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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. Which of the following statements is incorrect regarding the inputs that can be used to measure fair value?
I. Level I inputs are the most reliable fair value measurements and Level III inputs are the least reliable.
II. Level I measurements are quoted prices in active markets for identical or similar assets or liabilities.
III. A fair value measurement based on management assumptions only (no market data) would not be acceptable per GAAP.
IV. The level in the fair value hierarchy of a fair value measurement is determined by the level of the highest level significant input.

A) I, II, III, IV.
B) I, II, IV.
C) II, III, IV.
D) I only.

2. Which of the following statements best describes an operating procedure for issuing a new Financial Accounting Standards Board (FASB) statement?

A) A new FASB statement can be rescinded by a majority vote of the AICPA membership.
B) The exposure draft is modified per public opinion before issuing the discussion memorandum.
C) The emerging issues task force must approve a discussion memorandum before it is disseminated to the public.
D) A new statement is issued only after a majority vote by the members of the FASB.

3. Belle Co. determined after four years that the estimated useful life of its labeling machine should be 10 years rather than 12 years. The machine originally cost $46,000 and had an estimated salvage value of $1,000. Belle uses straight-line depreciation. What amount should Belle report as depreciation expense for the current year?

A) $4,500
B) $3,200
C) $5,000
D) $3,750

4. Rock Co.'s financial statements had the following balances at December 31:

What amount should Rock report as comprehensive income for the year ended December 31?

A) $520,000
B) $420,000
C) $400,000
D) $570,000

5. Arpco, Inc., a for-profit provider of healthcare services, recently purchased two smaller companies and is researching accounting issues arising from the two business combinations. Which of the following accounting pronouncements are the most authoritative?

A) AICPA Industry and Audit Guides.
B) FASB Statements of Financial Accounting Concepts.
C) AICA Statements of Position.
D) FASB Statements of Financial Accounting Standards.

Solutions: