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

1. In open market transactions, Gold Corp. simultaneously sold its long-term investment in Iron Corp. bonds and purchased its own outstanding bonds. The broker remitted the net cash from the two transactions.
Gold's gain on the purchase of its own bonds exceeded its loss on the sale of the Iron bonds. Assume the transaction to purchase its own outstanding bonds is unusual in nature and has occurred infrequently.
Gold should report the:

A) Effect of its own bond transaction gain in income before extraordinary items, and report the Iron bond transaction as an extraordinary loss.
B) Net effect of the two transactions in income before extraordinary items.
C) Net effect of the two transactions as an extraordinary gain.
D) Effect of its own bond transaction as an extraordinary gain, and report the Iron bond transaction loss in income before extraordinary items.

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) $200,000
C) $0
D) $500,000

3. According to the FASB conceptual framework, the objectives of financial reporting for business enterprises are based on:

A) Reporting on management's stewardship.
B) The need for conservatism.
C) The needs of the users of the information.
D) Generally accepted accounting principles.

4. According to the FASB conceptual framework, which of the following is an essential characteristic of an asset?

A) An asset is obtained at a cost.
B) An asset is tangible.
C) An asset provides future benefits.
D) The claims to an asset's benefits are legally enforceable.

5. In Yew Co.'s 1992 annual report, Yew described its social awareness expenditures during the year as follows:
"The Company contributed $250,000 in cash to youth and educational programs. The Company also gave $140,000 to health and human-service organizations, of which $80,000 was contributed by employees through payroll deductions. In addition, consistent with the Company's commitment to the environment, the Company spent $100,000 to redesign product packaging."
What amount of the above should be included in Yew's income statement as charitable contributions expense?

A) $390,000
B) $310,000
C) $410,000
D) $490,000

Solutions: