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

1. Tanker Oil Co., a development stage enterprise, incurred the following costs during its first year of operations:

Tanker had no revenue during its first year of operation. What amount may Tanker capitalize as organizational costs?

A) $55,000
B) $0
C) $95,000
D) $115,000

2. The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:

A) As a component of income from continuing operations, in the period of change and future periods if the change affects both.
B) By restating the financial statements of all prior periods presented.
C) As a separate disclosure after income from continuing operations, in the period of change and future periods if the change affects both.
D) As a correction of an error.

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

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

5. Thorpe Co.'s income statement for the year ended December 31, 1990, reported net income of $74,100. The auditor raised questions about the following amounts that had been included in net income:

The loss from the fire was an infrequent but not unusual occurrence in Thorpe's line of business.
Thorpe's December 31, 1990, income statement should report net income of:

A) $65,000
B) $66,100
C) $87,000
D) $81,600

Solutions: