Admission Test CPA Certification 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. During a period when an enterprise is under the direction of a particular management, its financial statements will directly provide information about:

A) Management performance but not directly provide information about enterprise performance.
B) Enterprise performance but not directly provide information about management performance.
C) Neither enterprise performance nor management performance.
D) Both enterprise performance and management performance.

2. 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) $4,000
B) $6,000
C) $12,000
D) $0

3. According to the FASB conceptual framework, the usefulness of providing information in financial statements is subject to the constraint of:

A) Representational faithfulness.
B) Cost-benefit.
C) Consistency.
D) Reliability.

4. 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 should be disclosed as the gain (loss) from extraordinary items in 1990?

A) $(350,000)
B) $5,000
C) $0
D) $(90,000)

5. Tack, Inc. reported a retained earnings balance of $150,000 at December 31,1990. In June 1991, Tack discovered that merchandise costing $40,000 had not been included in inventory in its 1990 financial statements. Tack has a 30% tax rate. What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, 1991?

A) $190,000
B) $122,000
C) $178,000
D) $150,000

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