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

1. Thorpe Co.'s income statement for the year ended December 31, 1990, reported net income of $74,100. The auditor raised questions about the following amounts that had been included in net income:

The loss from the fire was an infrequent but not unusual occurrence in Thorpe's line of business.
Thorpe's December 31, 1990, income statement should report net income of:

A) $66,100
B) $87,000
C) $65,000
D) $81,600

2. In single period statements, which of the following should not be reflected as an adjustment to the opening balance of retained earnings?

A) Effect of a decrease in the estimated useful life of depreciable equipment.
B) Cumulative effect of a change from LIFO to FIFO in valuing merchandise inventory.
C) Cumulative effect of a change from the percentage of completion to the completed contract method of accounting for long-term construction projects.
D) Effect of a failure to provide for uncollectible accounts in the previous period.

3. 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) $980,000
B) $1,190,000
C) $1,400,000
D) $1,700,000

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

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

5. On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with Quo's president and outside accountants, made changes in accounting policies, corrected several errors dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List B represents the general accounting treatment required for these transactions. These treatments are:
* Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
* Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust 1992 beginning retained earnings if the error or change affects a period prior to 1992.
* Prospective approach - Report 1993 and future financial statements on the new basis but do not restate 1992 financial statements.
Item to Be Answered
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
List B (Select one)

A) Retroactive or retrospective restatement approach.
B) Prospective approach.
C) Cumulative effect approach.

Solutions: