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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Select Transactions | 25% - 35% | - Accounting and Reporting Transactions
|
| Topic 2: Financial Reporting | 30% - 40% | - General Purpose Financial Reporting
|
| Topic 3: Select Balance Sheet Accounts | 30% - 40% | - Assets, Liabilities and Equity
|
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
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.
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.
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
What is the underlying concept that supports the immediate recognition of a contingent loss?
- A. Conservatism.
- B. Substance over form.
- C. Matching.
- D. Consistency.
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
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