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

1. According to the FASB conceptual framework, which of the following situations violates the concept of reliability?

A) Financial statements include property with a carrying amount increased to management's estimate of market value.
B) Data on segments having the same expected risks and growth rates are reported to analysts estimating future profits.
C) Management reports to stockholders regularly refer to new projects undertaken, but the financial statements never report project results.
D) Financial statements are issued nine months late.

2. 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) $0
C) $500,000
D) $350,000

3. In the hierarchy of generally accepted accounting principles, APB Opinions have the same authority as AICPA:

A) Statements of Position.
B) Industry Audit and Accounting Guides.
C) Issues Papers.
D) Accounting Research Bulletins.

4. Advertising costs may be accrued or deferred to provide an appropriate expense in each period for:

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

5. 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) $122,000
B) $190,000
C) $150,000
D) $178,000

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