Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Select Financial Statement Accounts | 30-40% | - Assets - Equity - Revenue Recognition - Expenses and Other Items - Liabilities |
| Select Transactions | 25-35% | - Leases - Subsequent Events and Fair Value Disclosures - Derivatives and Hedge Accounting - Business Combinations and Consolidations - Fair Value Measurements |
| Financial Reporting | 30-40% | - General Purpose Financial Statements - State and Local Government Reporting - Financial Reporting for Nonprofits - Special Purpose Frameworks - Conceptual Framework and Standard-Setting |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
Question #1
Which of the following types of entities are required to report on business segments?
A. Publicly-traded enterprises.
B. Joint ventures.
C. Nonpublic business enterprises.
D. Not-for-profit enterprises.
Question #2
During 1990, Fuqua Steel Co. had the following unusual financial events occur:
* Bonds payable were retired five years before their scheduled maturity, resulting in a $260,000 gain. Fuqua has frequently retired bonds early when interest rates declined significantly.
* A steel forming segment suffered $255,000 in losses due to hurricane damage. This was the fourth similar loss sustained in a 5-year period at that location.
* A component of Fuqua's operations, steel transportation, was sold at a net loss of $350,000.
This was Fuqua's first divestiture of one of its operating segments.
Before income taxes, what amount should be disclosed as the gain (loss) from extraordinary items in 1990?
A. $0
B. $(90,000)
C. $5,000
D. $(350,000)
Question #3
Which of the following accounting pronouncements is the most authoritative?
A. AICPA Accounting Principles Board Opinion.
B. FASB Statement of Financial Accounting Concepts.
C. AICPA Statement of Position.
D. FASB Technical Bulletin.
Question #4
Wilson Corp. experienced a $50,000 decline in the market value of its inventory in the first quarter of its fiscal year. Wilson had expected this decline to reverse in the third quarter, and in fact, the third quarter recovery exceeded the previous decline by $10,000. Wilson's inventory did not experience any other declines in market value during the fiscal year. What amounts of loss and/or gain should Wilson report in its interim financial statements for the first and third quarters?
A. Option A
B. Option D
C. Option C
D. Option B
Question #5
Which of the following is true regarding the presentation of "comprehensive income."
A. Option A
B. Option D
C. Option C
D. Option B
Solutions:
| Question #1 Answer: C | Question #2 Answer: A | Question #3 Answer: A | Question #4 Answer: A | Question #5 Answer: C |
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