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

1. Which of the following facts concerning fixed assets should be included in the summary of significant accounting policies?

A) Option C
B) Option D
C) Option A
D) Option B

2. In general, an enterprise preparing interim financial statements should:

A) Use the same accounting principles followed in preparing its latest annual financial statements.
B) Allocate revenues and expenses evenly over the quarters, regardless of when they actually occurred.
C) Defer recognition of seasonal revenue.
D) Disregard permanent decreases in the market value of its inventory.

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

A) 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.
B) 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.
C) North American segment, whose assets are 12% of the company's assets of all segments, and management reports to the chief operating officer.
D) Corporate headquarters, which oversees $1 billion in sales for the entire company.

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

5. Is the cumulative effect of an inventory pricing change on prior years earnings reported on the financial statements for

A) Option C
B) Option D
C) Option A
D) Option B

Solutions: