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

1. Opto Co. is a publicly-traded, consolidated enterprise reporting segment information. Which of the following items is a required enterprise-wide disclosure regarding external customers?

A) Information on major customers is not required in segment reporting.
B) The fact that transactions with a particular external customer constitute more than 10% of the total enterprise revenues.
C) The identity of any external customer providing 10% or more of a particular operating segment's revenue.
D) The identity of any external customer considered to be "major" by management.

2. While preparing its 1991 financial statements, Dek Corp. discovered computational errors in its 1990 and 1989 depreciation expense. These errors resulted in overstatement of each year's income by $25,000, net of income taxes. The following amounts were reported in the previously issued financial statements:

Dek's 1991 net income is correctly reported at $180,000. Which of the following amounts should be reported as prior period adjustments and net income in Dek's 1991 and 1990 comparative financial statements?

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

3. Tack, Inc. reported a retained earnings balance of $150,000 at December 31,1990. In June 1991, Tack discovered that merchandise costing $40,000 had not been included in inventory in its 1990 financial statements. Tack has a 30% tax rate. What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, 1991?

A) $122,000
B) $190,000
C) $178,000
D) $150,000

4. APB Opinion No. 28, Interim Financial Reporting, concluded that interim financial reporting should be viewed primarily in which of the following ways?

A) As reporting for an integral part of an annual period.
B) As reporting under a comprehensive basis of accounting other than GAAP.
C) As useful only if activity is spread evenly throughout the year.
D) As if the interim period were an annual accounting period.

5. What information should a public company present about revenues from its reporting segments?

A) Disclose separately the amount of sales to unaffiliated customers but not the amount of intracompany sales between geographic areas.
B) Disclose as a combined amount sales to unaffiliated customers and intracompany sales between geographic areas.
C) No disclosure of revenues from foreign operations need be reported.
D) Disclose separately the amount of sales to unaffiliated customers and the amount of intracompany sales.

Solutions: