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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 08, 2026
- Q & A: 161 Questions and Answers
About Admission Test Financial-Accounting-Reporting Exam
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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Governmental and Not-for-Profit Accounting | - Governmental fund accounting - Not-for-profit financial reporting |
| Specialized Accounting Topics | - Foreign currency transactions - Pensions and post-employment benefits - Accounting changes and error corrections |
| Conceptual Framework and Financial Reporting | - FASB conceptual framework - Disclosure requirements - Financial statement presentation |
| Equity, Investments, and Business Combinations | - Stockholders' equity - Business combinations and consolidations - Bonds and debt instruments |
| Assets and Liabilities Accounting | - Liabilities and contingencies - Leases (ASC 842) - Fixed assets and intangible assets - Cash, receivables, and inventory |
| Financial Statements and Transactions | - Income statement and comprehensive income - Revenue recognition (ASC 606) - Balance sheet and statement of cash flows |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
Question #1
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
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
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.
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 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
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
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.
Answer: C
Question #3
Due to a decline in market price in the second quarter, Petal Co. incurred an inventory loss. The market price is expected to return to previous levels by the end of the year. At the end of the year the decline had not reversed. When should the loss be reported in Petal's interim income statements?
- A. In the second quarter only.
- B. Ratably over the second, third, and forth [sic] quarters.
- C. Ratably over the third and fourth quarters.
- D. In the fourth quarter only.
Answer: D
Question #4
During the second quarter of 1988, Buzz Company sold a piece of equipment at a $12,000 gain. What portion of the gain should Buzz report in its income statement for the second quarter of 1988?
- A. $4,000
- B. $6,000
- C. $12,000
- D. $0
Answer: C
Question #5
In single period statements, which of the following should not be reflected as an adjustment to the opening balance of retained earnings?
- A. Effect of a decrease in the estimated useful life of depreciable equipment.
- B. Cumulative effect of a change from LIFO to FIFO in valuing merchandise inventory.
- C. Effect of a failure to provide for uncollectible accounts in the previous period.
- D. Cumulative effect of a change from the percentage of completion to the completed contract method of accounting for long-term construction projects.
Answer: A
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