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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Conceptual Framework and Financial Reporting | - Financial statement presentation - Disclosure requirements - FASB conceptual framework |
| Governmental and Not-for-Profit Accounting | - Not-for-profit financial reporting - Governmental fund accounting |
| Specialized Accounting Topics | - Accounting changes and error corrections - Pensions and post-employment benefits - Foreign currency transactions |
| Financial Statements and Transactions | - Revenue recognition (ASC 606) - Balance sheet and statement of cash flows - Income statement and comprehensive income |
| Equity, Investments, and Business Combinations | - Stockholders' equity - Bonds and debt instruments - Business combinations and consolidations |
| Assets and Liabilities Accounting | - Liabilities and contingencies - Leases (ASC 842) - Fixed assets and intangible assets - Cash, receivables, and inventory |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
A development stage enterprise should use the same generally accepted accounting principles that apply to established operating enterprises for:
- A. Option B
- B. Option D
- C. Option C
- D. Option A
Correct Answer: D 🗳️
In September 1996, Koff Co.'s operating plant was destroyed by an earthquake. Earthquakes are rare in the area in which the plant was located. The portion of the resultant loss not covered by insurance was $700,000. Koff's income tax rate for 1996 was 40%. In its 1996 income statement, what amount should Koff report as extraordinary loss?
- A. $0
- B. $700,000
- C. $420,000
- D. $280,000
Correct Answer: C 🗳️
According to the FASB conceptual framework, an entity's revenue may result from:
- A. A decrease in a liability from primary operations.
- B. A decrease in an asset from primary operations.
- C. An increase in an asset from incidental transactions.
- D. An increase in a liability from incidental transactions.
Correct Answer: A 🗳️
While preparing its 1991 financial statements, Dek Corp. discovered computational errors in its 1990 and 1989 depreciation expense. These errors resulted in overstatement of each year's income by $25,000, net of income taxes. The following amounts were reported in the previously issued financial statements:
Dek's 1991 net income is correctly reported at $180,000. Which of the following amounts should be reported as prior period adjustments and net income in Dek's 1991 and 1990 comparative financial statements?
- A. Option B
- B. Option D
- C. Option C
- D. Option A
Correct Answer: C 🗳️
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. $200,000
- B. $140,000
- C. $161,000
- D. $168,000
Correct Answer: B 🗳️
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