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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. Which of the following should be reported as a prior period adjustment?

A) Option D
B) Option B
C) Option A
D) Option C

2. Conceptually, interim financial statements can be described as emphasizing:

A) Reliability over relevance.
B) Comparability over neutrality.
C) Timeliness over reliability.
D) Relevance over comparability.

3. In the hierarchy of generally accepted accounting principles, APB Opinions have the same authority as AICPA:

A) Statements of Position.
B) Industry Audit and Accounting Guides.
C) Accounting Research Bulletins.
D) Issues Papers.

4. Kell Corp.'s $95,000 net income for the quarter ended September 30, 1990, included the following aftertax items:
* A $60,000 extraordinary gain, realized on April 30, 1990, was allocated equally to the second, third, and fourth quarters of 1990.
* A $16,000 cumulative-effect loss resulting from a change in inventory valuation method was recognized on August 2, 1990.
In addition, Kell paid $48,000 on February 1, 1990, for 1990 calendar-year property taxes. Of this amount, $12,000 was allocated to the third quarter of 1990.
For the quarter ended September 30, 1990, Kell should report net income of:

A) $103,000
B) $91,000
C) $115,000
D) $111,000

5. 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) $350,000
C) $420,000
D) $500,000

Solutions: