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

1. The summary of significant accounting policies should disclose the:

A) Maturity dates of noncurrent debts.
B) Criteria for determining which investments are treated as cash equivalents.
C) Concentration of credit risk of all financial instruments by geographical region.
D) Terms for convertible debt to be exchanged for common stock.

2. Under FASB Statement of Financial Accounting Concepts #5, which of the following items would cause earnings to differ from comprehensive income for an enterprise in an industry not having specialized accounting principles?

A) Unrealized loss on investments in current marketable equity securities held for trading.
B) Unrealized loss on investments in noncurrent marketable equity securities available for sale.
C) Loss on exchange of nonmonetary assets without commercial substance.
D) Loss on exchange of nonmonetary assets with commercial substance.

3. On December 2, 20X1, Flint Corp.'s board of directors voted to discontinue operations of its frozen food division and to sell the division's assets on the open market as soon as possible. The division reported net operating losses of $20,000 in December and $30,000 in January. On February 26, 20X2, sale of the division's assets resulted in a gain of $90,000. Assuming that the frozen foods division qualifies as a component of the business and ignoring income taxes, what amount of gain/loss from discontinued operations should Flint recognize in its income statement for 20X2?

A) $0
B) $90,000
C) $40,000
D) $60,000

4. On December 31, 20X2, the Board of Directors of Maxy Manufacturing, Inc. committed to a plan to discontinue the operations of its Alpha division. Maxy estimated that Alpha's 20X3 operating loss would be $500,000 and that the fair value of Alpha's facilities was $300,000 less than their carrying amounts.
Alpha's 20X2 operating loss was $1,400,000, and the division was actually sold for $400,000 less than its carrying amount in 20X3. Maxy's effective tax rate is 30%.
In its 20X2 income statement, what amount should Maxy report as loss from discontinued operations?

A) $980,000
B) $1,400,000
C) $1,190,000
D) $1,700,000

5. FASB's conceptual framework explains both financial and physical capital maintenance concepts. Which capital maintenance concept is applied to currently reported net income, and which is applied to comprehensive income?

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

Solutions: