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

1. Income tax-basis financial statements differ from those prepared under GAAP in that income tax-basis financial statements:

A) Recognize certain revenues and expenses in different reporting periods.
B) Include detailed information about current and deferred income tax liabilities.
C) Contain no disclosures about capital and operating lease transactions.
D) Do not include nontaxable revenues and nondeductible expenses in determining income.

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

3. In April 30, 20X4, Deer Corp. approved a plan to dispose of a component of its business. For the period January 1 through April 30, 20X4, the component had revenues of $500,000 and expenses of $800,000.
The assets of the component were sold on October 15, 20X4 at a loss. In its income statement for the year ended December 31, 20X4, how should Deer report the component's operations from January 1 to April 30, 20X4?

A) $500,000 and $800,000 should be included with revenues and expenses, respectively, as part of continuing operations.
B) $300,000 should be reported as part of the loss on disposal of a component and included as part of continuing operations.
C) $300,000 should be reported as a loss from operations of a component and included in loss from discontinued operations.
D) $300,000 should be reported as an extraordinary loss.

4. 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) $215,400
B) $216,300
C) $201,900
D) $203,700

5. 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) $360,000
B) $0
C) $90,000
D) $180,000

Solutions: