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

1. 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) $350,000
D) $420,000

2. At December 31, 1998, Off-Line Co. changed its method of accounting for demo costs from writing off the costs over two years to expensing the costs immediately. Off-Line made the change in recognition of an increasing number of demos placed with customers that did not result in sales. Off-Line had deferred demo costs of $500,000 at December 31, 1997, $300,000 of which were to be written off in 1998 and the remainder in 1999. Off-Line's income tax rate is 30%. In its 1998 financial statements, what amount should Off-Line report as cumulative effect of change in accounting principle?

A) $200,000
B) $500,000
C) $350,000
D) $0

3. The summary of significant accounting policies should disclose the:

A) Criteria for determining which investments are treated as cash equivalents.
B) Concentration of credit risk of all financial instruments by geographical region.
C) Terms for convertible debt to be exchanged for common stock.
D) Maturity dates of noncurrent debts.

4. If a company is not presenting comparative financial statements, the correction of an error in the financial statements of a prior period should be reported, net of applicable income taxes, in the current:

A) Retained earnings statement as an adjustment of the opening balance.
B) Retained earnings statement after net income but before dividends.
C) Income statement after income from continuing operations and before extraordinary items.
D) Income statement after income from continuing operations and after extraordinary items.

5. Income tax-basis financial statements differ from those prepared under GAAP in that income tax-basis financial statements:

A) Contain no disclosures about capital and operating lease transactions.
B) Include detailed information about current and deferred income tax liabilities.
C) Recognize certain revenues and expenses in different reporting periods.
D) Do not include nontaxable revenues and nondeductible expenses in determining income.

Solutions: