August 2, 1990.
In addition, Kell paid $48,000 on February 1, 1990, for 1990 calendar-year property taxes. Of this amount, $12,000 was allocated to the third quarter of 1990.
For the quarter ended September 30, 1990, Kell should report net income of:
- A. $111,000
- B. $91,000
- C. $103,000
- D. $115,000
Correct Answer: B 🗳️
Question #2
APB Opinion No. 28, Interim Financial Reporting, concluded that interim financial reporting should be viewed primarily in which of the following ways?
- A. As reporting for an integral part of an annual period.
- B. As if the interim period were an annual accounting period.
- C. As reporting under a comprehensive basis of accounting other than GAAP.
- D. As useful only if activity is spread evenly throughout the year.
Correct Answer: A 🗳️
Question #3
According to the FASB conceptual framework, comprehensive income includes which of the following?
- A. Option B
- B. Option C
- C. Option D
- D. Option A
Correct Answer: A 🗳️
Question #4
During the first quarter of 1993, Tech Co. had income before taxes of $200,000, and its effective income tax rate was 15%. Tech's 1992 effective annual income tax rate was 30%, but Tech expects its 1993 effective annual income tax rate to be 25%. In its first quarter interim income statement, what amount of income tax expense should Tech report?
- A. $60,000
- B. $0
- C. $30,000
- D. $50,000
Correct Answer: D 🗳️
Question #5
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.
Item to Be Answered
The equipment that Quo manufactures is sold with a five-year warranty. Because of a production breakthrough, Quo reduced its computation of warranty costs from 3% of sales to 1% of sales.
List B (Select one)
- A. Prospective approach.
- B. Retroactive or retrospective restatement approach.
- C. Cumulative effect approach.
Correct Answer: A 🗳️
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