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

1. Ocean Corp.'s comprehensive insurance policy allows its assets to be replaced at current value. The policy has a $50,000 deductible clause. One of Ocean's waterfront warehouses was destroyed in a winter storm. Such storms occur approximately every four years. Ocean incurred $20,000 of costs in dismantling the warehouse and plans to replace it. The tax rate is 30%. The following data relate to the warehouse:
Current carrying amount $ 300,000
Replacement cost 1,100,000
What amount of gain should Ocean report as a separate component of income before extraordinary items?

A) $0
B) $1,030,000
C) $730,000
D) $780,000

2. Rock Co.'s financial statements had the following balances at December 31:

What amount should Rock report as comprehensive income for the year ended December 31?

A) $520,000
B) $400,000
C) $420,000
D) $570,000

3. 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

4. The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:

A) As a component of income from continuing operations, in the period of change and future periods if the change affects both.
B) By restating the financial statements of all prior periods presented.
C) As a correction of an error.
D) As a separate disclosure after income from continuing operations, in the period of change and future periods if the change affects both.

5. Which of the following should be disclosed in a summary of significant accounting policies?

A) Composition of sales by segment.
B) Basis of profit recognition on long-term construction contracts.
C) Depreciation expense.
D) Future minimum lease payments in the aggregate and for each of the five succeeding fiscal years.

Solutions: