Admission Test Certified Public Accountant (Financial Accounting & Reporting) : 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. Which of the following is a generally accepted accounting principle that illustrates the practice of conservatism during a particular reporting period?

A) Capitalization of research and development costs.
B) Accrual of a contingency deemed to be reasonably possible.
C) Reporting inventory at the lower of cost or market value.
D) Reporting investments with appreciated market values at market value.

2. On January 1, 1991, Brecon Co. installed cabinets to display its merchandise in customers' stores. Brecon expects to use these cabinets for five years. Brecon's 1991 multi-step income statement should include:

A) One-fifth of the cabinet costs in cost of goods sold.
B) All of the cabinet costs in cost of goods sold.
C) One-fifth of the cabinet costs in selling, general, and administrative expenses.
D) All of the cabinet costs in selling, general, and administrative expenses.

3. 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.

4. Reclassification adjustments must be shown in the financial statement that discloses comprehensive income:

A) To avoid including transactions with shareholders in items of comprehensive income.
B) To show what portion of comprehensive income is from the realization of current assets.
C) To show the tax effect of items of comprehensive income.
D) To avoid double counting in comprehensive income items, which are currently displayed in net income.

5. Hyde Corp. has three manufacturing divisions, each of which has been determined to be a reportable segment. In 1989, Clay division had sales of $3,000,000, which was 25% of Hyde's total sales, and had operating costs of $1,900,000, as reported to the CFO. In 1989, Hyde incurred operating costs of $500,000 that were not directly traceable to any of the divisions. In addition, Hyde incurred corporate interest expense of $300,000 in 1989. In reporting segment information, what amount should be shown as Clay's operating profit for 1989?

A) $900,000
B) $875,000
C) $1,100,000
D) $975,000

Solutions: