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

1. 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) $178,000
B) $190,000
C) $122,000
D) $150,000

2. On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with Quo's president and outside accountants, made changes in accounting policies, corrected several errors dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List B represents the general accounting treatment required for these transactions. These treatments are:
* Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
* Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust 1992 beginning retained earnings if the error or change affects a period prior to 1992.
* Prospective approach - Report 1993 and future financial statements on the new basis but do not restate 1992 financial statements.
Item to Be Answered
Quo changed from LIFO to FIFO to account for its finished goods inventory.
List B (Select one)

A) Retroactive or retrospective restatement approach.
B) Cumulative effect approach.
C) Prospective approach.

3. Foy Corp. failed to accrue warranty costs of $50,000 in its December 31, 1992, financial statements. In addition, a $30,000 change from straight-line to accelerated depreciation was made at the beginning of 1993. Both the $50,000 and the $30,000 are net of related income taxes. What amount should Foy report as prior period adjustments in 1993?

A) $80,000
B) $0
C) $50,000
D) $30,000

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

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

5. If a company is not presenting comparative financial statements, the correction of an error in the financial statements of a prior period should be reported, net of applicable income taxes, in the current:

A) Retained earnings statement as an adjustment of the opening balance.
B) Retained earnings statement after net income but before dividends.
C) Income statement after income from continuing operations and before extraordinary items.
D) Income statement after income from continuing operations and after extraordinary items.

Solutions: