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Admission Test Financial-Accounting-Reporting : Certified Public Accountant (Financial Accounting & Reporting)
- Exam Code: Financial-Accounting-Reporting
- Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
- Updated: Sep 19, 2026 Q & A: 161 Questions and Answers
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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Reporting | 30-40% | - General Purpose Financial Statements - State and Local Government Reporting - Special Purpose Frameworks - Financial Reporting for Nonprofits - Conceptual Framework and Standard-Setting |
| Topic 2: Select Financial Statement Accounts | 30-40% | - Liabilities - Equity - Revenue Recognition - Assets - Expenses and Other Items |
| Topic 3: Select Transactions | 25-35% | - Business Combinations and Consolidations - Leases - Derivatives and Hedge Accounting - Fair Value Measurements - Subsequent Events and Fair Value Disclosures |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
Question #1
Ocean Corp.'s comprehensive insurance policy allows its assets to be replaced at current value. The policy has a $50,000 deductible clause. One of Ocean's waterfront warehouses was destroyed in a winter storm. Such storms occur approximately every four years. Ocean incurred $20,000 of costs in dismantling the warehouse and plans to replace it. The tax rate is 30%. The following data relate to the warehouse:
Current carrying amount $ 300,000
Replacement cost 1,100,000
What amount of gain should Ocean report as a separate component of income before extraordinary items?
- A. $0
- B. $1,030,000
- C. $780,000
- D. $730,000
Correct Answer: D 🗳️
Question #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 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
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
List B (Select one)
- A. Retroactive or retrospective restatement approach.
- B. Cumulative effect approach.
- C. Prospective approach.
Correct Answer: C 🗳️
Question #3
On March 15, 1992, Krol Co. paid property taxes of $90,000 on its office building for the calendar year 1992. On April 1, 1992, Krol paid $150,000 for unanticipated repairs to its office equipment. The repairs will benefit operations for the remainder of 1992. What is the total amount of these expenses that Krol should include in its quarterly income statement for the three months ended June 30, 1992?
- A. $37,500
- B. $172,500
- C. $72,500
- D. $97,500
Correct Answer: C 🗳️
Question #4
A planned volume variance in the first quarter, which is expected to be absorbed by the end of the fiscal period, ordinarily should be deferred at the end of the first quarter if it is:
- A. Option D
- B. Option C
- C. Option A
- D. Option B
Correct Answer: A 🗳️
Question #5
FASB's conceptual framework explains both financial and physical capital maintenance concepts. Which capital maintenance concept is applied to currently reported net income, and which is applied to comprehensive income?
- A. Option D
- B. Option C
- C. Option A
- D. Option B
Correct Answer: B 🗳️
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