Admission Test Financial-Accounting-Reporting Questions & Answers - in .pdf
- Total Q&A: 161
- Update: Aug 15, 2026
- Price: $59.99
- Vendor: Admission Test
- Exam Code: Financial-Accounting-Reporting
- Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|
| Topic 1: Financial Reporting | 30% - 40% | - General Purpose Financial Reporting
- 1. Public Company Reporting
- 2. Not-for-Profit Entities
- 3. For-Profit Business Entities
- 4. Special Purpose Frameworks
- 5. Financial Statement Ratios and Performance Metrics
- 6. State and Local Government Concepts
|
| Topic 2: Select Balance Sheet Accounts | 30% - 40% | - Assets, Liabilities and Equity
- 1. Trade Receivables
- 2. Long-Term Debt
- 3. Property, Plant and Equipment
- 4. Inventory
- 5. Equity Transactions
- 6. Intangible Assets
- 7. Cash and Cash Equivalents
- 8. Payables and Accrued Liabilities
- 9. Investments
|
| Topic 3: Select Transactions | 25% - 35% | - Accounting and Reporting Transactions
- 1. Revenue Recognition
- 2. Contingencies and Commitments
- 3. Subsequent Events
- 4. Accounting for Income Taxes
- 5. Lease Accounting
- 6. Accounting Changes and Error Corrections
- 7. Fair Value Measurement
|
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) The fact that transactions with a particular external customer constitute more than 10% of the total enterprise revenues.
B) Information on major customers is not required in segment reporting.
C) The identity of any external customer considered to be "major" by management.
D) The identity of any external customer providing 10% or more of a particular operating segment's revenue.
2. Which of the following facts concerning fixed assets should be included in the summary of significant accounting policies?
A) Option A
B) Option D
C) Option C
D) Option B
3. According to the FASB conceptual framework, the objectives of financial reporting for business enterprises are based on:
A) Reporting on management's stewardship.
B) Generally accepted accounting principles.
C) The needs of the users of the information.
D) The need for conservatism.
4. Gown, Inc. sold a warehouse and used the proceeds to acquire a new warehouse. The excess of the proceeds over the carrying amount of the warehouse sold should be reported as a(an):
A) Part of continuing operations.
B) Reduction of the cost of the new warehouse.
C) Extraordinary gain, net of income taxes.
D) Gain from discontinued operations, net of income taxes.
5. If a company is not presenting comparative financial statements, the correction of an error in the financial statements of a prior period should be reported, net of applicable income taxes, in the current:
A) Income statement after income from continuing operations and after extraordinary items.
B) Income statement after income from continuing operations and before extraordinary items.
C) Retained earnings statement after net income but before dividends.
D) Retained earnings statement as an adjustment of the opening balance.
Solutions:
Question # 1
Answer: A | Question # 2
Answer: C | Question # 3
Answer: C | Question # 4
Answer: A | Question # 5
Answer: D |
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