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

1. What are the Statements of Financial Accounting Concepts intended to establish?

A) The meaning of "Present fairly in accordance with generally accepted accounting principles."
B) Generally accepted accounting principles in financial reporting by business enterprises.
C) The objectives and concepts for use in developing standards of financial accounting and reporting.
D) The hierarchy of sources of generally accepted accounting principles.

2. For interim financial reporting, the computation of a company's second quarter provision for income taxes uses an effective tax rate expected to be applicable for the full fiscal year. The effective tax rate should reflect anticipated:

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

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

4. In September 1996, Koff Co.'s operating plant was destroyed by an earthquake. Earthquakes are rare in the area in which the plant was located. The portion of the resultant loss not covered by insurance was $700,000. Koff's income tax rate for 1996 was 40%. In its 1996 income statement, what amount should Koff report as extraordinary loss?

A) $700,000
B) $420,000
C) $0
D) $280,000

5. Conn Co. reported a retained earnings balance of $400,000 at December 31, 1991. In August 1992, Conn determined that insurance premiums of $60,000 for the three-year period beginning January 1, 1991, had been paid and fully expensed in 1991. Conn has a 30% income tax rate. What amount should Conn report as adjusted beginning retained earnings in its 1992 statement of retained earnings?

A) $440,000
B) $420,000
C) $442,000
D) $428,000

Solutions: