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

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

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

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

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

3. An inventory loss from a permanent market decline of $360,000 occurred in May 1989. Cox Co. appropriately recorded this loss in May 1989 after its March 31, 1989 quarterly report was issued. What amount of inventory loss should be reported in Cox's quarterly income statement for the three months ended June 30, 1989?

A) $360,000
B) $0
C) $180,000
D) $90,000

4. Coffey Corp.'s trial balance of Income Statement Accounts for the year ended December 31, 1988 as follows:

Coffey's income tax rate is 30%. The gain on debt extinguishment is considered a usual and recurring part of Coffey's operations. Coffey prepares a multiple-step income statement for 1988.
Income from operations before income tax is:

A) $190,000
B) $240,000
C) $200,000
D) $230,000

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

Solutions: