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

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

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

2. Which of the following statements regarding fair value is/are correct?
I. The fair value of an asset or liability is specific to the entity making the fair value measurement.
II. Fair value is the price to acquire an asset or assume a liability.
III. Fair value includes transportation costs, but not transaction costs.
IV. The price in the principal market for an asset or liability will be the fair value measurement.

A) I & IV
B) I & II
C) II & III
D) III & IV

3. Which of the following is true regarding the comparison of managerial to financial accounting?

A) Managerial accounting need not follow generally accepted accounting principles (GAAP) while financial accounting must follow them.
B) Managerial accounting has a past focus and financial accounting has a future focus.
C) Managerial accounting is generally more precise.
D) The emphasis on managerial accounting is relevance and the emphasis on financial accounting is timeliness.

4. On January 1, 20X1, Pell Corp. purchased a machine having an estimated useful life of 10 years and no salvage. The machine was depreciated by the double declining balance method for both financial statement and income tax reporting. On January 1, 20X6, Pell changed to the straight-line method for financial statement reporting but not for income tax reporting. Accumulated depreciation at December 31, 20X5, was $560,000. If the straight-line method had been used, the accumulated depreciation at December 31, 20X5, would have been $420,000. Pell's enacted income tax rate for 20X6 and thereafter is 30%. The amount shown in the 20X6 income statement for the cumulative effect of changing to the straight-line method should be:

A) $140,000 credit.
B) $98,000 credit.
C) $0.
D) $98,000 debit.

5. How should the effect of a change in accounting estimate be accounted for?

A) As a prior period adjustment to beginning retained earnings.
B) By reporting pro forma amounts for prior periods.
C) In the period of change and future periods if the change affects both.
D) By restating amounts reported in financial statements of prior periods.

Solutions: