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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|
| Topic 1: Financial Reporting | 30-40% | - Special Purpose Frameworks
- Conceptual Framework and Standard-Setting
- Financial Reporting for Nonprofits
- General Purpose Financial Statements
- State and Local Government Reporting
|
| Topic 2: Select Transactions | 25-35% | - Derivatives and Hedge Accounting
- Business Combinations and Consolidations
- Fair Value Measurements
- Leases
- Subsequent Events and Fair Value Disclosures
|
| Topic 3: Select Financial Statement Accounts | 30-40% | - Liabilities
- Revenue Recognition
- Assets
- Expenses and Other Items
- Equity
|
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
Adam Corp. had the following infrequent transactions during 1989:
* A $190,000 gain on reacquisition and retirement of bonds. This material event is also considered unusual for Adam Corp.
* A $260,000 gain on the disposal of a component of a business. Adam continues similar operations at another location.
* A $90,000 loss on the abandonment of equipment.
In its 1989 income statement, what amount should Adam report as total infrequent net gains that are not considered extraordinary?
- A. $360,000
- B. $100,000
- C. $170,000
- D. $450,000
Answer: C
In September 1996, Koff Co.'s operating plant was destroyed by an earthquake. Earthquakes are rare in the area in which the plant was located. The portion of the resultant loss not covered by insurance was $700,000. Koff's income tax rate for 1996 was 40%. In its 1996 income statement, what amount should Koff report as extraordinary loss?
- A. $700,000
- B. $0
- C. $420,000
- D. $280,000
Answer: C
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. $97,500
- C. $172,500
- D. $72,500
Answer: D
Which of the following statements best describes an operating procedure for issuing a new Financial Accounting Standards Board (FASB) statement?
- A. The exposure draft is modified per public opinion before issuing the discussion memorandum.
- B. A new statement is issued only after a majority vote by the members of the FASB.
- C. The emerging issues task force must approve a discussion memorandum before it is disseminated to the public.
- D. A new FASB statement can be rescinded by a majority vote of the AICPA membership.
Answer: B
The following items were among those that were reported on Lee Co.'s income statement for the year ended December 31, 1989:
The office space is used equally by Lee's sales and accounting departments. What amount of the abovelisted items should be classified as general and administrative expenses in Lee's multiple-step income statement?
- A. $500,000
- B. $325,000
- C. $290,000
- D. $410,000
Answer: C
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