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

1. A statement of cash flows for a development stage enterprise:

A) Is the same as that of an established operating enterprise and, in addition, shows cumulative amounts from the enterprise's inception.
B) Is not presented.
C) Shows only cumulative amounts from the enterprise's inception.
D) Is the same as that of an established operating enterprise, but does not show cumulative amounts from the enterprise's inception.

2. Is the cumulative effect of an inventory pricing change on prior years earnings reported on the financial statements for

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

3. Wilson Corp. experienced a $50,000 decline in the market value of its inventory in the first quarter of its fiscal year. Wilson had expected this decline to reverse in the third quarter, and in fact, the third quarter recovery exceeded the previous decline by $10,000. Wilson's inventory did not experience any other declines in market value during the fiscal year. What amounts of loss and/or gain should Wilson report in its interim financial statements for the first and third quarters?

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

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 of gain (loss) should be reported separately as a component of income from continuing operations in 1990?

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

5. Coffey Corp.'s trial balance of Income Statement Accounts for the year ended December 31, 1988 as follows:

Coffey's income tax rate is 30%. The gain on debt extinguishment is considered a usual and recurring part of Coffey's operations. The hurricane is considered an unusual and infrequent event. Coffey prepares a multiple-step income statement for 1988.
Net income is:

A) $200,000
B) $161,000
C) $168,000
D) $140,000

Solutions: