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

1. At December 31, 1998, Off-Line Co. changed its method of accounting for demo costs from writing off the costs over two years to expensing the costs immediately. Off-Line made the change in recognition of an increasing number of demos placed with customers that did not result in sales. Off-Line had deferred demo costs of $500,000 at December 31, 1997, $300,000 of which were to be written off in 1998 and the remainder in 1999. Off-Line's income tax rate is 30%. In its 1998 financial statements, what amount should Off-Line report as cumulative effect of change in accounting principle?

A) $0
B) $500,000
C) $350,000
D) $200,000

2. What information should a public company present about revenues from its reporting segments?

A) Disclose separately the amount of sales to unaffiliated customers but not the amount of intracompany sales between geographic areas.
B) Disclose separately the amount of sales to unaffiliated customers and the amount of intracompany sales.
C) No disclosure of revenues from foreign operations need be reported.
D) Disclose as a combined amount sales to unaffiliated customers and intracompany sales between geographic areas.

3. In 1990, Teller Co. incurred losses arising from its guilty plea in its first antitrust action, and from a substantial increase in production costs caused when a major supplier's workers went on strike. Which of these losses should be reported as an extraordinary item?

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

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

5. On November 1, 20X2, Smith Co. contracted to dispose of an industry segment. Throughout 20X2 the segment had operating losses. These losses were expected to continue until the segment's disposition.
If a loss is projected on final disposition, how much of the operating losses should be included in the loss from discontinued operations reported in Smith's 20X2 income statement?
I. Operating losses for the period January 1 to October 31, 20X2.
II. Operating losses for the period November 1 to December 31, 20X2.
III. Estimated operating losses for the period January 1 to February 28, 20X3.

A) I and II only.
B) I and III only.
C) II only.
D) II and III only.

Solutions: