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

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

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

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

3. 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

4. According to the FASB conceptual framework, the quality of information that helps users increase the likelihood of correctly forecasting the outcome of past or present events is called:

A) Reliability.
B) Representational faithfulness.
C) Predictive value.
D) Feedback value.

5. Goddard has used the FIFO method of inventory valuation since it began operations in 1987. Goddard decided to change to the weighted-average method for determining inventory costs at the beginning of 1990. The following schedule shows year-end inventory balances under the FIFO and weighted-average methods:

What amount, before income taxes, should be reported in the 1990 retained earnings statement as the cumulative effect of the change in accounting principle?

A) $5,000 decrease.
B) $0.
C) $2,000 increase.
D) $3,000 decrease.

Solutions: