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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
|
| Select Transactions | 25% - 35% | - Accounting and Reporting Transactions
|
| Financial Reporting | 30% - 40% | - General Purpose Financial Reporting
|
Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:
The following items were among those that were reported on Lee Co.'s income statement for the year ended December 31, 1989:
The office space is used equally by Lee's sales and accounting departments. What amount of the abovelisted items should be classified as general and administrative expenses in Lee's multiple-step income statement?
- A. $325,000
- B. $410,000
- C. $290,000
- D. $500,000
Correct Answer: C 🗳️
On January 2, 1991, Air, Inc. agreed to pay its former president $300,000 under a deferred compensation arrangement. Air should have recorded this expense in 1990 but did not do so. Air's reported income tax expense would have been $70,000 lower in 1990 had it properly accrued this deferred compensation in its December 31,1991, financial statements, Air should adjust the beginning balance of its retained earnings by a:
- A. $370,000 debit.
- B. $300,000 credit.
- C. $230,000 credit.
- D. $230,000 debit.
Correct Answer: D 🗳️
According to the FASB conceptual framework, which of the following situations violates the concept of reliability?
- A. Financial statements include property with a carrying amount increased to management's estimate of market value.
- B. Financial statements are issued nine months late.
- C. Management reports to stockholders regularly refer to new projects undertaken, but the financial statements never report project results.
- D. Data on segments having the same expected risks and growth rates are reported to analysts estimating future profits.
Correct Answer: A 🗳️
On December 31, 20X2, the Board of Directors of Maxy Manufacturing, Inc. committed to a plan to discontinue the operations of its Alpha division. Maxy estimated that Alpha's 20X3 operating loss would be $500,000 and that the fair value of Alpha's facilities was $300,000 less than their carrying amounts.
The estimate for 20X3 turned out to be correct. Alpha's 20X2 operating loss was $1,400,000, and the division was actually sold for $400,000 less than its carrying amount. Maxy's effective tax rate is 30%.
In its 20X3 income statement, what amount should Maxy report as loss from discontinued operations?
- A. $600,000
- B. $500,000
- C. $420,000
- D. $350,000
Correct Answer: C 🗳️
During a period when an enterprise is under the direction of a particular management, its financial statements will directly provide information about:
- A. Enterprise performance but not directly provide information about management performance.
- B. Neither enterprise performance nor management performance.
- C. Management performance but not directly provide information about enterprise performance.
- D. Both enterprise performance and management performance.
Correct Answer: A 🗳️
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