Admission Test : Financial-Accounting-Reporting Questions & Answers

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. An extraordinary item should be reported separately on the income statement as a component of income:

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

2. On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with Quo's president and outside accountants, made changes in accounting policies, corrected several errors dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List A represents possible clarifications of these transactions as: a change in accounting principle, a change in accounting estimate, a correction of an error in previously presented financial statements, or neither an accounting change nor an accounting error.
Item to Be Answered
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
List A (Select one)

A) Change in accounting estimate.
B) Neither an accounting change nor an accounting error.
C) Change in accounting principal.
D) Correction of an error in previously presented financial statements.

3. In 1992, hail damaged several of Toncan Co.'s vans. Hailstorms had frequently inflicted similar damage to Toncan's vans. Over the years, Toncan had saved money by not buying hail insurance and either paying for repairs, or selling damaged vans and then replacing them. In 1992, the damaged vans were sold for less than their carrying amount. How should the hail damage cost be reported in Toncan's 1992 financial statements?

A) The expected average hail damage loss in continuing operations, with no separate disclosure.
B) The actual 1992 hail damage loss as an extraordinary loss, net of income taxes.
C) The expected average hail damage loss in continuing operations, with separate disclosure.
D) The actual 1992 hail damage loss in continuing operations, with no separate disclosure.

4. During the first quarter of 1993, Tech Co. had income before taxes of $200,000, and its effective income tax rate was 15%. Tech's 1992 effective annual income tax rate was 30%, but Tech expects its 1993 effective annual income tax rate to be 25%. In its first quarter interim income statement, what amount of income tax expense should Tech report?

A) $0
B) $30,000
C) $50,000
D) $60,000

5. A statement of cash flows for a development stage enterprise:

A) Is the same as that of an established operating enterprise, but does not show cumulative amounts from the enterprise's inception.
B) Is not presented.
C) Is the same as that of an established operating enterprise and, in addition, shows cumulative amounts from the enterprise's inception.
D) Shows only cumulative amounts from the enterprise's inception.

Solutions: