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

1. During the first quarter of the calendar year, Worth Co. had income before taxes of $100,000, and its effective income tax rate was 15%. Worth's effective annual income tax rate for the previous year was 30%. Worth expects that its effective annual income tax rate for the current year will be 25%. The statutory tax rate for the current year is 35%. In its first quarter interim income statement, what amount of income tax expense should Worth report?

A) $15,000
B) $35,000
C) $25,000
D) $30,000

2. Which of the following should be reported as a prior period adjustment?

A) Option A
B) Option C
C) Option D
D) Option B

3. 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
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
List A (Select one)

A) Correction of an error in previously presented financial statements.
B) Change in accounting principal.
C) Change in accounting estimate.
D) Neither an accounting change nor an accounting error.

4. Conn Co. reported a retained earnings balance of $400,000 at December 31, 1991. In August 1992, Conn determined that insurance premiums of $60,000 for the three-year period beginning January 1, 1991, had been paid and fully expensed in 1991. Conn has a 30% income tax rate. What amount should Conn report as adjusted beginning retained earnings in its 1992 statement of retained earnings?

A) $440,000
B) $442,000
C) $420,000
D) $428,000

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

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

Solutions: