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

1. 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 D
B) Option A
C) Option B
D) Option C

2. In 1990, Brighton Co. changed from the individual item approach to the aggregate approach in applying the lower of FIFO cost or market to inventories. The cumulative effect of this change should be reported in Brighton's financial statements as a:

A) Component of income after continuing operations, with separate disclosure.
B) Retrospective adjustment on the retained earnings statement, with separate disclosure.
C) Component of income from continuing operations, without separate disclosure.
D) Component of income from continuing operations, with separate disclosure.

3. If a company is not presenting comparative financial statements, the correction of an error in the financial statements of a prior period should be reported, net of applicable income taxes, in the current:

A) Income statement after income from continuing operations and after extraordinary items.
B) Retained earnings statement after net income but before dividends.
C) Income statement after income from continuing operations and before extraordinary items.
D) Retained earnings statement as an adjustment of the opening balance.

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

5. In September 1996, Koff Co.'s operating plant was destroyed by an earthquake. Earthquakes are rare in the area in which the plant was located. The portion of the resultant loss not covered by insurance was $700,000. Koff's income tax rate for 1996 was 40%. In its 1996 income statement, what amount should Koff report as extraordinary loss?

A) $0
B) $700,000
C) $280,000
D) $420,000

Solutions: