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

1. Foy Corp. failed to accrue warranty costs of $50,000 in its December 31, 1992, financial statements. In addition, a $30,000 change from straight-line to accelerated depreciation was made at the beginning of 1993. Both the $50,000 and the $30,000 are net of related income taxes. What amount should Foy report as prior period adjustments in 1993?

A) $50,000
B) $0
C) $30,000
D) $80,000

2. An inventory loss from a market price decline occurred in the first quarter, and the decline was not expected to reverse during the fiscal year. However, in the third quarter the inventory's market price recovery exceeded the market decline that occurred in the first quarter. For interim financial reporting, the dollar amount of net inventory should:

A) Decrease in the first quarter by the amount of the market price decline and increase in the third quarter by the amount of the market price recovery.
B) Decrease in the first quarter by the amount of the market price decline and not be affected in the third quarter.
C) Decrease in the first quarter by the amount of the market price decline and increase in the third quarter by the amount of the decrease in the first quarter.
D) Not be affected in either the first quarter or the third quarter.

3. YIV, Inc. is a multidivisional corporation, which has both intersegment sales and sales to unaffiliated customers. YIV should report segment financial information for each division meeting which of the following criteria?

A) Segment revenue is 10% or more of combined revenue of all the company segments.
B) Segment operating profit or loss is 10% or more of consolidated profit or loss.
C) Segment revenue is 10% or more of consolidated revenue.
D) Segment operating profit or loss is 10% or more of combined operating profit or loss of all company segments.

4. 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) $1,030,000
B) $730,000
C) $0
D) $780,000

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

A) Extraordinary item, net of applicable income taxes.
B) Component of income from continuing operations, 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.

Solutions: