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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Select Transactions | 25% - 35% | - Accounting and Reporting Transactions
|
| Topic 2: Financial Reporting | 30% - 40% | - General Purpose Financial Reporting
|
| Topic 3: Select Balance Sheet Accounts | 30% - 40% | - Assets, Liabilities and Equity
|
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
Taft Corp. discloses supplemental industry segment information. The following information is available for 1992:
Additional 1992 expenses, not included above, are as follows:
Indirect operating expenses $7,200
General corporate expenses 4,800
Segment C's 1992 operating profit was:
- A. $3,200
- B. $5,000
- C. $2,000
- D. $2,600
Correct Answer: B 🗳️
The summary of significant accounting policies should disclose the:
- A. Concentration of credit risk of all financial instruments by geographical region.
- B. Terms for convertible debt to be exchanged for common stock.
- C. Maturity dates of noncurrent debts.
- D. Criteria for determining which investments are treated as cash equivalents.
Correct Answer: D 🗳️
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 identity of any external customer providing 10% or more of a particular operating segment's revenue.
- C. The identity of any external customer considered to be "major" by management.
- D. The fact that transactions with a particular external customer constitute more than 10% of the total enterprise revenues.
Correct Answer: D 🗳️
Hyde Corp. has three manufacturing divisions, each of which has been determined to be a reportable segment. In 1989, Clay division had sales of $3,000,000, which was 25% of Hyde's total sales, and had operating costs of $1,900,000, as reported to the CFO. In 1989, Hyde incurred operating costs of $500,000 that were not directly traceable to any of the divisions. In addition, Hyde incurred corporate interest expense of $300,000 in 1989. In reporting segment information, what amount should be shown as Clay's operating profit for 1989?
- A. $975,000
- B. $875,000
- C. $900,000
- D. $1,100,000
Correct Answer: D 🗳️
Thorpe Co.'s income statement for the year ended December 31, 1990, reported net income of $74,100. The auditor raised questions about the following amounts that had been included in net income:
The loss from the fire was an infrequent but not unusual occurrence in Thorpe's line of business.
Thorpe's December 31, 1990, income statement should report net income of:
- A. $81,600
- B. $87,000
- C. $65,000
- D. $66,100
Correct Answer: B 🗳️
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