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

1. Which of the following should be disclosed for each reportable operating segment of an enterprise?

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

2. A change from the cost approach to the market approach of measuring fair value is considered to be what type of accounting change?

A) Error correction.
B) Change in accounting principle.
C) Change in valuation technique.
D) Change in accounting estimate.

3. Belle Co. determined after four years that the estimated useful life of its labeling machine should be 10 years rather than 12 years. The machine originally cost $46,000 and had an estimated salvage value of $1,000. Belle uses straight-line depreciation. What amount should Belle report as depreciation expense for the current year?

A) $4,500
B) $5,000
C) $3,200
D) $3,750

4. Which of the following statements is incorrect regarding the inputs that can be used to measure fair value?
I. Level I inputs are the most reliable fair value measurements and Level III inputs are the least reliable.
II. Level I measurements are quoted prices in active markets for identical or similar assets or liabilities.
III. A fair value measurement based on management assumptions only (no market data) would not be acceptable per GAAP.
IV. The level in the fair value hierarchy of a fair value measurement is determined by the level of the highest level significant input.

A) I only.
B) I, II, III, IV.
C) I, II, IV.
D) II, III, IV.

5. 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 estimate.
C) Neither an accounting change nor an accounting error.
D) Change in accounting principal.

Solutions: