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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. Tack, Inc. reported a retained earnings balance of $150,000 at December 31,1990. In June 1991, Tack discovered that merchandise costing $40,000 had not been included in inventory in its 1990 financial statements. Tack has a 30% tax rate. What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, 1991?

A) $122,000
B) $150,000
C) $190,000
D) $178,000

2. Lore Co. changed from the cash basis of accounting to the accrual basis of accounting during 1994. The cumulative effect of this change should be reported in Lore's 1994 financial statements as a:

A) Component of income before extraordinary item.
B) Prior period adjustment resulting from the correction of an error.
C) Prior period adjustment resulting from the change in accounting principle.
D) Component of income after extraordinary item.

3. Due to a decline in market price in the second quarter, Petal Co. incurred an inventory loss. The market price is expected to return to previous levels by the end of the year. At the end of the year the decline had not reversed. When should the loss be reported in Petal's interim income statements?

A) In the second quarter only.
B) Ratably over the third and fourth quarters.
C) Ratably over the second, third, and forth [sic] quarters.
D) In the fourth quarter only.

4. A transaction that is unusual, but not infrequent, should be reported separately as a(an):

A) Component of income from continuing operations, net of applicable income taxes.
B) Extraordinary item, net of applicable income taxes.
C) Extraordinary item, but not net of applicable income taxes.
D) Component of income from continuing operations, but not net of applicable income taxes.

5. Ocean Corp.'s comprehensive insurance policy allows its assets to be replaced at current value. The policy has a $50,000 deductible clause. One of Ocean's waterfront warehouses was destroyed in a winter storm. Such storms occur approximately every four years. Ocean incurred $20,000 of costs in dismantling the warehouse and plans to replace it. The tax rate is 30%. The following data relate to the warehouse:
Current carrying amount $ 300,000
Replacement cost 1,100,000
What amount of gain should Ocean report as a separate component of income before extraordinary items?

A) $730,000
B) $1,030,000
C) $780,000
D) $0

Solutions: