Admission Test Financial-Accounting-Reporting

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

1. Wilson Corp. experienced a $50,000 decline in the market value of its inventory in the first quarter of its fiscal year. Wilson had expected this decline to reverse in the third quarter, and in fact, the third quarter recovery exceeded the previous decline by $10,000. Wilson's inventory did not experience any other declines in market value during the fiscal year. What amounts of loss and/or gain should Wilson report in its interim financial statements for the first and third quarters?

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

2. During 1990, Fuqua Steel Co. had the following unusual financial events occur:
* Bonds payable were retired five years before their scheduled maturity, resulting in a $260,000 gain. Fuqua has frequently retired bonds early when interest rates declined significantly.
* A steel forming segment suffered $255,000 in losses due to hurricane damage. This was the fourth similar loss sustained in a 5-year period at that location.
* A component of Fuqua's operations, steel transportation, was sold at a net loss of $350,000.
This was Fuqua's first divestiture of one of its operating segments.
Before income taxes, what amount should be disclosed as the gain (loss) from extraordinary items in 1990?

A) $0
B) $5,000
C) $(350,000)
D) $(90,000)

3. Which of the following assumptions means that money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis?

A) Monetary unit.
B) Economic entity.
C) Periodicity.
D) Going concern.

4. Chester Corp. was a development stage enterprise from its inception on September 1, 1987 to December 31, 1988. The following information was taken from Chester's accounting records for the above period:

For the period September 1, 1987 to December 31, 1988, what amount should Chester report as net loss?

A) $450,000
B) $350,000
C) $ 50,000
D) $150,000

5. According to the FASB conceptual framework, predictive value is an ingredient of:

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

Solutions: