Certified Public Accountant (Financial Accounting & Reporting): Financial-Accounting-Reporting Exam
"Certified Public Accountant (Financial Accounting & Reporting)", also known as Financial-Accounting-Reporting exam, is a Admission Test Certification. With the complete collection of questions and answers, PrepPDF has assembled to take you through 161 Q&As to your Financial-Accounting-Reporting Exam preparation. In the Financial-Accounting-Reporting exam resources, you will cover every field and category in CPA Certification Certification helping to ready you for your successful Admission Test Certification.
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- Exam Code: Financial-Accounting-Reporting
- Exam Name: Certified Public Accountant (Financial Accounting & Reporting)
- Certification Provider: Admission Test
- Corresponding Certification: CPA Certification
- Updated: Sep 26, 2026
- No. of Questions: 161 Questions & Answers with Testing Engine
- Download Limit: Unlimited
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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Conceptual Framework and Financial Reporting | - Disclosure requirements - FASB conceptual framework - Financial statement presentation |
| Governmental and Not-for-Profit Accounting | - Not-for-profit financial reporting - Governmental fund accounting |
| Assets and Liabilities Accounting | - Leases (ASC 842) - Liabilities and contingencies - Cash, receivables, and inventory - Fixed assets and intangible assets |
| Specialized Accounting Topics | - Pensions and post-employment benefits - Foreign currency transactions - Accounting changes and error corrections |
| Financial Statements and Transactions | - Balance sheet and statement of cash flows - Revenue recognition (ASC 606) - Income statement and comprehensive income |
| Equity, Investments, and Business Combinations | - Bonds and debt instruments - Business combinations and consolidations - Stockholders' equity |
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
APB Opinion No. 28, Interim Financial Reporting, concluded that interim financial reporting should be viewed primarily in which of the following ways?
- A. As useful only if activity is spread evenly throughout the year.
- B. As if the interim period were an annual accounting period.
- C. As reporting under a comprehensive basis of accounting other than GAAP.
- D. As reporting for an integral part of an annual period.
Correct Answer: D 🗳️
In September 1996, Koff Co.'s operating plant was destroyed by an earthquake. Earthquakes are rare in the area in which the plant was located. The portion of the resultant loss not covered by insurance was $700,000. Koff's income tax rate for 1996 was 40%. In its 1996 income statement, what amount should Koff report as extraordinary loss?
- A. $420,000
- B. $700,000
- C. $280,000
- D. $0
Correct Answer: A 🗳️
On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with Quo's president and outside accountants, made changes in accounting policies, corrected several errors dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List A represents possible clarifications of these transactions as: a change in accounting principle, a change in accounting estimate, a correction of an error in previously presented financial statements, or neither an accounting change nor an accounting error.
Item to Be Answered
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
List A (Select one)
- A. Correction of an error in previously presented financial statements.
- B. Change in accounting principal.
- C. Change in accounting estimate.
- D. Neither an accounting change nor an accounting error.
Correct Answer: C 🗳️
Which of the following statements regarding fair value is/are correct?
I. The fair value of an asset or liability is specific to the entity making the fair value measurement.
II. Fair value is the price to acquire an asset or assume a liability.
III. Fair value includes transportation costs, but not transaction costs.
IV. The price in the principal market for an asset or liability will be the fair value measurement.
- A. I & IV
- B. III & IV
- C. I & II
- D. II & III
Correct Answer: B 🗳️
An extraordinary gain should be reported as a direct increase to which of the following?
- A. Comprehensive income.
- B. Income from discontinued operations, net of tax.
- C. Net income.
- D. Income from continuing operations, net of tax.
Correct Answer: C 🗳️
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