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Last Updated: Sep 15, 2026
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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Select Financial Statement Accounts | 30-40% | - Revenue Recognition - Liabilities - Expenses and Other Items - Equity - Assets |
| Topic 2: Financial Reporting | 30-40% | - Financial Reporting for Nonprofits - General Purpose Financial Statements - State and Local Government Reporting - Special Purpose Frameworks - Conceptual Framework and Standard-Setting |
| Topic 3: Select Transactions | 25-35% | - Business Combinations and Consolidations - Leases - Derivatives and Hedge Accounting - Fair Value Measurements - Subsequent Events and Fair Value Disclosures |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
At December 31, 1998, Off-Line Co. changed its method of accounting for demo costs from writing off the costs over two years to expensing the costs immediately. Off-Line made the change in recognition of an increasing number of demos placed with customers that did not result in sales. Off-Line had deferred demo costs of $500,000 at December 31, 1997, $300,000 of which were to be written off in 1998 and the remainder in 1999. Off-Line's income tax rate is 30%. In its 1998 financial statements, what amount should Off-Line report as cumulative effect of change in accounting principle?
- A. $200,000
- B. $500,000
- C. $0
- D. $350,000
Correct Answer: C 🗳️
Goddard has used the FIFO method of inventory valuation since it began operations in 1987. Goddard decided to change to the weighted-average method for determining inventory costs at the beginning of 1990. The following schedule shows year-end inventory balances under the FIFO and weighted-average methods:
What amount, before income taxes, should be reported in the 1990 retained earnings statement as the cumulative effect of the change in accounting principle?
- A. $5,000 decrease.
- B. $0.
- C. $2,000 increase.
- D. $3,000 decrease.
Correct Answer: A 🗳️
During 20X5, Dale Corp. made the following accounting changes:
What amount should be shown in the 20X5 retained earnings statement as an adjustment to the beginning balance?
- A. $30,000
- B. $98,000
- C. $128,000
- D. $0
Correct Answer: B 🗳️
Which of the following describes how comprehensive income should be reported?
- A. May be reported in a separate statement, in a combined statement of income and comprehensive income, or within a statement of stockholders' equity.
- B. May be reported in a combined statement of income and comprehensive income or disclosed within a statement of stockholders' equity; separate statements of comprehensive income are not permitted.
- C. Should not be reported in the financial statements but should only be disclosed in the footnotes.
- D. Must be reported in a separate statement, as part of a complete set of financial statements.
Correct Answer: A 🗳️
While preparing its 1991 financial statements, Dek Corp. discovered computational errors in its 1990 and 1989 depreciation expense. These errors resulted in overstatement of each year's income by $25,000, net of income taxes. The following amounts were reported in the previously issued financial statements:
Dek's 1991 net income is correctly reported at $180,000. Which of the following amounts should be reported as prior period adjustments and net income in Dek's 1991 and 1990 comparative financial statements?
- A. Option B
- B. Option D
- C. Option A
- D. Option C
Correct Answer: D 🗳️
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