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

1. Lore Co. changed from the cash basis of accounting to the accrual basis of accounting during 1994. The cumulative effect of this change should be reported in Lore's 1994 financial statements as a:

A) Component of income before extraordinary item.
B) Component of income after extraordinary item.
C) Prior period adjustment resulting from the change in accounting principle.
D) Prior period adjustment resulting from the correction of an error.

2. An extraordinary item should be reported separately on the income statement as a component of income:

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

3. An inventory loss from a permanent market decline of $360,000 occurred in May 1989. Cox Co. appropriately recorded this loss in May 1989 after its March 31, 1989 quarterly report was issued. What amount of inventory loss should be reported in Cox's quarterly income statement for the three months ended June 30, 1989?

A) $0
B) $90,000
C) $360,000
D) $180,000

4. 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 manufactures heavy equipment to customer specifications on a contract basis. On the basis that it is preferable, accounting for these long-term contracts was switched from the completed-contract method to the percentage-of-completion method.
List A (Select one)

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

5. Chester Corp. was a development stage enterprise from its inception on September 1, 1987 to December 31, 1988. The following information was taken from Chester's accounting records for the above period:

For the period September 1, 1987 to December 31, 1988, what amount should Chester report as net loss?

A) $150,000
B) $450,000
C) $350,000
D) $ 50,000

Solutions: