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

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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

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

2. On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with Quo's president and outside accountants, made changes in accounting policies, corrected several errors dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List B represents the general accounting treatment required for these transactions. These treatments are:
* Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
* Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust 1992 beginning retained earnings if the error or change affects a period prior to 1992.
* Prospective approach - Report 1993 and future financial statements on the new basis but do not restate 1992 financial statements.
Item to Be Answered
As a result of a production breakthrough, Quo determined that manufacturing equipment previously depreciated over 15 years should be depreciated over 20 years.
List B (Select one)

A) Prospective approach.
B) Retroactive or retrospective restatement approach.
C) Cumulative effect approach.

3. On December 31, 20X2, the Board of Directors of Maxy Manufacturing, Inc. committed to a plan to discontinue the operations of its Alpha division. Maxy estimated that Alpha's 20X3 operating loss would be $500,000 and that the fair value of Alpha's facilities was $300,000 less than their carrying amounts.
The estimate for 20X3 turned out to be correct. Alpha's 20X2 operating loss was $1,400,000, and the division was actually sold for $400,000 less than its carrying amount. Maxy's effective tax rate is 30%.
In its 20X3 income statement, what amount should Maxy report as loss from discontinued operations?

A) $350,000
B) $500,000
C) $600,000
D) $420,000

4. On January 2, 20X5, to better reflect the variable use of its only machine, Holly, Inc. elected to change its method of depreciation from the straight-line method to the units of production method. The original cost of the machine on January 2, 20X3, was $50,000, and its estimated life was 10 years. Holly estimates that the machine's total life is 50,000 machine hours. Machine hours usage was 8,500 during 20X4 and 3,500 during 20X3.
Holly's income tax rate is 30%. Holly should report the accounting change in its 20X5 financial statements as a(n):

A) None of the above.
B) Adjustment to beginning retained earnings of $2,000.
C) Cumulative effect of a change in accounting principle of $1,400 in its income statement.
D) Cumulative effect of a change in accounting principle of $2,000 in its income statement.

5. 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 C
B) Option A
C) Option B
D) Option D

Solutions: