Admission Test CPA Certification Financial-Accounting-Reporting

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. According to the FASB conceptual framework, the usefulness of providing information in financial statements is subject to the constraint of:

A) Representational faithfulness.
B) Cost-benefit.
C) Consistency.
D) Reliability.

2. Mellow Co. depreciated a $12,000 asset over five years, using the straight-line method with no salvage value. At the beginning of the fifth year, it was determined that the asset will last another four years. What amount should Mellow report as depreciation expense for year 5?

A) $900
B) $1,500
C) $600
D) $2,400

3. During the first quarter of the calendar year, Worth Co. had income before taxes of $100,000, and its effective income tax rate was 15%. Worth's effective annual income tax rate for the previous year was 30%. Worth expects that its effective annual income tax rate for the current year will be 25%. The statutory tax rate for the current year is 35%. In its first quarter interim income statement, what amount of income tax expense should Worth report?

A) $25,000
B) $35,000
C) $30,000
D) $15,000

4. What information should a public company present about revenues from its reporting segments?

A) No disclosure of revenues from foreign operations need be reported.
B) Disclose separately the amount of sales to unaffiliated customers but not the amount of intracompany sales between geographic areas.
C) Disclose separately the amount of sales to unaffiliated customers and the amount of intracompany sales.
D) Disclose as a combined amount sales to unaffiliated customers and intracompany sales between geographic areas.

5. 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) $0
B) $200,000
C) $350,000
D) $500,000

Solutions: