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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

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

1. While preparing its 1991 financial statements, Dek Corp. discovered computational errors in its 1990 and 1989 depreciation expense. These errors resulted in overstatement of each year's income by $25,000, net of income taxes. The following amounts were reported in the previously issued financial statements:

Dek's 1991 net income is correctly reported at $180,000. Which of the following amounts should be reported as prior period adjustments and net income in Dek's 1991 and 1990 comparative financial statements?

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

2. During the second quarter of 1988, Buzz Company sold a piece of equipment at a $12,000 gain. What portion of the gain should Buzz report in its income statement for the second quarter of 1988?

A) $6,000
B) $0
C) $4,000
D) $12,000

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

A) Include additional pension costs associated with the decision to dispose.
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 operating losses of the current period up to the date the decision to dispose of the segment was made.

4. According to the FASB conceptual framework, which of the following is an essential characteristic of an asset?

A) An asset provides future benefits.
B) An asset is tangible.
C) The claims to an asset's benefits are legally enforceable.
D) An asset is obtained at a cost.

5. According to the FASB conceptual framework, an entity's revenue may result from:

A) A decrease in an asset from primary operations.
B) An increase in an asset from incidental transactions.
C) A decrease in a liability from primary operations.
D) An increase in a liability from incidental transactions.

Solutions: