Admission Test Certified Public Accountant (Financial Accounting & Reporting) - Financial-Accounting-Reporting

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. On January 1, 20X1, Pell Corp. purchased a machine having an estimated useful life of 10 years and no salvage. The machine was depreciated by the double declining balance method for both financial statement and income tax reporting. On January 1, 20X6, Pell changed to the straight-line method for financial statement reporting but not for income tax reporting. Accumulated depreciation at December 31, 20X5, was $560,000. If the straight-line method had been used, the accumulated depreciation at December 31, 20X5, would have been $420,000. Pell's enacted income tax rate for 20X6 and thereafter is 30%. The amount shown in the 20X6 income statement for the cumulative effect of changing to the straight-line method should be:

A) $98,000 credit.
B) $98,000 debit.
C) $140,000 credit.
D) $0.

2. A material loss should be presented separately as a component of income from continuing operations when it is:

A) Unusual in nature and infrequent in occurrence.
B) An extraordinary item.
C) Not unusual in nature but infrequent in occurrence.
D) A cumulative effect type change in accounting principle.

3. 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) $230,000
B) $200,000
C) $190,000
D) $240,000

4. Wilson Corp. experienced a $50,000 decline in the market value of its inventory in the first quarter of its fiscal year. Wilson had expected this decline to reverse in the third quarter, and in fact, the third quarter recovery exceeded the previous decline by $10,000. Wilson's inventory did not experience any other declines in market value during the fiscal year. What amounts of loss and/or gain should Wilson report in its interim financial statements for the first and third quarters?

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

5. According to the FASB conceptual framework, an entity's revenue may result from:

A) A decrease in an asset from primary operations.
B) An increase in an asset from incidental transactions.
C) An increase in a liability from incidental transactions.
D) A decrease in a liability from primary operations.

Solutions: