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

1. Which of the following types of entities are required to report on business segments?

A) Nonpublic business enterprises.
B) Joint ventures.
C) Not-for-profit enterprises.
D) Publicly-traded enterprises.

2. An inventory loss from a permanent market decline of $360,000 occurred in May 1989. Cox Co. appropriately recorded this loss in May 1989 after its March 31, 1989 quarterly report was issued. What amount of inventory loss should be reported in Cox's quarterly income statement for the three months ended June 30, 1989?

A) $180,000
B) $360,000
C) $90,000
D) $0

3. Which of the following must be included in a company's summary of significant accounting policies in the notes to the financial statements?

A) Schedule of fixed assets.
B) Revenue recognition policies.
C) Summary of long-term debt outstanding.
D) Description of current year equity transactions.

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

5. An extraordinary gain should be reported as a direct increase to which of the following?

A) Net income.
B) Comprehensive income.
C) Income from discontinued operations, net of tax.
D) Income from continuing operations, net of tax.

Solutions: