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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. In financial reporting of segment data, which of the following items is always used in determining a segment's operating income?

A) General corporate expense.
B) Income tax expense.
C) Gain or loss on discontinued operations.
D) Sales to other segments.

2. Goddard has used the FIFO method of inventory valuation since it began operations in 1987. Goddard decided to change to the weighted-average method for determining inventory costs at the beginning of 1990. The following schedule shows year-end inventory balances under the FIFO and weighted-average methods:

What amount, before income taxes, should be reported in the 1990 retained earnings statement as the cumulative effect of the change in accounting principle?

A) $0.
B) $2,000 increase.
C) $5,000 decrease.
D) $3,000 decrease.

3. 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. Coffey prepares a multiple-step income statement for 1988.
Income from operations before income tax is:

A) $190,000
B) $240,000
C) $200,000
D) $230,000

4. Envoy Co. manufactures and sells household products. Envoy experienced losses associated with its small appliance group. Operations and cash flows for this group can be clearly distinguished from the rest of Envoy's operations. Envoy plans to sell the small appliance group with its operations. What is the earliest point at which Envoy should report the small appliance group as a discontinued operation?

A) When Envoy sells the majority of the assets of the segment.
B) When Envoy first sells any of the assets of the segment.
C) When Envoy receives an offer for the segment.
D) When Envoy classifies it as held for sale.

5. Gown, Inc. sold a warehouse and used the proceeds to acquire a new warehouse. The excess of the proceeds over the carrying amount of the warehouse sold should be reported as a(an):

A) Part of continuing operations.
B) Reduction of the cost of the new warehouse.
C) Gain from discontinued operations, net of income taxes.
D) Extraordinary gain, net of income taxes.

Solutions: