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

1. In September 1996, Koff Co.'s operating plant was destroyed by an earthquake. Earthquakes are rare in the area in which the plant was located. The portion of the resultant loss not covered by insurance was $700,000. Koff's income tax rate for 1996 was 40%. In its 1996 income statement, what amount should Koff report as extraordinary loss?

A) $420,000
B) $280,000
C) $0
D) $700,000

2. If a company is not presenting comparative financial statements, the correction of an error in the financial statements of a prior period should be reported, net of applicable income taxes, in the current:

A) Retained earnings statement after net income but before dividends.
B) Income statement after income from continuing operations and after extraordinary items.
C) Retained earnings statement as an adjustment of the opening balance.
D) Income statement after income from continuing operations and before extraordinary items.

3. In 1992, hail damaged several of Toncan Co.'s vans. Hailstorms had frequently inflicted similar damage to Toncan's vans. Over the years, Toncan had saved money by not buying hail insurance and either paying for repairs, or selling damaged vans and then replacing them. In 1992, the damaged vans were sold for less than their carrying amount. How should the hail damage cost be reported in Toncan's 1992 financial statements?

A) The actual 1992 hail damage loss in continuing operations, with no separate disclosure.
B) The actual 1992 hail damage loss as an extraordinary loss, net of income taxes.
C) The expected average hail damage loss in continuing operations, with no separate disclosure.
D) The expected average hail damage loss in continuing operations, with separate disclosure.

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

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

5. The summary of significant accounting policies should disclose the:

A) Maturity dates of noncurrent debts.
B) Terms for convertible debt to be exchanged for common stock.
C) Concentration of credit risk of all financial instruments by geographical region.
D) Criteria for determining which investments are treated as cash equivalents.

Solutions: