Admission Test Certified Public Accountant (Financial Accounting & Reporting) - Financial-Accounting-Reporting

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. Opto Co. is a publicly-traded, consolidated enterprise reporting segment information. Which of the following items is a required enterprise-wide disclosure regarding external customers?

A) The fact that transactions with a particular external customer constitute more than 10% of the total enterprise revenues.
B) The identity of any external customer considered to be "major" by management.
C) The identity of any external customer providing 10% or more of a particular operating segment's revenue.
D) Information on major customers is not required in segment reporting.

2. 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) $350,000
B) $500,000
C) $0
D) $200,000

3. On March 15, 1992, Krol Co. paid property taxes of $90,000 on its office building for the calendar year 1992. On April 1, 1992, Krol paid $150,000 for unanticipated repairs to its office equipment. The repairs will benefit operations for the remainder of 1992. What is the total amount of these expenses that Krol should include in its quarterly income statement for the three months ended June 30, 1992?

A) $97,500
B) $72,500
C) $172,500
D) $37,500

4. Lore Co. changed from the cash basis of accounting to the accrual basis of accounting during 1994. The cumulative effect of this change should be reported in Lore's 1994 financial statements as a:

A) Prior period adjustment resulting from the correction of an error.
B) Component of income after extraordinary item.
C) Component of income before extraordinary item.
D) Prior period adjustment resulting from the change in accounting principle.

5. Belle Co. determined after four years that the estimated useful life of its labeling machine should be 10 years rather than 12 years. The machine originally cost $46,000 and had an estimated salvage value of $1,000. Belle uses straight-line depreciation. What amount should Belle report as depreciation expense for the current year?

A) $3,200
B) $4,500
C) $3,750
D) $5,000

Solutions: