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

1. Hyde Corp. has three manufacturing divisions, each of which has been determined to be a reportable segment. In 1989, Clay division had sales of $3,000,000, which was 25% of Hyde's total sales, and had operating costs of $1,900,000, as reported to the CFO. In 1989, Hyde incurred operating costs of $500,000 that were not directly traceable to any of the divisions. In addition, Hyde incurred corporate interest expense of $300,000 in 1989. In reporting segment information, what amount should be shown as Clay's operating profit for 1989?

A) $875,000
B) $1,100,000
C) $975,000
D) $900,000

2. YIV, Inc. is a multidivisional corporation, which has both intersegment sales and sales to unaffiliated customers. YIV should report segment financial information for each division meeting which of the following criteria?

A) Segment operating profit or loss is 10% or more of combined operating profit or loss of all company segments.
B) Segment operating profit or loss is 10% or more of consolidated profit or loss.
C) Segment revenue is 10% or more of consolidated revenue.
D) Segment revenue is 10% or more of combined revenue of all the company segments.

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

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

4. 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
Quo sells extended service contracts on its products. Because related services are performed over several years, in 1993 Quo changed from the cash method to the accrual method of recognizing income from these service contracts.
List B (Select one)

A) Cumulative effect approach.
B) Retroactive or retrospective restatement approach.
C) Prospective approach.

5. A statement of cash flows for a development stage enterprise:

A) Shows only cumulative amounts from the enterprise's inception.
B) Is the same as that of an established operating enterprise, but does not show cumulative amounts from the enterprise's inception.
C) Is the same as that of an established operating enterprise and, in addition, shows cumulative amounts from the enterprise's inception.
D) Is not presented.

Solutions: