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

1. Brock Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative.
The adjusted trial balance at December 31, 1989 included the following expense and loss accounts:

One-half of the rented premises is occupied by the sales department. Brock's total selling expenses for 1989 are:

A) $360,000
B) $480,000
C) $400,000
D) $370,000

2. Gown, Inc. sold a warehouse and used the proceeds to acquire a new warehouse. The excess of the proceeds over the carrying amount of the warehouse sold should be reported as a(an):

A) Reduction of the cost of the new warehouse.
B) Gain from discontinued operations, net of income taxes.
C) Extraordinary gain, net of income taxes.
D) Part of continuing operations.

3. Arpco, Inc., a for-profit provider of healthcare services, recently purchased two smaller companies and is researching accounting issues arising from the two business combinations. Which of the following accounting pronouncements are the most authoritative?

A) FASB Statements of Financial Accounting Concepts.
B) AICA Statements of Position.
C) FASB Statements of Financial Accounting Standards.
D) AICPA Industry and Audit Guides.

4. Which of the following should be disclosed in a summary of significant accounting policies?
I. Management's intention to maintain or vary the dividend payout ratio.
II. Criteria for determining which investments are treated as cash equivalents.
III. Composition of the sales order backlog by segment.

A) I only.
B) I and III.
C) II only.
D) II and III.

5. 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

Solutions: