Admission Test 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. In which of the following situations should a company report a prior-period adjustment?

A) The correction of a mathematical error in the calculation of prior years' depreciation.
B) A change in the estimated useful lives of fixed assets purchased in prior years.
C) A switch from the straight-line to double-declining balance method of depreciation.
D) The scrapping of an asset prior to the end of its expected useful life.

2. Grum Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 1991, Grum reported revenues of $50,000,000, operating expenses of $47,000,000, and net income of $3,000,000. Operating expenses include payroll costs of $ 15,000,000. Grum's combined identifiable assets of all industry segments at December 31, 1991, were $40,000,000.
Cott Co.'s four business segments have revenues and identifiable assets expressed as percentages of Cott's total revenues and total assets as follows:

Which of these business segments are deemed to be reportable segments?

A) Ebon and Fair only.
B) Ebon only.
C) Ebon, Fair, and Gel only.
D) Ebon, Fair, Gel, and Hak.

3. On January 2, 1991, Air, Inc. agreed to pay its former president $300,000 under a deferred compensation arrangement. Air should have recorded this expense in 1990 but did not do so. Air's reported income tax expense would have been $70,000 lower in 1990 had it properly accrued this deferred compensation in its December 31,1991, financial statements, Air should adjust the beginning balance of its retained earnings by a:

A) $370,000 debit.
B) $230,000 debit.
C) $300,000 credit.
D) $230,000 credit.

4. Which of the following types of entities are required to report on business segments?

A) Publicly-traded enterprises.
B) Not-for-profit enterprises.
C) Nonpublic business enterprises.
D) Joint ventures.

5. Hyde Corp. has three manufacturing divisions, each of which has been determined to be a reportable segment. In 1989, Clay division had sales of $3,000,000, which was 25% of Hyde's total sales, and had operating costs of $1,900,000, as reported to the CFO. In 1989, Hyde incurred operating costs of $500,000 that were not directly traceable to any of the divisions. In addition, Hyde incurred corporate interest expense of $300,000 in 1989. In reporting segment information, what amount should be shown as Clay's operating profit for 1989?

A) $900,000
B) $975,000
C) $875,000
D) $1,100,000

Solutions: