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

1. On January 2, 1989, Union Co. purchased a machine for $264,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 2, 1992, Union determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $24,000. An accounting change was made in 1992 to reflect the additional data. The accumulated depreciation for this machine should have a balance at December 31, 1992, of:

A) $154,000
B) $176,000
C) $146,000
D) $160,000

2. Which of the following types of entities are required to report on business segments?

A) Nonpublic business enterprises.
B) Joint ventures.
C) Publicly-traded enterprises.
D) Not-for-profit enterprises.

3. On August 31, 1992, Harvey Co. decided to change from the FIFO periodic inventory system to the weighted average periodic inventory system. Harvey is on a calendar year basis. The cumulative effect of the change is determined:

A) During the eight months ending August 31, 1992, by a weighted average of the purchases.
B) During 1992 by a weighted average of the purchases.
C) As of August 31, 1992.
D) As of January 1, 1992.

4. An inventory loss from a permanent market decline of $360,000 occurred in May 1989. Cox Co. appropriately recorded this loss in May 1989 after its March 31, 1989 quarterly report was issued. What amount of inventory loss should be reported in Cox's quarterly income statement for the three months ended June 30, 1989?

A) $180,000
B) $360,000
C) $90,000
D) $0

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

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

Solutions: