About Admission Test Financial-Accounting-Reporting: Certified Public Accountant (Financial Accounting & Reporting)

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

Section	Weight	Objectives
Select Balance Sheet Accounts	30% - 40%	- Assets, Liabilities and Equity 1. Inventory 2. Long-Term Debt 3. Equity Transactions 4. Property, Plant and Equipment 5. Investments 6. Trade Receivables 7. Payables and Accrued Liabilities 8. Cash and Cash Equivalents 9. Intangible Assets
Financial Reporting	30% - 40%	- General Purpose Financial Reporting 1. Special Purpose Frameworks 2. Public Company Reporting 3. For-Profit Business Entities 4. Financial Statement Ratios and Performance Metrics 5. State and Local Government Concepts 6. Not-for-Profit Entities
Select Transactions	25% - 35%	- Accounting and Reporting Transactions 1. Contingencies and Commitments 2. Revenue Recognition 3. Fair Value Measurement 4. Accounting Changes and Error Corrections 5. Subsequent Events 6. Lease Accounting 7. Accounting for Income Taxes

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

1. 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.

2. In single period statements, which of the following should not be reflected as an adjustment to the opening balance of retained earnings?

A) Cumulative effect of a change from LIFO to FIFO in valuing merchandise inventory.
B) Cumulative effect of a change from the percentage of completion to the completed contract method of accounting for long-term construction projects.
C) Effect of a failure to provide for uncollectible accounts in the previous period.
D) Effect of a decrease in the estimated useful life of depreciable equipment.

3. According to the FASB conceptual framework, the process of reporting an item in the financial statements of an entity is:

A) Realization.
B) Recognition.
C) Allocation.
D) Matching.

4. An extraordinary item should be reported separately on the income statement as a component of income: