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

1. Under FASB Statement of Financial Accounting Concepts #5, which of the following items would cause earnings to differ from comprehensive income for an enterprise in an industry not having specialized accounting principles?

A) Loss on exchange of nonmonetary assets without commercial substance.
B) Unrealized loss on investments in current marketable equity securities held for trading.
C) Unrealized loss on investments in noncurrent marketable equity securities available for sale.
D) Loss on exchange of nonmonetary assets with commercial substance.

2. 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.
Alpha's 20X2 operating loss was $1,400,000, and the division was actually sold for $400,000 less than its carrying amount in 20X3. Maxy's effective tax rate is 30%.
In its 20X2 income statement, what amount should Maxy report as loss from discontinued operations?

A) $1,190,000
B) $1,400,000
C) $1,700,000
D) $980,000

3. Which of the following types of entities are required to report on business segments?

A) Nonpublic business enterprises.
B) Publicly-traded enterprises.
C) Joint ventures.
D) Not-for-profit enterprises.

4. Taft Corp. discloses supplemental industry segment information. The following information is available for 1992:

Additional 1992 expenses, not included above, are as follows:
Indirect operating expenses $7,200
General corporate expenses 4,800
Segment C's 1992 operating profit was:

A) $3,200
B) $5,000
C) $2,600
D) $2,000

5. The cumulative effect of a change in accounting estimate should be shown separately:

A) On the income statement after income from continuing operations and before extraordinary items.
B) On the retained earnings statement as an adjustment to the beginning balance.
C) On the income statement above income from continuing operations.
D) It should not be recorded separately on any financial statement.

Solutions: