Admission Test CPA Certification Financial-Accounting-Reporting

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

1. 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) $420,000
B) $700,000
C) $0
D) $280,000

2. On January 2, 1989, Union Co. purchased a machine for $264,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 2, 1992, Union determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $24,000. An accounting change was made in 1992 to reflect the additional data. The accumulated depreciation for this machine should have a balance at December 31, 1992, of:

A) $154,000
B) $146,000
C) $160,000
D) $176,000

3. According to the FASB conceptual framework, what does the concept of reliability in financial reporting include?

A) Precision.
B) Certainty.
C) Neutrality.
D) Effectiveness.

4. A material loss should be presented separately as a component of income from continuing operations when it is:

A) Not unusual in nature but infrequent in occurrence.
B) A cumulative effect type change in accounting principle.
C) Unusual in nature and infrequent in occurrence.
D) An extraordinary item.

5. The following information pertains to Aria Corp. and its divisions for the year ended December 31, 1988:

Aria and all of its divisions are engaged solely in manufacturing operations. Aria has a reportable segment if that segment's revenue exceeds:

A) $260,000
B) $264,000
C) $200,000
D) $204,000

Solutions: