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

1. Which of the following assumptions means that money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis?

A) Going concern.
B) Periodicity.
C) Monetary unit.
D) Economic entity.

2. In single period statements, which of the following should not be reflected as an adjustment to the opening balance of retained earnings?

A) Effect of a decrease in the estimated useful life of depreciable equipment.
B) Cumulative effect of a change from LIFO to FIFO in valuing merchandise inventory.
C) Effect of a failure to provide for uncollectible accounts in the previous period.
D) Cumulative effect of a change from the percentage of completion to the completed contract method of accounting for long-term construction projects.

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

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

4. The cumulative effect of a change in accounting estimate should be shown separately:

A) On the retained earnings statement as an adjustment to the beginning balance.
B) On the income statement above income from continuing operations.
C) It should not be recorded separately on any financial statement.
D) On the income statement after income from continuing operations and before extraordinary items.

5. On December 2, 20X1, Flint Corp.'s board of directors voted to discontinue operations of its frozen food division and to sell the division's assets on the open market as soon as possible. The division reported net operating losses of $20,000 in December and $30,000 in January. On February 26, 20X2, sale of the division's assets resulted in a gain of $90,000. Assuming that the frozen foods division qualifies as a component of the business and ignoring income taxes, what amount of gain/loss from discontinued operations should Flint recognize in its income statement for 20X2?

A) $90,000
B) $60,000
C) $0
D) $40,000

Solutions: