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

1. Due to a decline in market price in the second quarter, Petal Co. incurred an inventory loss. The market price is expected to return to previous levels by the end of the year. At the end of the year the decline had not reversed. When should the loss be reported in Petal's interim income statements?

A) In the fourth quarter only.
B) Ratably over the second, third, and forth [sic] quarters.
C) Ratably over the third and fourth quarters.
D) In the second quarter only.

2. Dean Co. acquired 100% of Morey Corp. prior to 1989. During 1989, the individual companies included in their financial statements the following:

What amount should be reported as related party disclosures in the notes to Dean's 1989 consolidated financial statements?

A) $175,000
B) $150,000
C) $155,000
D) $330,000

3. According to the FASB conceptual framework, which of the following attributes would not be used to measure inventory?

A) Historical cost.
B) Replacement cost.
C) Present value of future cash flows.
D) Net realizable value.

4. Which of the following should be disclosed in a summary of significant accounting policies?
I. Management's intention to maintain or vary the dividend payout ratio.
II. Criteria for determining which investments are treated as cash equivalents.
III. Composition of the sales order backlog by segment.

A) II and III.
B) I only.
C) II only.
D) I and III.

5. Tack, Inc. reported a retained earnings balance of $150,000 at December 31,1990. In June 1991, Tack discovered that merchandise costing $40,000 had not been included in inventory in its 1990 financial statements. Tack has a 30% tax rate. What amount should Tack report as adjusted beginning retained earnings in its statement of retained earnings at December 31, 1991?

A) $122,000
B) $190,000
C) $178,000
D) $150,000

Solutions: