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

1. In April 30, 20X4, Deer Corp. approved a plan to dispose of a component of its business. For the period January 1 through April 30, 20X4, the component had revenues of $500,000 and expenses of $800,000.
The assets of the component were sold on October 15, 20X4 at a loss. In its income statement for the year ended December 31, 20X4, how should Deer report the component's operations from January 1 to April 30, 20X4?

A) $300,000 should be reported as a loss from operations of a component and included in loss from discontinued operations.
B) $300,000 should be reported as an extraordinary loss.
C) $300,000 should be reported as part of the loss on disposal of a component and included as part of continuing operations.
D) $500,000 and $800,000 should be included with revenues and expenses, respectively, as part of continuing operations.

2. An extraordinary gain should be reported as a direct increase to which of the following?

A) Income from continuing operations, net of tax.
B) Net income.
C) Comprehensive income.
D) Income from discontinued operations, net of tax.

3. The following costs were incurred by Griff Co., a manufacturer, during 1992:

What amount of these costs should be reported as general and administrative expenses for 1992?

A) $260,000
B) $550,000
C) $635,000
D) $810,000

4. During 20X5, Dale Corp. made the following accounting changes:

What amount should be shown in the 20X5 retained earnings statement as an adjustment to the beginning balance?

A) $0
B) $128,000
C) $30,000
D) $98,000

5. Which of the following is true regarding the comparison of managerial to financial accounting?

A) Managerial accounting has a past focus and financial accounting has a future focus.
B) Managerial accounting need not follow generally accepted accounting principles (GAAP) while financial accounting must follow them.
C) The emphasis on managerial accounting is relevance and the emphasis on financial accounting is timeliness.
D) Managerial accounting is generally more precise.

Solutions: