Admission Test Financial-Accounting-Reporting

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

1. In open market transactions, Gold Corp. simultaneously sold its long-term investment in Iron Corp. bonds and purchased its own outstanding bonds. The broker remitted the net cash from the two transactions.
Gold's gain on the purchase of its own bonds exceeded its loss on the sale of the Iron bonds. Assume the transaction to purchase its own outstanding bonds is unusual in nature and has occurred infrequently.
Gold should report the:

A) Effect of its own bond transaction gain in income before extraordinary items, and report the Iron bond transaction as an extraordinary loss.
B) Effect of its own bond transaction as an extraordinary gain, and report the Iron bond transaction loss in income before extraordinary items.
C) Net effect of the two transactions in income before extraordinary items.
D) Net effect of the two transactions as an extraordinary gain.

2. Brock Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative.
The adjusted trial balance at December 31, 1989 included the following expense and loss accounts:

One-half of the rented premises is occupied by the sales department. Brock's total selling expenses for 1989 are:

A) $400,000
B) $480,000
C) $360,000
D) $370,000

3. Several sources of GAAP consulted by an auditor are in conflict as to the application of an accounting principle. Which of the following should the auditor consider the most authoritative?

A) AICPA Accounting Interpretations.
B) FASB Statements of Financial Accounting Concepts.
C) AICPA Technical Practice Aids.
D) FASB Technical Bulletins.

4. Lore Co. changed from the cash basis of accounting to the accrual basis of accounting during 1994. The cumulative effect of this change should be reported in Lore's 1994 financial statements as a:

A) Prior period adjustment resulting from the change in accounting principle.
B) Prior period adjustment resulting from the correction of an error.
C) Component of income after extraordinary item.
D) Component of income before extraordinary item.

5. Due to a decline in market price in the second quarter, Petal Co. incurred an inventory loss. The market price is expected to return to previous levels by the end of the year. At the end of the year the decline had not reversed. When should the loss be reported in Petal's interim income statements?

A) Ratably over the second, third, and forth [sic] quarters.
B) Ratably over the third and fourth quarters.
C) In the second quarter only.
D) In the fourth quarter only.

Solutions: