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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. The following question is based on the following:
Vane Co.'s trial balance of income statement accounts for the year ended December 31, 2002, included the following:

Vane's income tax rate is 30%.
In Vane's 2002 multiple-step income statement, what amount should Vane report as income from continuing operations?

A) $129,500
B) $140,000
C) $147,000
D) $126,000

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

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

3. In Baer Food Co.'s 1990 single-step income statement, the section titled "Revenues" consisted of the following:

In the revenues section of its 1990 income statement, Baer Food should have reported total revenues of:

A) $203,700
B) $216,300
C) $201,900
D) $215,400

4. During 1994, Orca Corp. decided to change from the FIFO method of inventory valuation to the weightedaverage method. Inventory balances under each method were as follows:

Orca's income tax rate is 30%.
Orca should report the cumulative effect of this accounting change as a(n):

A) Component of income after extraordinary items.
B) Component of income from continuing operations.
C) Extraordinary item.
D) Adjustment to beginning retained earnings.

5. 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 should be disclosed as the gain (loss) from extraordinary items in 1990?

A) $0
B) $(350,000)
C) $5,000
D) $(90,000)

Solutions: