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

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. Gown, Inc. sold a warehouse and used the proceeds to acquire a new warehouse. The excess of the proceeds over the carrying amount of the warehouse sold should be reported as a(an):

A) Gain from discontinued operations, net of income taxes.
B) Extraordinary gain, net of income taxes.
C) Part of continuing operations.
D) Reduction of the cost of the new warehouse.

2. Which of the following is true regarding the comparison of managerial to financial accounting?

A) The emphasis on managerial accounting is relevance and the emphasis on financial accounting is timeliness.
B) Managerial accounting is generally more precise.
C) Managerial accounting need not follow generally accepted accounting principles (GAAP) while financial accounting must follow them.
D) Managerial accounting has a past focus and financial accounting has a future focus.

3. Which of the following is not a valuation technique that can be used to measure the fair value of an asset or liability?

A) The income approach.
B) The market approach.
C) The cost approach.
D) The impairment approach.

4. How should the effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate be reported?

A) By restating the financial statements of all prior periods presented.
B) By footnote disclosure only.
C) As a correction of an error.
D) As a component of income from continuing operations.

5. Conceptually, interim financial statements can be described as emphasizing:

A) Reliability over relevance.
B) Relevance over comparability.
C) Timeliness over reliability.
D) Comparability over neutrality.

Solutions: