Admission Test Financial-Accounting-Reporting Actual Tests : Certified Public Accountant (Financial Accounting & Reporting)

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. Conn Co. reported a retained earnings balance of $400,000 at December 31, 1991. In August 1992, Conn determined that insurance premiums of $60,000 for the three-year period beginning January 1, 1991, had been paid and fully expensed in 1991. Conn has a 30% income tax rate. What amount should Conn report as adjusted beginning retained earnings in its 1992 statement of retained earnings?

A) $420,000
B) $442,000
C) $428,000
D) $440,000

2. In Baer Food Co.'s 1990 single-step income statement, the section titled "Revenues" consisted of the following:

In the revenues section of its 1990 income statement, Baer Food should have reported total revenues of:

A) $216,300
B) $203,700
C) $215,400
D) $201,900

3. Which of the following is true regarding the comparison of managerial to financial accounting?

A) The emphasis on managerial accounting is relevance and the emphasis on financial accounting is timeliness.
B) Managerial accounting has a past focus and financial accounting has a future focus.
C) Managerial accounting need not follow generally accepted accounting principles (GAAP) while financial accounting must follow them.
D) Managerial accounting is generally more precise.

4. Which of the following qualifies as an operating segment?

A) Corporate headquarters, which oversees $1 billion in sales for the entire company.
B) North American segment, whose assets are 12% of the company's assets of all segments, and management reports to the chief operating officer.
C) Eastern Europe segment, which reports its results directly to the manager of the European division, and has 20% of the company's assets, 12% of revenues, and 11% of profits.
D) South American segment, whose results of operations are reported directly to the chief operating officer, and has 5% of the company's assets, 9% of revenues, and 8% of the profits.

5. On August 31, 1992, Harvey Co. decided to change from the FIFO periodic inventory system to the weighted average periodic inventory system. Harvey is on a calendar year basis. The cumulative effect of the change is determined:

A) As of August 31, 1992.
B) During the eight months ending August 31, 1992, by a weighted average of the purchases.
C) As of January 1, 1992.
D) During 1992 by a weighted average of the purchases.

Solutions: