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

1. What is the underlying concept that supports the immediate recognition of a contingent loss?

A) Conservatism.
B) Substance over form.
C) Matching.
D) Consistency.

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

3. While preparing its 1991 financial statements, Dek Corp. discovered computational errors in its 1990 and 1989 depreciation expense. These errors resulted in overstatement of each year's income by $25,000, net of income taxes. The following amounts were reported in the previously issued financial statements:

Dek's 1991 net income is correctly reported at $180,000. Which of the following amounts should be reported as prior period adjustments and net income in Dek's 1991 and 1990 comparative financial statements?

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

4. Tack, Inc. reported a retained earnings balance of $150,000 at December 31,1990. In June 1991, Tack discovered that merchandise costing $40,000 had not been included in inventory in its 1990 financial statements. Tack has a 30% tax rate. What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, 1991?

A) $122,000
B) $190,000
C) $178,000
D) $150,000

5. A development stage enterprise should use the same generally accepted accounting principles that apply to established operating enterprises for:

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

Solutions: