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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 relates to both relevance and reliability?

A) Comparability.
B) Verifiability.
C) Feedback value.
D) Timeliness.

2. According to the FASB conceptual framework, the process of reporting an item in the financial statements of an entity is:

A) Allocation.
B) Recognition.
C) Matching.
D) Realization.

3. Coffey Corp.'s trial balance of Income Statement Accounts for the year ended December 31, 1988 as follows:

Coffey's income tax rate is 30%. The gain on debt extinguishment is considered a usual and recurring part of Coffey's operations. The hurricane is considered an unusual and infrequent event. Coffey prepares a multiple-step income statement for 1988.
Net income is:

A) $140,000
B) $161,000
C) $168,000
D) $200,000

4. 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 A represents possible clarifications of these transactions as: a change in accounting principle, a change in accounting estimate, a correction of an error in previously presented financial statements, or neither an accounting change nor an accounting error.
Item to Be Answered
Quo sells extended service contracts on its products. Because related services are performed over several years, in 1993 Quo changed from the cash method to the accrual method of recognizing income from these service contracts.
List A (Select one)

A) Change in accounting principal.
B) Correction of an error in previously presented financial statements.
C) Change in accounting estimate.
D) Neither an accounting change nor an accounting error.

5. Which of the following statements is incorrect regarding the inputs that can be used to measure fair value?
I. Level I inputs are the most reliable fair value measurements and Level III inputs are the least reliable.
II. Level I measurements are quoted prices in active markets for identical or similar assets or liabilities.
III. A fair value measurement based on management assumptions only (no market data) would not be acceptable per GAAP.
IV. The level in the fair value hierarchy of a fair value measurement is determined by the level of the highest level significant input.

A) I, II, III, IV.
B) II, III, IV.
C) I, II, IV.
D) I only.

Solutions: