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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. 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.

2. 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

3. 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.

4. 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

5. 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.

Solutions: