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

1. Coffey Corp.'s trial balance of Income Statement Accounts for the year ended December 31, 1988 as follows:

Coffey's income tax rate is 30%. The gain on debt extinguishment is considered a usual and recurring part of Coffey's operations. Coffey prepares a multiple-step income statement for 1988.
Income from operations before income tax is:

A) $240,000
B) $200,000
C) $190,000
D) $230,000

2. The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:

A) As a separate disclosure after income from continuing operations, in the period of change and future periods if the change affects both.
B) As a component of income from continuing operations, in the period of change and future periods if the change affects both.
C) By restating the financial statements of all prior periods presented.
D) As a correction of an error.

3. A development stage enterprise should use the same generally accepted accounting principles that apply to established operating enterprises for:

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

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

5. While preparing its 1991 financial statements, Dek Corp. discovered computational errors in its 1990 and 1989 depreciation expense. These errors resulted in overstatement of each year's income by $25,000, net of income taxes. The following amounts were reported in the previously issued financial statements:

Dek's 1991 net income is correctly reported at $180,000. Which of the following amounts should be reported as prior period adjustments and net income in Dek's 1991 and 1990 comparative financial statements?

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

Solutions: