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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. According to the FASB conceptual framework, which of the following relates to both relevance and reliability?

A) Verifiability.
B) Comparability.
C) Timeliness.
D) Feedback value.

2. Under FASB Statement of Financial Accounting Concepts #5, which of the following items would cause earnings to differ from comprehensive income for an enterprise in an industry not having specialized accounting principles?

A) Loss on exchange of nonmonetary assets with commercial substance.
B) Loss on exchange of nonmonetary assets without commercial substance.
C) Unrealized loss on investments in current marketable equity securities held for trading.
D) Unrealized loss on investments in noncurrent marketable equity securities available for sale.

3. On January 1, 20X1, Pell Corp. purchased a machine having an estimated useful life of 10 years and no salvage. The machine was depreciated by the double declining balance method for both financial statement and income tax reporting. On January 1, 20X6, Pell changed to the straight-line method for financial statement reporting but not for income tax reporting. Accumulated depreciation at December 31, 20X5, was $560,000. If the straight-line method had been used, the accumulated depreciation at December 31, 20X5, would have been $420,000. Pell's enacted income tax rate for 20X6 and thereafter is 30%. The amount shown in the 20X6 income statement for the cumulative effect of changing to the straight-line method should be:

A) $140,000 credit.
B) $0.
C) $98,000 credit.
D) $98,000 debit.

4. On January 1, 1991, Brecon Co. installed cabinets to display its merchandise in customers' stores. Brecon expects to use these cabinets for five years. Brecon's 1991 multi-step income statement should include:

A) All of the cabinet costs in selling, general, and administrative expenses.
B) One-fifth of the cabinet costs in selling, general, and administrative expenses.
C) All of the cabinet costs in cost of goods sold.
D) One-fifth of the cabinet costs in cost of goods sold.

5. Wilson Corp. experienced a $50,000 decline in the market value of its inventory in the first quarter of its fiscal year. Wilson had expected this decline to reverse in the third quarter, and in fact, the third quarter recovery exceeded the previous decline by $10,000. Wilson's inventory did not experience any other declines in market value during the fiscal year. What amounts of loss and/or gain should Wilson report in its interim financial statements for the first and third quarters?

A) Option B
B) Option C
C) Option A
D) Option D

Solutions: