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

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. 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

2. 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.

3. 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.

4. 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

5. 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.

Solutions: