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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. During the first quarter of the calendar year, Worth Co. had income before taxes of $100,000, and its effective income tax rate was 15%. Worth's effective annual income tax rate for the previous year was 30%. Worth expects that its effective annual income tax rate for the current year will be 25%. The statutory tax rate for the current year is 35%. In its first quarter interim income statement, what amount of income tax expense should Worth report?

A) $35,000
B) $30,000
C) $15,000
D) $25,000

2. Mellow Co. depreciated a $12,000 asset over five years, using the straight-line method with no salvage value. At the beginning of the fifth year, it was determined that the asset will last another four years. What amount should Mellow report as depreciation expense for year 5?

A) $900
B) $600
C) $1,500
D) $2,400

3. A segment of Ace Inc. was discontinued during 1992. Ace's loss from discontinued operations should not:

A) Include operating losses of the current period up to the date the decision to dispose of the segment was made.
B) Include employee relocation costs associated with the decision to dispose.
C) Exclude operating losses from the date the decision to dispose of the segment was made until the end of 1992.
D) Include additional pension costs associated with the decision to dispose.

4. Terra Co.'s total revenues from its three operating segments were as follows:

Which operating segment(s) is (are) deemed to be reportable segments?

A) None.
B) Lion only.
C) Lion, Monk, and Nevi.
D) Lion and Monk only.

5. According to the FASB conceptual framework, predictive value is an ingredient of:

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

Solutions: