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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. During the first quarter of 1993, Tech Co. had income before taxes of $200,000, and its effective income tax rate was 15%. Tech's 1992 effective annual income tax rate was 30%, but Tech expects its 1993 effective annual income tax rate to be 25%. In its first quarter interim income statement, what amount of income tax expense should Tech report?

A) $60,000
B) $0
C) $30,000
D) $50,000

2. The cumulative effect of a change in accounting estimate should be shown separately:

A) On the income statement above income from continuing operations.
B) On the income statement after income from continuing operations and before extraordinary items.
C) On the retained earnings statement as an adjustment to the beginning balance.
D) It should not be recorded separately on any financial statement.

3. Which of the following assumptions means that money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis?

A) Going concern.
B) Monetary unit.
C) Economic entity.
D) Periodicity.

4. 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) $172,500
B) $97,500
C) $72,500
D) $37,500

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

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

Solutions: