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Admission Test Financial-Accounting-Reporting exam : Certified Public Accountant (Financial Accounting & Reporting)
- Exam Code: Financial-Accounting-Reporting
- Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
- Updated: Sep 16, 2026
- Q & A: 161 Questions and Answers
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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Select Transactions | 25% - 35% | - Accounting and Reporting Transactions
|
| Financial Reporting | 30% - 40% | - General Purpose Financial Reporting
|
| Select Balance Sheet Accounts | 30% - 40% | - Assets, Liabilities and Equity
|
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
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. The emphasis on managerial accounting is relevance and the emphasis on financial accounting is timeliness.
- C. Managerial accounting has a past focus and financial accounting has a future focus.
- D. Managerial accounting is generally more precise.
Correct Answer: A 🗳️
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 B represents the general accounting treatment required for these transactions. These treatments are:
* Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
* Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust 1992 beginning retained earnings if the error or change affects a period prior to 1992.
* Prospective approach - Report 1993 and future financial statements on the new basis but do not restate 1992 financial statements.
Item to Be Answered
During 1993, Quo determined that an insurance premium paid and entirely expensed in 1992 was for the period January 1, 1992, through January 1, 1994.
List B (Select one)
- A. Cumulative effect approach.
- B. Retroactive or retrospective restatement approach.
- C. Prospective approach.
Correct Answer: B 🗳️
The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:
- A. As a separate disclosure after income from continuing operations, in the period of change and future periods if the change affects both.
- B. As a component of income from continuing operations, in the period of change and future periods if the change affects both.
- C. As a correction of an error.
- D. By restating the financial statements of all prior periods presented.
Correct Answer: B 🗳️
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. Representational faithfulness.
- B. Reliability.
- C. Feedback value.
- D. Predictive value.
Correct Answer: D 🗳️
Mellow Co. depreciated a $12,000 asset over five years, using the straight-line method with no salvage value. At the beginning of the fifth year, it was determined that the asset will last another four years. What amount should Mellow report as depreciation expense for year 5?
- A. $900
- B. $600
- C. $2,400
- D. $1,500
Correct Answer: B 🗳️
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