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

1. Gown, Inc. sold a warehouse and used the proceeds to acquire a new warehouse. The excess of the proceeds over the carrying amount of the warehouse sold should be reported as a(an):

A) Extraordinary gain, net of income taxes.
B) Reduction of the cost of the new warehouse.
C) Gain from discontinued operations, net of income taxes.
D) Part of continuing operations.

2. On January 2, 1989, Union Co. purchased a machine for $264,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 2, 1992, Union determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $24,000. An accounting change was made in 1992 to reflect the additional data. The accumulated depreciation for this machine should have a balance at December 31, 1992, of:

A) $176,000
B) $154,000
C) $146,000
D) $160,000

3. On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with Quo's president and outside accountants, made changes in accounting policies, corrected several errors dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List A represents possible clarifications of these transactions as: a change in accounting principle, a change in accounting estimate, a correction of an error in previously presented financial statements, or neither an accounting change nor an accounting error.
Item to Be Answered
Quo changed from FIFO to average cost to account for its raw materials and work in process inventories.
List A (Select one)

A) Neither an accounting change nor an accounting error.
B) Correction of an error in previously presented financial statements.
C) Change in accounting principal.
D) Change in accounting estimate.

4. 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) $410,000
B) $500,000
C) $325,000
D) $290,000

5. What is the purpose of information presented in notes to the financial statements?

A) To provide disclosures required by generally accepted accounting principles.
B) To correct improper presentation in the financial statements.
C) To provide recognition of amounts not included in the totals of the financial statements.
D) To present management's responses to auditor comments.

Solutions: