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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. At December 31, 1998, Off-Line Co. changed its method of accounting for demo costs from writing off the costs over two years to expensing the costs immediately. Off-Line made the change in recognition of an increasing number of demos placed with customers that did not result in sales. Off-Line had deferred demo costs of $500,000 at December 31, 1997, $300,000 of which were to be written off in 1998 and the remainder in 1999. Off-Line's income tax rate is 30%. In its 1998 financial statements, what amount should Off-Line report as cumulative effect of change in accounting principle?

A) $200,000
B) $350,000
C) $0
D) $500,000

2. YIV, Inc. is a multidivisional corporation, which has both intersegment sales and sales to unaffiliated customers. YIV should report segment financial information for each division meeting which of the following criteria?

A) Segment operating profit or loss is 10% or more of combined operating profit or loss of all company segments.
B) Segment revenue is 10% or more of consolidated revenue.
C) Segment revenue is 10% or more of combined revenue of all the company segments.
D) Segment operating profit or loss is 10% or more of consolidated profit or loss.

3. In financial reporting of segment data, which of the following items is always used in determining a segment's operating income?

A) Gain or loss on discontinued operations.
B) General corporate expense.
C) Income tax expense.
D) Sales to other segments.

4. In single period statements, which of the following should not be reflected as an adjustment to the opening balance of retained earnings?

A) Cumulative effect of a change from LIFO to FIFO in valuing merchandise inventory.
B) Effect of a decrease in the estimated useful life of depreciable equipment.
C) Cumulative effect of a change from the percentage of completion to the completed contract method of accounting for long-term construction projects.
D) Effect of a failure to provide for uncollectible accounts in the previous period.

5. An inventory loss from a market price decline occurred in the first quarter, and the decline was not expected to reverse during the fiscal year. However, in the third quarter the inventory's market price recovery exceeded the market decline that occurred in the first quarter. For interim financial reporting, the dollar amount of net inventory should:

A) Not be affected in either the first quarter or the third quarter.
B) Decrease in the first quarter by the amount of the market price decline and not be affected in the third quarter.
C) Decrease in the first quarter by the amount of the market price decline and increase in the third quarter by the amount of the market price recovery.
D) Decrease in the first quarter by the amount of the market price decline and increase in the third quarter by the amount of the decrease in the first quarter.

Solutions: