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Updated: Jun 02, 2026
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Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
1. On January 1, 1991, Brecon Co. installed cabinets to display its merchandise in customers' stores. Brecon expects to use these cabinets for five years. Brecon's 1991 multi-step income statement should include:
A) All of the cabinet costs in cost of goods sold.
B) One-fifth of the cabinet costs in selling, general, and administrative expenses.
C) All of the cabinet costs in selling, general, and administrative expenses.
D) One-fifth of the cabinet costs in cost of goods sold.
2. There are multiple active markets for a financial asset with different observable market prices:
There is no principal market for the financial asset. What is the fair value of the asset?
A) $72
B) $74
C) $71
D) $76
3. Which of the following should be disclosed for each reportable operating segment of an enterprise?
A) Option D
B) Option B
C) Option C
D) Option A
4. Chester Corp. was a development stage enterprise from its inception on September 1, 1987 to December 31, 1988. The following information was taken from Chester's accounting records for the above period:
For the period September 1, 1987 to December 31, 1988, what amount should Chester report as net loss?
A) $150,000
B) $350,000
C) $ 50,000
D) $450,000
5. The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:
A) As a component of income from continuing operations, in the period of change and future periods if the change affects both.
B) By restating the financial statements of all prior periods presented.
C) As a correction of an error.
D) As a separate disclosure after income from continuing operations, in the period of change and future periods if the change affects both.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: B | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: A |
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