Certified Public Accountant (Financial Accounting & Reporting): Financial-Accounting-Reporting Exam

"Certified Public Accountant (Financial Accounting & Reporting)", also known as Financial-Accounting-Reporting exam, is a Admission Test Certification. With the complete collection of questions and answers, iPassleader has assembled to take you through 161 Q&As to your Financial-Accounting-Reporting Exam preparation. In the Financial-Accounting-Reporting exam resources, you will cover every field and category in CPA Certification Certification helping to ready you for your successful Admission Test Certification.

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  • Updated on: Sep 12, 2026
  • No. of Questions: 161 Questions & Answers

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  • Updated on: Sep 12, 2026
  • No. of Questions: 161 Questions & Answers

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Select Transactions25% - 35%- Accounting and Reporting Transactions
  • 1. Contingencies and Commitments
  • 2. Fair Value Measurement
  • 3. Accounting Changes and Error Corrections
  • 4. Subsequent Events
  • 5. Revenue Recognition
  • 6. Accounting for Income Taxes
  • 7. Lease Accounting
Topic 2: Select Balance Sheet Accounts30% - 40%- Assets, Liabilities and Equity
  • 1. Investments
  • 2. Trade Receivables
  • 3. Property, Plant and Equipment
  • 4. Long-Term Debt
  • 5. Payables and Accrued Liabilities
  • 6. Cash and Cash Equivalents
  • 7. Equity Transactions
  • 8. Inventory
  • 9. Intangible Assets
Topic 3: Financial Reporting30% - 40%- General Purpose Financial Reporting
  • 1. Special Purpose Frameworks
  • 2. Public Company Reporting
  • 3. For-Profit Business Entities
  • 4. Financial Statement Ratios and Performance Metrics
  • 5. Not-for-Profit Entities
  • 6. State and Local Government Concepts

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

In which of the following situations should a company report a prior-period adjustment?

  • A. A switch from the straight-line to double-declining balance method of depreciation.
  • B. A change in the estimated useful lives of fixed assets purchased in prior years.
  • C. The correction of a mathematical error in the calculation of prior years' depreciation.
  • D. The scrapping of an asset prior to the end of its expected useful life.
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

What information should a public company present about revenues from its reporting segments?

  • A. Disclose separately the amount of sales to unaffiliated customers but not the amount of intracompany sales between geographic areas.
  • B. Disclose separately the amount of sales to unaffiliated customers and the amount of intracompany sales.
  • C. No disclosure of revenues from foreign operations need be reported.
  • D. Disclose as a combined amount sales to unaffiliated customers and intracompany sales between geographic areas.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

The effect of a material transaction that is infrequent in occurrence but not unusual in nature should be presented separately as a component of income from continuing operations when the transaction results in a:

  • A. Option D
  • B. Option C
  • C. Option B
  • D. Option A
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

Which of the following factors determines whether an identified segment of an enterprise should be reported in the enterprise's financial statements under SFAS No. 131, Disclosures about Segments of an Enterprise and Related Information?
I. The segment's assets constitute more than 10% of the combined assets of all operating segments.
II. The segment's liabilities constitute more than 10% of the combined liabilities of all operating segments.

  • A. Neither I nor II.
  • B. Both I and II.
  • C. II only.
  • D. I only.
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

Ocean Corp.'s comprehensive insurance policy allows its assets to be replaced at current value. The policy has a $50,000 deductible clause. One of Ocean's waterfront warehouses was destroyed in a winter storm. Such storms occur approximately every four years. Ocean incurred $20,000 of costs in dismantling the warehouse and plans to replace it. The tax rate is 30%. The following data relate to the warehouse:
Current carrying amount $ 300,000
Replacement cost 1,100,000
What amount of gain should Ocean report as a separate component of income before extraordinary items?

  • A. $0
  • B. $730,000
  • C. $1,030,000
  • D. $780,000
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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