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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Select Financial Statement Accounts | 30-40% | - Liabilities - Equity - Assets - Expenses and Other Items - Revenue Recognition |
| Select Transactions | 25-35% | - Subsequent Events and Fair Value Disclosures - Derivatives and Hedge Accounting - Fair Value Measurements - Business Combinations and Consolidations - Leases |
| Financial Reporting | 30-40% | - State and Local Government Reporting - Conceptual Framework and Standard-Setting - Financial Reporting for Nonprofits - Special Purpose Frameworks - General Purpose Financial Statements |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
Financial reporting by a development stage enterprise differs from financial reporting for an established operating enterprise in regard to footnote disclosures:
- A. Only.
- B. And expense recognition principles only.
- C. And revenue recognition principles only.
- D. And revenue and expense recognition principles.
Correct Answer: A 🗳️
Tack, Inc. reported a retained earnings balance of $150,000 at December 31,1990. In June 1991, Tack discovered that merchandise costing $40,000 had not been included in inventory in its 1990 financial statements. Tack has a 30% tax rate. What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, 1991?
- A. $190,000
- B. $150,000
- C. $178,000
- D. $122,000
Correct Answer: C 🗳️
On January 1, 1991, Brecon Co. installed cabinets to display its merchandise in customers' stores. Brecon expects to use these cabinets for five years. Brecon's 1991 multi-step income statement should include:
- A. One-fifth of the cabinet costs in cost of goods sold.
- B. One-fifth of the cabinet costs in selling, general, and administrative expenses.
- C. All of the cabinet costs in cost of goods sold.
- D. All of the cabinet costs in selling, general, and administrative expenses.
Correct Answer: B 🗳️
Hyde Corp. has three manufacturing divisions, each of which has been determined to be a reportable segment. In 1989, Clay division had sales of $3,000,000, which was 25% of Hyde's total sales, and had operating costs of $1,900,000, as reported to the CFO. In 1989, Hyde incurred operating costs of $500,000 that were not directly traceable to any of the divisions. In addition, Hyde incurred corporate interest expense of $300,000 in 1989. In reporting segment information, what amount should be shown as Clay's operating profit for 1989?
- A. $975,000
- B. $900,000
- C. $1,100,000
- D. $875,000
Correct Answer: C 🗳️
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. Monetary unit.
- B. Economic entity.
- C. Periodicity.
- D. Going concern.
Correct Answer: A 🗳️
