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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. In 1990, Brighton Co. changed from the individual item approach to the aggregate approach in applying the lower of FIFO cost or market to inventories. The cumulative effect of this change should be reported in Brighton's financial statements as a:

A) Component of income from continuing operations, without separate disclosure.
B) Component of income from continuing operations, with separate disclosure.
C) Retrospective adjustment on the retained earnings statement, with separate disclosure.
D) Component of income after continuing operations, with separate disclosure.

2. There are multiple active markets for a financial asset with different observable market prices:

There is no principal market for the financial asset. What is the fair value of the asset?

A) $72
B) $71
C) $74
D) $76

3. Envoy Co. manufactures and sells household products. Envoy experienced losses associated with its small appliance group. Operations and cash flows for this group can be clearly distinguished from the rest of Envoy's operations. Envoy plans to sell the small appliance group with its operations. What is the earliest point at which Envoy should report the small appliance group as a discontinued operation?

A) When Envoy receives an offer for the segment.
B) When Envoy first sells any of the assets of the segment.
C) When Envoy classifies it as held for sale.
D) When Envoy sells the majority of the assets of the segment.

4. 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 useful only if activity is spread evenly throughout the year.
C) As if the interim period were an annual accounting period.
D) As reporting under a comprehensive basis of accounting other than GAAP.

5. Which of the following accounting pronouncements is the most authoritative?

A) FASB Statement of Financial Accounting Concepts.
B) FASB Technical Bulletin.
C) AICPA Accounting Principles Board Opinion.
D) AICPA Statement of Position.

Solutions: