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

1. Which of the following is true regarding the presentation of "comprehensive income."

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

2. Envoy Co. manufactures and sells household products. Envoy experienced losses associated with its small appliance group. Operations and cash flows for this group can be clearly distinguished from the rest of Envoy's operations. Envoy plans to sell the small appliance group with its operations. What is the earliest point at which Envoy should report the small appliance group as a discontinued operation?

A) When Envoy classifies it as held for sale.
B) When Envoy sells the majority of the assets of the segment.
C) When Envoy first sells any of the assets of the segment.
D) When Envoy receives an offer for the segment.

3. 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) $60,000
B) $40,000
C) $0
D) $90,000

4. Which of the following should be disclosed in a summary of significant accounting policies?

A) Basis of profit recognition on long-term construction contracts.
B) Composition of sales by segment.
C) Future minimum lease payments in the aggregate and for each of the five succeeding fiscal years.
D) Depreciation expense.

5. FASB's conceptual framework explains both financial and physical capital maintenance concepts. Which capital maintenance concept is applied to currently reported net income, and which is applied to comprehensive income?

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

Solutions: