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

1. A material loss should be presented separately as a component of income from continuing operations when it is:

A) An extraordinary item.
B) Not unusual in nature but infrequent in occurrence.
C) Unusual in nature and infrequent in occurrence.
D) A cumulative effect type change in accounting principle.

2. Deficits accumulated during the development stage of a company should be:

A) Reported as organization costs.
B) Reported as a part of stockholders' equity.
C) Capitalized and amortized over a five year period beginning when principal operations commence.
D) Capitalized and written off in the first year of principal operations.

3. Earnings per share data should be reported on the income statement for:

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

4. In April 30, 20X4, Deer Corp. approved a plan to dispose of a component of its business. For the period January 1 through April 30, 20X4, the component had revenues of $500,000 and expenses of $800,000.
The assets of the component were sold on October 15, 20X4 at a loss. In its income statement for the year ended December 31, 20X4, how should Deer report the component's operations from January 1 to April 30, 20X4?

A) $300,000 should be reported as a loss from operations of a component and included in loss from discontinued operations.
B) $500,000 and $800,000 should be included with revenues and expenses, respectively, as part of continuing operations.
C) $300,000 should be reported as an extraordinary loss.
D) $300,000 should be reported as part of the loss on disposal of a component and included as part of continuing operations.

5. Which of the following is true regarding the comparison of managerial to financial accounting?

A) Managerial accounting has a past focus and financial accounting has a future focus.
B) Managerial accounting need not follow generally accepted accounting principles (GAAP) while financial accounting must follow them.
C) The emphasis on managerial accounting is relevance and the emphasis on financial accounting is timeliness.
D) Managerial accounting is generally more precise.

Solutions: