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

1. Brock Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative.
The adjusted trial balance at December 31, 1989 included the following expense and loss accounts:

One-half of the rented premises is occupied by the sales department. Brock's total selling expenses for 1989 are:

A) $370,000
B) $360,000
C) $400,000
D) $480,000

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

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

3. The following items were among those that were reported on Lee Co.'s income statement for the year ended December 31, 1989:

The office space is used equally by Lee's sales and accounting departments. What amount of the abovelisted items should be classified as general and administrative expenses in Lee's multiple-step income statement?

A) $500,000
B) $410,000
C) $325,000
D) $290,000

4. Financial reporting by a development stage enterprise differs from financial reporting for an established operating enterprise in regard to footnote disclosures:

A) And revenue and expense recognition principles.
B) And expense recognition principles only.
C) And revenue recognition principles only.
D) Only.

5. Lore Co. changed from the cash basis of accounting to the accrual basis of accounting during 1994. The cumulative effect of this change should be reported in Lore's 1994 financial statements as a:

A) Prior period adjustment resulting from the correction of an error.
B) Component of income after extraordinary item.
C) Prior period adjustment resulting from the change in accounting principle.
D) Component of income before extraordinary item.

Solutions: