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

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

A) 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.
B) 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.
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.

2. 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
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 A (Select one)

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

3. On December 2, 20X1, Flint Corp.'s board of directors voted to discontinue operations of its frozen food division and to sell the division's assets on the open market as soon as possible. The division reported net operating losses of $20,000 in December and $30,000 in January. On February 26, 20X2, sale of the division's assets resulted in a gain of $90,000. Assuming that the frozen foods division qualifies as a component of the business and ignoring income taxes, what amount of gain/loss from discontinued operations should Flint recognize in its income statement for 20X2?

A) $90,000
B) $0
C) $60,000
D) $40,000

4. According to the FASB conceptual framework, predictive value is an ingredient of:

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

5. According to the FASB conceptual framework, what does the concept of reliability in financial reporting include?

A) Neutrality.
B) Precision.
C) Certainty.
D) Effectiveness.

Solutions: