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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. According to the FASB's conceptual framework, the process of reporting an item in the financial statements of an entity is:

A) Realization.
B) Allocation.
C) Recognition.
D) Matching.

2. What are the Statements of Financial Accounting Concepts intended to establish?

A) The meaning of "Present fairly in accordance with generally accepted accounting principles."
B) The objectives and concepts for use in developing standards of financial accounting and reporting.
C) Generally accepted accounting principles in financial reporting by business enterprises.
D) The hierarchy of sources of generally accepted accounting principles.

3. 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. Coffey prepares a multiple-step income statement for 1988.
Income from operations before income tax is:

A) $240,000
B) $200,000
C) $230,000
D) $190,000

4. What is the underlying concept that supports the immediate recognition of a contingent loss?

A) Conservatism.
B) Substance over form.
C) Matching.
D) Consistency.

5. 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 C
B) Option D
C) Option A
D) Option B

Solutions: