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

1. During the first quarter of the calendar year, Worth Co. had income before taxes of $100,000, and its effective income tax rate was 15%. Worth's effective annual income tax rate for the previous year was 30%. Worth expects that its effective annual income tax rate for the current year will be 25%. The statutory tax rate for the current year is 35%. In its first quarter interim income statement, what amount of income tax expense should Worth report?

A) $30,000
B) $25,000
C) $35,000
D) $15,000

2. Belle Co. determined after four years that the estimated useful life of its labeling machine should be 10 years rather than 12 years. The machine originally cost $46,000 and had an estimated salvage value of $1,000. Belle uses straight-line depreciation. What amount should Belle report as depreciation expense for the current year?

A) $3,750
B) $5,000
C) $4,500
D) $3,200

3. Financial reporting by a development stage enterprise differs from financial reporting for an established operating enterprise in regard to footnote disclosures:

A) And revenue and expense recognition principles.
B) Only.
C) And expense recognition principles only.
D) And revenue recognition principles only.

4. Which of the following information should be included in Melay, Inc.'s 1992 summary of significant accounting policies?

A) During 1992, the Delay component was sold.
B) Future common share dividends are expected to approximate 60% of earnings.
C) Business segment 1992 sales are Alay $1M, Belay $2M, and Celay $3M.
D) Property, plant, and equipment is recorded at cost with depreciation computed principally by the straight-line method.

5. According to the FASB conceptual framework, the objectives of financial reporting for business enterprises are based on:

A) Reporting on management's stewardship.
B) The need for conservatism.
C) The needs of the users of the information.
D) Generally accepted accounting principles.

Solutions: