Try Admission Test : Financial-Accounting-Reporting valid & accurate questions and answers
Updated: May 30, 2026
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Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
1. FASB Interpretations of Statements of Financial Accounting Standards have the same authority as the FASB:
A) Technical Bulletins.
B) Statements of Financial Accounting Concepts.
C) Emerging Issues Task Force Consensus.
D) Statements of Financial Accounting Standards.
2. An extraordinary gain should be reported as a direct increase to which of the following?
A) Net income.
B) Income from continuing operations, net of tax.
C) Comprehensive income.
D) Income from discontinued operations, net of tax.
3. Advertising costs may be accrued or deferred to provide an appropriate expense in each period for:
A) Option D
B) Option A
C) Option C
D) Option B
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 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) Change in accounting principal.
B) Change in accounting estimate.
C) Neither an accounting change nor an accounting error.
D) Correction of an error in previously presented financial statements.
5. On January 2, 20X5, to better reflect the variable use of its only machine, Holly, Inc. elected to change its method of depreciation from the straight-line method to the units of production method. The original cost of the machine on January 2, 20X3, was $50,000, and its estimated life was 10 years. Holly estimates that the machine's total life is 50,000 machine hours. Machine hours usage was 8,500 during 20X4 and 3,500 during 20X3.
Holly's income tax rate is 30%. Holly should report the accounting change in its 20X5 financial statements as a(n):
A) Cumulative effect of a change in accounting principle of $2,000 in its income statement.
B) None of the above.
C) Adjustment to beginning retained earnings of $2,000.
D) Cumulative effect of a change in accounting principle of $1,400 in its income statement.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: D | Question # 4 Answer: A | Question # 5 Answer: B |
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