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

1. According to the FASB conceptual framework, the usefulness of providing information in financial statements is subject to the constraint of:

A) Reliability.
B) Representational faithfulness.
C) Cost-benefit.
D) Consistency.

2. Which of the following information should be included in Melay, Inc.'s 1992 summary of significant accounting policies?

A) During 1992, the Delay component was sold.
B) Future common share dividends are expected to approximate 60% of earnings.
C) Property, plant, and equipment is recorded at cost with depreciation computed principally by the straight-line method.
D) Business segment 1992 sales are Alay $1M, Belay $2M, and Celay $3M.

3. What are the Statements of Financial Accounting Concepts intended to establish?

A) The hierarchy of sources of generally accepted accounting principles.
B) Generally accepted accounting principles in financial reporting by business enterprises.
C) The objectives and concepts for use in developing standards of financial accounting and reporting.
D) The meaning of "Present fairly in accordance with generally accepted accounting principles."

4. Tanker Oil Co., a development stage enterprise, incurred the following costs during its first year of operations:

Tanker had no revenue during its first year of operation. What amount may Tanker capitalize as organizational costs?

A) $115,000
B) $95,000
C) $55,000
D) $0

5. According to the FASB conceptual framework, predictive value is an ingredient of:

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

Solutions: