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

1. How should the effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate be reported?

A) As a correction of an error.
B) As a component of income from continuing operations.
C) By restating the financial statements of all prior periods presented.
D) By footnote disclosure only.

2. In Baer Food Co.'s 1990 single-step income statement, the section titled "Revenues" consisted of the following:

In the revenues section of its 1990 income statement, Baer Food should have reported total revenues of:

A) $216,300
B) $215,400
C) $203,700
D) $201,900

3. FASB's conceptual framework explains both financial and physical capital maintenance concepts. Which capital maintenance concept is applied to currently reported net income, and which is applied to comprehensive income?

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

4. During the second quarter of 1988, Buzz Company sold a piece of equipment at a $12,000 gain. What portion of the gain should Buzz report in its income statement for the second quarter of 1988?

A) $0
B) $6,000
C) $12,000
D) $4,000

5. Kell Corp.'s $95,000 net income for the quarter ended September 30, 1990, included the following aftertax items:
* A $60,000 extraordinary gain, realized on April 30, 1990, was allocated equally to the second, third, and fourth quarters of 1990.
* A $16,000 cumulative-effect loss resulting from a change in inventory valuation method was recognized on August 2, 1990.
In addition, Kell paid $48,000 on February 1, 1990, for 1990 calendar-year property taxes. Of this amount, $12,000 was allocated to the third quarter of 1990.
For the quarter ended September 30, 1990, Kell should report net income of:

A) $115,000
B) $91,000
C) $103,000
D) $111,000

Solutions: