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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. An extraordinary item should be reported separately on the income statement as a component of income:

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

2. 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 D
B) Option A
C) Option B
D) Option C

3. According to the FASB conceptual framework, comprehensive income includes which of the following?

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

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

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

5. Kell Corp.'s $95,000 net income for the quarter ended September 30, 1990, included the following aftertax items:
* A $60,000 extraordinary gain, realized on April 30, 1990, was allocated equally to the second, third, and fourth quarters of 1990.
* A $16,000 cumulative-effect loss resulting from a change in inventory valuation method was recognized on August 2, 1990.
In addition, Kell paid $48,000 on February 1, 1990, for 1990 calendar-year property taxes. Of this amount, $12,000 was allocated to the third quarter of 1990.
For the quarter ended September 30, 1990, Kell should report net income of:

A) $103,000
B) $91,000
C) $111,000
D) $115,000

Solutions: