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

1. Reclassification adjustments must be shown in the financial statement that discloses comprehensive income:

A) To avoid double counting in comprehensive income items, which are currently displayed in net income.
B) To show the tax effect of items of comprehensive income.
C) To avoid including transactions with shareholders in items of comprehensive income.
D) To show what portion of comprehensive income is from the realization of current assets.

2. During 1990, Fuqua Steel Co. had the following unusual financial events occur:
* Bonds payable were retired five years before their scheduled maturity, resulting in a $260,000 gain. Fuqua has frequently retired bonds early when interest rates declined significantly.
* A steel forming segment suffered $255,000 in losses due to hurricane damage. This was the fourth similar loss sustained in a 5-year period at that location.
* A component of Fuqua's operations, steel transportation, was sold at a net loss of $350,000.
This was Fuqua's first divestiture of one of its operating segments.
Before income taxes, what amount of gain (loss) should be reported separately as a component of income from continuing operations in 1990?

A) $260,000
B) $(350,000)
C) $(255,000)
D) $5,000

3. In Yew Co.'s 1992 annual report, Yew described its social awareness expenditures during the year as follows:
"The Company contributed $250,000 in cash to youth and educational programs. The Company also gave $140,000 to health and human-service organizations, of which $80,000 was contributed by employees through payroll deductions. In addition, consistent with the Company's commitment to the environment, the Company spent $100,000 to redesign product packaging."
What amount of the above should be included in Yew's income statement as charitable contributions expense?

A) $410,000
B) $390,000
C) $310,000
D) $490,000

4. 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) $0.
B) $98,000 credit.
C) $140,000 credit.
D) $98,000 debit.

5. An extraordinary item should be reported separately on the income statement as a component of income:

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

Solutions: