Admission Test Financial-Accounting-Reporting - Certified Public Accountant (Financial Accounting & Reporting)

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. The following items were among those that were reported on Lee Co.'s income statement for the year ended December 31, 1989:

The office space is used equally by Lee's sales and accounting departments. What amount of the abovelisted items should be classified as general and administrative expenses in Lee's multiple-step income statement?

A) $325,000
B) $290,000
C) $500,000
D) $410,000

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

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

3. Envoy Co. manufactures and sells household products. Envoy experienced losses associated with its small appliance group. Operations and cash flows for this group can be clearly distinguished from the rest of Envoy's operations. Envoy plans to sell the small appliance group with its operations. What is the earliest point at which Envoy should report the small appliance group as a discontinued operation?

A) When Envoy receives an offer for the segment.
B) When Envoy first sells any of the assets of the segment.
C) When Envoy sells the majority of the assets of the segment.
D) When Envoy classifies it as held for sale.

4. In 1992, hail damaged several of Toncan Co.'s vans. Hailstorms had frequently inflicted similar damage to Toncan's vans. Over the years, Toncan had saved money by not buying hail insurance and either paying for repairs, or selling damaged vans and then replacing them. In 1992, the damaged vans were sold for less than their carrying amount. How should the hail damage cost be reported in Toncan's 1992 financial statements?

A) The actual 1992 hail damage loss in continuing operations, with no separate disclosure.
B) The actual 1992 hail damage loss as an extraordinary loss, net of income taxes.
C) The expected average hail damage loss in continuing operations, with separate disclosure.
D) The expected average hail damage loss in continuing operations, with no separate disclosure.

5. Grum Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 1991, Grum reported revenues of $50,000,000, operating expenses of $47,000,000, and net income of $3,000,000. Operating expenses include payroll costs of $ 15,000,000. Grum's combined identifiable assets of all industry segments at December 31, 1991, were $40,000,000.
In its 1991 financial statements, Grum should disclose major customer data if sales to any single customer amount to at least:

A) $5,000,000
B) $1,500,000
C) $4,000,000
D) $300,000

Solutions: